This was posted 1 year 4 months 10 days ago, and might be an out-dated deal.

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Essential Workers: Target Saver Account up to 5.5% p.a. Interest on Balance (Monthly $1,000 Min Deposit, No Withdrawal) @ Hiver

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Essential Workers: Target Saver Account up to 5.5% p.a. Interest on Balance (Monthly $1,000 Min Deposit, No Withdrawal) @ Hiver
Go to Deal
aka nioh on 12/08/2023 - 18:49 hiver.bank (4805 clicks)
Last edited 14/08/2023 - 13:12 by 2 other users

Earn up to 5.50%p.a. variable interest2
5.49%p.a. variable bonus rate, 0.01%p.a variable base rate

No maximum deposit limits ^^ (Deposits over $5,000,000 are subject to acceptance at the bank’s discretion)
$0 monthly account fees

To qualify for your bonus interest, all you have to do each month is:

  • Deposit a minimum of $1000
  • Make no withdrawals
  • Keep a positive balance in your account at all times

Backed by gov guarantee 250k. You prob have an account hanging around from the expired 5% cashback deal, I know I did.

Step aside ING and your 100k limit. 50% of ozbargainers will have to contact hiver to get their 5mil deposits approved.

Financial Bank Account Savings Account

Related Stores

Hiver Bank
Hiver Bank

closed Comments

  • The Milk Man on 12/08/2023 - 18:55
    +7

    yay another bank

    • aparasher on 12/08/2023 - 19:11
      +2

      Are you sure its a bank?

      • aka nioh on 12/08/2023 - 20:02
        +1

        Not only is it a bank, It's a bank with gov guarantee 👍

        • kc7 on 12/08/2023 - 20:51
          +15

          Are you associated with this company?
          All ‘banks’ have 250k gov guarantee, it’s part of their license insurance.

          • aka nioh on 13/08/2023 - 12:30
            +2

            @kc7: Nah, if I was woulda ticked the box saying I was associated.

            All APRA approved banks have the 250k gov guarantee but be aware some banks operate under another's license for example virgin money operates under boqs license. If one has 250k each in BOQ and virgin and they both collapse, one would only be entitled to 250k instead of 500k from the government.

            • Butterfly Gocha on 13/08/2023 - 13:02
              +2

              @aka nioh: That's like any other insurance policy - you cannot buy multiple policies and claim each policy on the same event

            • billsa on 13/08/2023 - 13:08

              @aka nioh: r u sure, that that's how it works?

            • idonotknowwhy on 10/02/2024 - 20:23
              +1

              @aka nioh: if my homeloan bank shits the bed, does that wipe my debt?

              and if not, what if i have like 500k offset and the bank shits the bed, do i just lose 250k and still keep the debt?

              • AirbusA389 on 10/02/2024 - 21:19
                +1

                @idonotknowwhy: no. your debt is the bank's asset, so the bank's administrators will still come after you.

                your savings is your bank's debt. it's in the bank's interest to swallow your money.

                case study: Silicon Valley Bank

      • vgmehta on 12/08/2023 - 20:59
        +9

        2023 Hiver Bank is a division of Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence 238981

  • superbass on 12/08/2023 - 18:57
    +1

    Finally, one without the max amount.

    • capslock janitor on 12/08/2023 - 22:36

      What Max amt

      • Milkywayss on 13/08/2023 - 08:32
        +1

        ING has a max of $100k for the high interest rate

    • OzOzOzOzzzzz on 31/08/2023 - 21:33
      -2

      you all really have that much cash?

  • FujiFruit on 12/08/2023 - 18:59
    +7

    Couldn’t they have just made it 5.6% to beat ing and me bank?

    • jwl81124 on 12/08/2023 - 19:12
      +8

      me go is 5.65%

      • iDarelones on 12/08/2023 - 21:35
        +2

        Link?

          • Culpable on 10/02/2024 - 20:20
            +3

            @timhn: They have lowered their rate since then. They're now down to 5.55%.

            Also, another commenter has said it's a $1,000 monthly deposit. It’s actually a $2,000 monthly deposit.

            I'm not throwing shade on the rate or requirements here - just ensuring we get the specifics right.

        • payton on 01/09/2023 - 15:48

          FYI with ME Go, you'll need to deposit the $1000 in previous month to get the bonus rate for this month. So need some prep work b4 end of month to get the bonus.

