We began with the most incredible 5% cashback promotion, before it was replaced with a pretty solid 5.5% p.a. savings account (beating any other account for a solid time there). Then they started wilting away. They dropped the rate before closing the product to new signups. And now, fully closed the bank off to new sign ups. I give it a month or so tops, before they're folded back into Teachers Mutual as legacy accounts, like Citi to NAB. It's been a nice ride guys.
Cracker of a story bro
I give it a month or so tops
@remindMeIn 30days
Maybe it's for the betterers.
The 5% cashback was awesome. Milked it for almost the $250 limit before they closed the offer. Then I didn't use any Hiver service afterwards as none of their offers were superior to what I was already receiving from other banks.
Yes, they attracted the wrong kind of customer (me, and other ozbargainers).
Whoever running it obviously has no idea how to run a company.
You don't advertise a 5% cashback deal then become confused when people are actually using the offer…
After that they failed to provide a reason someone would use their service.
I can't think of any customer owner bank that's maintained a leading rate for long.
I give it a month or so tops, before they're folded back into Teachers Mutual as legacy accounts, like Citi to NAB.
I hope so. It's sometimes much easier to call and it's pot luck whether the CSRs from the other brands will help you when you call their numbers. I would have switched divisions already if TMB didn't make you resign and rejoin, You seem upset about the pending demise of Hiver. Why is that?
BTW, I can tell you when the HSBC 2% cashback will definitely end - whenever I manage to open an account with them if it lasts that long.
There were some periods during which HSBC offered $100 bonus for opening this account as well.
https://www.bankingday.com/teachers-mutual-dumps-hiver-consi…
I gotta figure out where to move my $. Still getting 5.25% i think
"Closed, customer service was abysmal. Horrible experience with Hiver app, transfers blocked or delayed for security reasons numerous times." That's a note I made for my records at the time. I had a lot of trouble with Hiver and even though I was lucky to get one of the early high-interest rate Saver accounts at 5.5% I reluctantly closed it in frustration. They never responded to any of my emails sent to the email address they provided. On one occasion I was locked out of the app and had to ring Teachers Mutual Bank and be put through to fraud to get back in. If payments back and forth had been instantaneous it would have been fine, but they were not. A good concept but badly executed.
You might well have the same experience with any other bank that uses Cuscal for their payments. I suspect they delayed one fast payment of mine from one bank because it was a first time transfer and they also rang me after the event to confirm whether I had made a transfer from another bank. Bit odd they only decided they needed to review that they had made the correct call. I think my experience has generally been OK with Hiver customer service via secure message and I've got customer service on another occasion just by ringing one of the other brands. I do have a bit of a grudge that TMB themselves in this case delayed a payment of mine until I could provide some documentation indicating the receiving account was in my my name. Fortunately, I received the documentation the next day but they dismissed my request to be compensated for interest lost due to the delay. They were also unable to tell me it was my ancient browser version was causing the error their online banking page was generating and then declined to provide further assistance as I was using Linux. Turns out changing my user agent string fixes the problem (as did an ancient version of Opera).
No bank is perfect. I generally don't close accounts when I leave. It often achieves nothing unless the bank offers honeymoon rates to new customers. I'm back with banks they have inconvenienced me in the past. I'm an interest rate slut I suppose.
I agree I was impetuous in closing my account, it achieved nothing. Interesting reading, good to get your perspective.
Cool story.