High Interest Joint Savings Account to Use as Everyday

furyou on 20/01/2024 - 22:53
Last edited 25/01/2024 - 23:13

Looking at getting a new account for all of our normal expenses such as paying kids activity fees and paying off the credit card etc. Normally you'll get this as a transaction account but looking at a couple of high interest savings accounts that I have had, I don't understand why they cannot be used in the same way. It seems you can transfer in and out of high interest savings accounts The same as any other account. I didn't need to firstly transfer to the linked transaction account.

So then looking for high interest savings accounts where you can withdraw without losing the bonus interest. and not need to grow balance each month.

AMP 5.4% seems to fit
https://www.amp.com.au/banking/savings-accounts/amp-saver-ac…

Just need 1k deposit, and can withdraw w/o penalty.

Not forced to link to any transaction account.

Am I missing anything?

  • I use hsbc Everyday Global Account for 2% and visa debit.
  • I have a citi->nab debit for International transactions w/o fees
    —- seems I was wrong, the std nab debit has International transactions fees
  • I still have the citi premier for credit for over $100 spends - equiv 0.5% in points

Seems like I should be set?

Financial Bank Account Savings Account

Comments

  • non-core promise on 20/01/2024 - 23:39
    +3

    AMP tend to wait months to pass on rate rises to their savers.

    So a typical pattern of behaviour is:

    1. Ignore a few rate rises in a row,
    2. Announce a big rate rise that usually totals to the amount they've fallen behind by,
    3. Delay this big rise even further by 1-2 months in the future. By this point, there may have been even more rises that they're already behind on.

    Obviously this only matters during consecutive rate rises like we've seen with the post COVID lockdown inflation. They do pass it on eventually.

    That's the price of choosing to keep your savings with AMP. Just letting you know.

    • furyou on 21/01/2024 - 18:10

      Just looking at the spreadsheet it seems to be 5.4 from first of Feb and it seems to be the highest thing without the requirement of growing a balance.
      The next one without lots of hoops seemed to be a long way down the list

  • savemore on 20/01/2024 - 23:44

    Although this only has a 4 month fixed high interest rate (5.5% p.a.) on balances up to $250,000 and 4.75% variable rate on balances up to $1 million, you are still required to open a Transaction account that you then add a Macquarie Savings account, and then transfer your money into your accounts to start earning interest.
    https://www.macquarie.com.au/everyday-banking/savings-accoun…

    • Thrift on 21/01/2024 - 06:09
      +1

      The transaction account itself also gets 4.75% interest, just not the 4-month bonus.

    • furyou on 21/01/2024 - 18:11

      I've had a Macquarie HI before, So I've used up my whatever bonus initial months

      • Zuelly on 23/01/2024 - 00:04

        Yes. As mentioned by Thrift, you get 4.75% after the 4 month.

  • Sye on 20/01/2024 - 23:51
    +2

    I also want to get high i̶n̶t̶e̶r̶e̶s̶t̶ on my joint savings

  • eutama on 21/01/2024 - 00:30
    +1

    ANZ has this through ANZ plus account. Btw, do you have offset account ? If you have a mortgage, isnt it better to use offset account? With the high interest account, your interest will be taxed at your marginal tax rate.. just saying.

  • cashless on 21/01/2024 - 07:48

    If you’re already with Citi/NAB why not just open a rewards saver account that pays 5%

    • payless69 on 21/01/2024 - 09:31
      -1

      Dumb idea!
      Dump AMP, ANZ, BOQ, WBC,
      Easiest thriller is Ubank! Can have 4 or more accounts, only needs 200 in one of them and by all metrics is the fastest paying out of about 20 other I have tested.

      • Peck on 21/01/2024 - 12:32

        I use NAB Transaction account, with a $200 pcm direct debit each to 2 Ubank a/c.s and it is easy peasy.
        I didn't realise though that I only needed 1 deposit pcm into Ubank for both a/c.s to qualify.
        You can withdraw from Ubank without losing the high bonus rate.

    • furyou on 21/01/2024 - 18:13

      says no withdrawals.

  • Ryk on 21/01/2024 - 08:55
    +5

    ubank

    • avoidfullprice on 21/01/2024 - 09:31
      +2

      This. Can also set up Direct debit out of saving account. Saves sitting money in transaction account and not earn interest

      • furyou on 23/01/2024 - 18:10

        Are there restrictions on direct debit from other high interest? I've only triede actual transfers

  • Baysew on 21/01/2024 - 11:01

    Macquarie Bank, interest rate 4.75%. You can have a higher interest rate somewhere else, but there are no hoops to jump through with Mcaquarie transaction account.

  • xuqi on 21/01/2024 - 11:02

    Google 'AMP & Royal Commission'…

  • BillS2 on 21/01/2024 - 17:16

    U banks are good, lots of options. https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

Login or Join to leave a comment
Login Join