          • Meovel on 13/09/2023 - 01:33

            @payton: First month gets bonus activated automatically

  • brendanbren on 12/08/2023 - 18:59
    +5

    Gov guarantee 250k comes under; Teachers Mutual Bank Limited (trading as Firefighters Mutual Bank, Health Professionals Bank, Hiver Bank, Teachers Mutual Bank and UniBank)

  • Guy Incognito on 12/08/2023 - 19:04
    +19

    To join us, you must:

    • Be an Australian citizen
    • Be aged 18 or over
    • Be employed in education, emergency services or health sectors, OR be studying at or have graduated from an Australian University, OR be immediate family of a Hiver member
    • Provide identification with your your full name, date of birth and residential address (i.e. current Australian Drivers Licence or Passport)
    • dbmitch on 12/08/2023 - 19:18
      +3

      So it is an industry specific only bank?

      Is there an advantage to them doing this instead of being more general?

    • boardumb on 12/08/2023 - 19:22
      +21

      be studying at or have graduated from an Australian University

      This one widens the net a fair bit

      • rokufan on 12/08/2023 - 19:38
        +4

        And they don't require proof.

        • timhn on 12/08/2023 - 21:50
          +3

          See their last popular deal here . Nobody has to proof anything about studying or graduated from Aus uni.

        • countmein on 13/08/2023 - 07:12

          Last time i want to apply home loan to TMB via a broker and am not qualified, perhaps applying loan is kinda different

    • whitfcd on 12/08/2023 - 19:23
      +3

      But also

      Because we know so many Australians value the hard work and commitment of essential workers, Hiver is open to the following categories who want to support the essential worker community too;

      1. Graduates of an Australian University

      2. Students currently studying at an Australian University

      3. Immediate family of Hiver members

    • aka nioh on 12/08/2023 - 20:08
      +3

      Forgot about that since I made this account about a year ago and left it dormant after they cut the 5% cashback

    • capslock janitor on 12/08/2023 - 22:37
      -2

      What a Fat caveat, I don't qualify then

    • freemoneyhunter on 19/08/2023 - 10:40
      -4

      Essential workers……sorry everyone else, your job is not important, no bonus interest for you.

      • Yola on 19/08/2023 - 12:41

        Did you see a post just 3 above yours?

    • Antikythera on 11/02/2024 - 04:38
      +2

      Sure. Bottle shop workers were "essential" during a pandemic. How quickly they are forgotten.

  • M00Cow on 12/08/2023 - 19:16
    +3

    Make no withdrawals
    Keep a positive balance in your account at all times

    The last is unnecessary

    • aka nioh on 12/08/2023 - 20:09
      +4

      🤫 don't tell em, otherwise they might replace it with another annoying requirement eg 5 spends a month

      • KangaDrew on 12/08/2023 - 20:43
        +1

        5 spends is much more appealing for some. It's such an easy ✅

        • RockyRaccoon on 12/08/2023 - 20:53
          +4

          woudnt a spend be a withdrawal

        • redfox1200 on 13/08/2023 - 02:49
          +2

          would rather keep a positive balance than have to spend 5 times a month on a savings account

  • hammmer on 12/08/2023 - 19:16
    +1

    Read that as 'monthly criteria apples'

  • nightelves on 12/08/2023 - 19:19
    +9

    Bummer you can't make a withdraw.

    • aka nioh on 12/08/2023 - 19:35
      +1

      Agreed👍

      • nightelves on 12/08/2023 - 20:42

        So does transfer out constitute a withdraw?

        • souths123 on 12/08/2023 - 21:35
          +1

          Yes

        • spaceflight on 12/08/2023 - 22:31
          -2

          withdraw
          1. remove or take away (something) from a particular place or position.
          Ruth withdrew her hand from his"
          Similar: remove, extract, draw out, pull out, take out, take back, pull back, take away
          Opposite: insert

          • take (money) out of an account.
            "normally you can withdraw up to £50 in cash"
    • timhn on 12/08/2023 - 21:53
      +2

      You can create upto 3 Saver accounts and bounce $ between them.

      • 1Kenobi on 11/02/2024 - 06:52

        Would be A withdrawal?

  • mitty on 12/08/2023 - 19:21

    Does the $1000 have to go into the savings account, or the transaction account?

    • Thrifty123 on 12/08/2023 - 19:31
      +3

      From the FAQ section.

      "How do I earn bonus interest?
      To be eligible for the bonus rate, you must make at least one (1) deposit each month into your Saver account and make no more than one withdrawal per month."

      This makes no mention of $1000 required for deposit and allows one withdrawl unlike what's mentioned in the promo.

      I imagine the promo details and terms and conditions override the information provided in the FAQ section but it would be nice if everything was consistent.

