Earn 5.50% p.a. on Balance up to $50,000 @ Australian Unity Freedom Saver (No Minimum Monthly Deposit, No Account Keeping Fees)

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paranox on 27/11/2023 - 17:34 australianunity.com.au (5354 clicks)
Last edited 12/12/2023 - 16:57 by 2 other users

Doesn't appear to be an introductory rate. The highest rate only applies for the first $50,000 but even past this is a decent interest rate.

No minimum monthly deposits and no account keeping fees tops it off.

• $0 > $50,000: 5.50% p.a.
• Variable interest rate $50,001 < $250,000: 5.25% p.a.
• Variable interest rate $250,001 < $500,000: 4.75% p.a.
• Variable interest rate $500,001 < $5M: 4.25% p.a.

Note:

Ongoing variable interest rate applicable to the Freedom Saver account is determined by the balance in the Freedom Saver account. The variable interest rate is applicable to the entire balance in the Freedom Saver account.

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      Chris T on 06/12/2023 - 08:11

      The online application asks "Would you like to provide us with your Tax File Number (TFN) now?". If you answer Yes then you can enter it.

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        c64 on 06/12/2023 - 11:22

        thank you. you are correct. i must have entered the TFN during sign up

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  Chris T on 06/12/2023 - 08:43

  +2

  Make sure you enable SMS OTP (One Time Password). This gets used when you add an external account that can be used to transfer funds to. Otherwise your password is the only protection against your funds being stolen.

  This setting can be accessed via Settings -> Setup Security Options. Note that the "Helpful Information" provided there is full of errors, including:

  • It implies that SMS OTP is used for login to Internet Banking, which is false. I don't know if it gets used for more than adding an external account.
  • It says "you can provide up to 2 mobile phone numbers". You can only have one.
  • It says "There may be a small fee levied for the setup of the SMS One Time Password service and its continued use." I was advised by a rep that there is no such fee.
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  bloomer on 06/12/2023 - 13:35

  Finally (applied 29 Nov) just received ID verification message. Note that their online verification service will reject IDs with an initial for middle name (or one-letter middle name).

  • 

    timhn on 08/12/2023 - 18:13

    Same, I just got the message today too - applied 2 weeks ago. The ID verification is open the link from the msg they sent and take a selfie while holding your ID!!! I think I'll pass.

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  Ade99 on 09/12/2023 - 10:34

  Stopped any more accounts being opened. Also note they need to employ a proof reader as written instructions for activating their debit card is at best all wrong.

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  Yola on 11/12/2023 - 12:28

  +13

  Anyone still in the process of opening this account you may not want to bother. Their rates are going down from the 2nd of January 2024.
  Freedom Saver Account
  Up to $50,000 5.20%
  Over $50,000 to $250,000 5.10%
  Over $250,000 to $500,000 4.75%
  Over $500,000 to $5m 4.25%
  If no other changes occur then ING, Virgin (locked), ME Bank, Hiver, Bendigo Bank, and Great Southern will be higher and AMP equal. Must be the shortest interest rise I have seen.

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    Hiphopopotamus on 11/12/2023 - 13:24

    +2

    Thanks for the info.

    Funny thing with VM is that they were going to lower the rate, but then didn't with the RBA rate rise. The cynical part of me imagines that this was a tactical move, but they're also not the only bank who didn't pass it on.

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    timhn on 11/12/2023 - 13:45

    +1

    Wow, what a drop within a month. Not sure got anything to do with their site got Ozbargained earlier !!!

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    c64 on 11/12/2023 - 14:10

    +2

    oh ffs! now i need to close it

    seems like bait advertising

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  Time has come on 12/12/2023 - 09:33

  +5

  Another reason NOT to sign up for the account. The daily transfer amount (outgoing) has been limited to only $1250. And it's called a 'freedom' saver?

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    non-core promise on 12/12/2023 - 11:41

    +4

    Freedom to put your savings with a bank that isn't Australian Unity! 😄

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    bloomer on 12/12/2023 - 22:55

    +1

    Pack of mongrels. And they wonder why consumers hate banks, and not just the big ones.

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  Narchos on 15/12/2023 - 12:51

  IMO even with an interest decrease to 5.1% this is still worth it and I personally will be holding my savings there.

  Which other bank has zero/minimum hoops to get such a high interest rate?

  For someone who has to sometimes withdraw money, might not make $1000-2000 in deposits, not having to forfeit your interest for the month is very attractive

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    c64 on 15/12/2023 - 18:59

    +2

    nah, ubank at that interest point. much much better

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  makemeonewithnothing on 18/12/2023 - 12:58

  +5

  This rate was only operational for less than 40 calendar days.

  As of 02/01/2024 the Freedom Saver rate will plummet to 5.20%.

  They sneakily updated their rates buried in a pdf.
  https://www.australianunity.com.au/banking/terms-and-conditi…

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  purple1 on 20/12/2023 - 17:19

  +6

  A.U. is reducing their Freedom Saver interest rate without any communication to its affected account holders after raising their interest rate only a month ago. Down voting this deal for A.U.'s misleading tactics and manipulative behaviour.

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    krazek on 21/12/2023 - 13:26

    +1

    Their website is also horrible to use. Their 2FA doesn't work. Had to call them to allow me to transfer the max 20k. Avoid!!

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  Narchos on 01/01/2024 - 14:16

  Yeah I’m switching after I realised they have 8:30-5PM business hours, and you can only call to transfer more than $1250 during these hours.

  Also no where in app to provide TFN, have to mail it in (I selected set up later during sign up)

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