What Is The Interest Rate for Hiver Saver?

souths123 on 29/02/2024 - 21:39
Last edited 01/03/2024 - 08:57 by 1 other user

Anyone know what the current old Hiver Saver interest rate is if conditions are met for the month?

I accidently transferred the money from a Target account into that on the 1st Feb instead of another Target saver. I only just noticed this tonight (I honestly didn't even realise this account was there as I had never used it before, I had opened the transaction account a few years ago when they had the 5% cashback and this obviously opened at the same time) and I am freaking out that the rate is going to be shit compared to the Target Saver.

I can't find any info ANYWHERE to find out what the rate is atm. I know this was closed to new business last year, but surely if they said people can still use it, that they should still have the info somewhere? I am in a panic as to how much interest I am going to lose this month because of my error….god wish this was only a 28 day month instead of 29. (there is a fair amount in this account).

I also know they are then opening up this account to new business again next month and not allowing new Target Saver accounts to open. I will close this account though if the rate is crap, so I can never make this mistake again! WAAAAAAAAAHHHHH

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Comments

  • jv on 29/02/2024 - 21:50
    -2

    The current interest rate for Hiver Target Saver is 0.10% p.a. for balances of $0 and over. However, if you meet certain conditions—such as depositing a minimum of $1000 per calendar month, making no withdrawals, and maintaining a positive balance—you can earn a maximum rate of 5.50% p.a.². Keep in mind that these rates are correct as of 29 February 2024. 🌟💰

    If you have any other questions or need further assistance, feel free to ask!

    (1) Hiver Target Saver review for February 2024 | Mozo. https://mozo.com.au/savings-accounts/information/hiver/Targe….
    (2) Interest rates and fees - CommBank. https://www.commbank.com.au/products/interest-rates-and-fees….
    (3) Hiver Target Saver | Review & Compare Savings Accounts - RateCity. https://www.ratecity.com.au/savings-accounts/hiver-bank/targ….
    (4) Savings Account Rates Australia 2024 | Compare Current Savings Interest …. https://mozo.com.au/savings-accounts/interest-rates.
    (5) The digital bank for essential workers | Hiver. https://hiver.bank/products/saver/.
    (6) Hiver: Australia’s new ethically-focused, digital bank for … - Mozo. https://mozo.com.au/neobanks/articles/hiver-australia-s-new-….

    WAAAAAAAAAHHHHH

  • souths123 on 29/02/2024 - 21:52

    that is for the Target Saver (an S11 account), this is just the Saver account which is an S7 account (this was closed off to new business last year when they started the Target Saver accounts) I can't find any info at all for the old Saver account (which will be open for new business again on 28th March)

  • cheapskatehaggler on 01/03/2024 - 10:54

    I wanted to leave a review, 10 out of 10 Hiver bank has the worst customer service ive ever experienced by any bank. Their processes for verifying or releasing larger armounts of funds is complete shit house. Took me more than an hour and a half just to get one transaction released through. Bloody useless..

    • souths123 on 01/03/2024 - 11:08

      I will prob be withdrawing some of the funds on the 1st of next month due to them decreasing their savings rate today (Friday isn't good to try to do large amounts just in case they sit in limbo all weekend….I have had that happen before with another bank) What is the highest amount they will allow you to withdraw per day if you contact them over the phone? (I know $50k is the limit through internet/app) What is the procedure?

  • souths123 on 01/03/2024 - 11:04

    turns out I only got around 2.25% interest on the money……lesson learned and I have now made it clearer which are the target accounts by nicknaming them so they stand out. In saying that, the interest rate dropped today from 5.5% to 5.25% for the Target saver…..here we go. I was expecting the banks to start reducing savings rates now that they think RBA has finished hiking. They are just increasing their profit margins even more. RBA doesn't have to do anything, the banks do what they like

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