      • aka nioh on 12/08/2023 - 19:37
        +3

        I saw that too. I think the just forgot to update that bit. Can always clarify with the bank but I'll take the front page as the correct terms so I would only withdraw at the beginning of the month and the whole amount

        • souths123 on 13/08/2023 - 08:21
          +2

          yes, if you open another target saver, you can transfer funds out of that one and into the other on the first of the month….take what you needed from the account you are transferring from first. (can have up to 3 target saver accounts) I also want to see how hard it is to contact them to increase the limit for external transfers and what that said limit might be…i.e. if, say, you had $500k in there, can you increase the limit for that day to $500k? or is there an upper limit below that. I won't have $500k in there, but wanted to know a few more details

    • evanssm2jp on 13/08/2023 - 08:56

      As there is only 1 account number I assume it requires a manual shift of cash into the savings account if transferring from another bank!?

  • yht on 12/08/2023 - 19:23
    +4

    So only $1000 in the account and no withdrawal ? I think if we want to withdraw, do it on 1st new month.

  • scud70 on 12/08/2023 - 19:35

    Sorry but who the heck is hiver ? Never heard of them

    • aka nioh on 12/08/2023 - 19:37

      It's a combination of a high and a fiver. Hiver

      • scud70 on 12/08/2023 - 19:54
        +1

        I'll partake in a high five when they don't disappear with everyone's money …loll

        • aka nioh on 12/08/2023 - 20:00
          +3

          250k gov guarantee. ✋

          • scud70 on 12/08/2023 - 20:37
            +1

            @aka nioh: Sure …🤚

          • antik on 10/02/2024 - 20:53

            @aka nioh: What if you do more than 250k? Have people actually lost money?

            • aka nioh on 10/02/2024 - 22:14

              @antik: If Hiver (teachers mutual bank) ever collapses then the aus gov would only guarantee 250k. I don't think aus banks have a history of failing (unlike the US), but I'd prob do some research eg googling aus bank collapse etc

    • Voldox on 10/02/2024 - 21:16

      It's a brand of Teachers Mutual Bank

  • souths123 on 12/08/2023 - 19:57

    only trouble is, can't seem to be able to open the account. I have other accounts with them, but can't find out how to open this account

    • aka nioh on 12/08/2023 - 19:59
      +1

      You prob already have a saver acc, if you open a everyday account, you auto get a saver account. I spent a few moments scratching my head but it made sense as they only have 4 products: everyday acc, savings acc, personal loan, and some other loan prob mortgage

      • souths123 on 12/08/2023 - 20:05

        so, how are we supposed to open this account? I got the email about it, but maybe they have sent this info out too early and it isn't ready to open yet?

        • aka nioh on 12/08/2023 - 20:06

          I believe they just supersized their existing savers acc as they only have 4 products on their page which only 1 is the saver acc. You can always clarify with the bank if unsure👌

          • souths123 on 12/08/2023 - 21:30

            @aka nioh: I sent an enquiry through messenger. Pretty sure they wouldn't change their existing savings account into something so restrictive. From what i can see this is a totally new type of account. Will see when they reply.

          • souths123 on 13/08/2023 - 08:24

            @aka nioh: once I updated the app, I found it in accounts- open target saver account…I have opened all 3 max accounts as that makes the whole thing more versatile to get around the "withdrawal" issue

            • yht on 21/08/2023 - 19:28

              @souths123: Interestingly, their automated email says that I have more than 3 Saver accounts which I only have an everyday account and one saver account. What the ??

    • jackofspade on 12/08/2023 - 21:57
      +2

      You can open the account in the app under Menu->Accounts->Open Targer Saver. You can have up to 3 accounts.

      • souths123 on 12/08/2023 - 22:01

        Yes, i finally worked it out, but that was only after i updated the app. Before that it wasn't showing.

  • Alley Cat on 12/08/2023 - 20:03
    +2

    For these ‘no withdrawals’ or ‘grow your balance’ conditions, am I correct in thinking if you need to withdraw, you just withdraw everything, put aside what you need, and put the rest into a different bank at the start of the month? Is that how you work it? Assuming every bank start counting on the day the money came in so you only lose maybe a couple days while the money is in transit.

    • aka nioh on 12/08/2023 - 20:05

      Yep, have 2 high interest savings acc, try to withdraw at beginning of the month

    • souths123 on 12/08/2023 - 21:43
      +8

      You have to contact them (message them through the app) if you want to withdraw more than $50k at a time. I'll be contacting them to find out the nitty gritty of that. Once you touch the money the rate goes down to 0.01% lol. I want to know how to increase the limit to get the whole lot out in one go on the 1st of a month if you wanted out. Yes, any really large amounts are not same day. Usually take 1 business day to process to another bank, unless it is near a weekend… then they might stuff you around and your money is in limbo for days. I had that happen to me once. Now i make sure a large transfer is done on a thu at the latest… preferably at least a wed. The timing is everything… if the 1st falls on a sat or Sunday you have to wait for another month until the stars align.

      • io on 13/08/2023 - 09:16

        I had the limbo thing with ANZ on a Friday night transfer.

      • Alley Cat on 13/08/2023 - 09:59

        Thanks. I don’t have that much cash lying around, would be a very good problem to have though ☺️ Just money for daily expenses I’d like to get paid for managing the whole circle of zip pay to credit card etc. Out of curiosity, why would you not have put $50k in an indexed fund tho?

        • turbodude on 13/08/2023 - 18:57

          A high interest savings account can be a valid portfolio risk mitigation strategy. If you are a low/no tax rate payer (eg retired) getting 5.65% with no risk isn't a bad deal. If you are a regular tax payer paying tax every year on HISA interest sux though.

          • Alley Cat on 13/08/2023 - 19:53

            @turbodude: I see, that whole portfolio theory thing, thanks for the explanation.

    • souths123 on 13/08/2023 - 08:25
      +1

      as you can have up to 3 of these Target saver accounts…..that helps enormously with this issue….just take what you need from one on the 1st of the month and transfer the balance to another

      • Alley Cat on 13/08/2023 - 09:53

        3 accounts at the same bank? Why would they allow this shuffling internally lol my intuition is officially countered. Guess that makes it a lot easier.

        • souths123 on 13/08/2023 - 09:57
          +1

          they call it "bucketing" allows people to have multiple accounts for different savings purposes. Some of them don't allow more than one with a bonus rate at a time (like ING) but others allow you to have more than one, usually with a total balance restriction (like $250k) but as this one has no restrictions on balance, I would think you can put whatever you want in any of them and get the bonus as long as you followed the monthly directive for each account. (in saying that, I will be contacting them to clarify many points before I commit to putting money in there, as you are effectively locked in for most months out of the next 12 because of when the 1st falls in that month

          • Alley Cat on 13/08/2023 - 10:00
            +1

            @souths123: Thanks, that’s very helpful. Hope this is not a glitch 😊

  • Nousernamehere on 12/08/2023 - 20:26
    +14

    Nah (profanity) Hiver, they’ll more than likely just cancel the higher interest rate if it gets popular like they did with the 5% cashback they offered. that barely lasted a few months. Avoid.

    • mitty on 13/08/2023 - 06:57
      +1

      The 5% only lasted a very short period of time (like a few months max). I seem to recall it had some other conditions as well, eg only on certain transactions or something. As soon as it was over with I closed my account. For fun i tried logging in with my previous internet banking details thinking i may still have a profile but no accounts, but it won't let me in, so once you close your account you're really dead to them!

    • archiexyz on 13/08/2023 - 10:20
      +2

      Benefited from that a lot longer though, only recently used up all the 7/11 petrol gift cards I got with the 5% cashback recently, though I should have got more supermarket ones

  • rokufan on 12/08/2023 - 20:42
    +1

    Historically, do these guys normally maintain competitive interest rates?

    • souths123 on 12/08/2023 - 21:45
      +3

      Who knows? Most of us opened last year when they were offering 5% cashback at grocery stores and payment of utilities.. but that only lasted a couple of months and they stopped it

    • squeeb on 12/08/2023 - 21:50
      +5

      Not at all.

      They are just banking on people withdrawing money part way through the month and giving them virtually no interest for that month.

      They had a very popular cash back which was stopped after only a few months. Hence the bait and switch comments.

      Still worth it if you can adhere to the requirements and keep a eye out for rate drops.

      • aka nioh on 13/08/2023 - 08:17
        +1

        If it was like the cashback, they should email in advance saying they're stopping/changing. Gives me time to prepare to withdraw

        • souths123 on 13/08/2023 - 09:59

          they won't let us know if the rate changes though, says that rate can change without notice

  • jackofspade on 12/08/2023 - 20:53
    +1

    I hope it's not a bait and switch

    • aka nioh on 13/08/2023 - 08:16
      +1

      If they do I'll just switch to another bank👌

  • the crocodile on 12/08/2023 - 21:04

    Why is this not mentioned in any of the comparisons site?

    • blighst on 12/08/2023 - 21:22
      +1

      Because it got updated today

  • captbollocks on 12/08/2023 - 21:08
    +1

    Dammit I thought it said 5.5% cashback for Hiver purchases!

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