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7.2% online savings account @ Arab Bank Australia

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7.2% online savings account @ Arab Bank Australia
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POWERevolution on 17/12/2008 - 00:54 arabbank.com.au (1065 clicks)
Last edited 17/12/2008 - 12:32 by 1 other user

This is the highest interest rate that I can find atm. I'm currently with raboplus & their rate drop to 5% so I'm gonna move over soon after have a close look at their T&C.

Current rate @ Arab Bank Australia 7.20% ($1k+) / 7.25 ($10k+) / 7.35% ($100k+). Note: No longer valid, this is their current rate effective @ 17 December 2008

The Government's announcement to guarantee all Australian bank deposits also applies to Arab Bank Australia deposits. So, take advantage of our Online Savings account and earn 7.20% on as little as $1.

The 2nd highest rate is 6.50% @ Members Equity Bank

Edit
Thanks ozpete for the info please ignore the rate via Cannex above.
$0-$999,999 is 7.20% & $1,000,000+ is 6.20%

Financial Arab Bank Australia Bank Account Interest Savings Account

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arabbank.com.au
arabbank.com.au

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  • [Deactivated] on 17/12/2008 - 05:58
    +2

    Nice Find but you may want to edit deal as it states on their site the rates are the same 7.2% for amounts up to $999,999 and 6.2% over (not 7.35% >100K as Cannex states)

    • megaloman on 17/12/2008 - 09:24

      dude, i think the 6.2% is irrelevant to us. I would be surprised if there is anyone who regularly visits ozbargain and has 1 million $ cash in their bank account :)

    • POWERevolution on 17/12/2008 - 11:22

      Thanks ozpete! Updated already but some how it didn't show. Fixed

  • PainToad on 17/12/2008 - 08:59

    umm 'Arab' bank? Really?

    • sash213 on 17/12/2008 - 10:32

      You have a problem?

      • nemo1990 on 18/12/2008 - 15:54

        Yeah .. what's wrong?

  • neil on 17/12/2008 - 10:15

    Looks great, not practical as an everyday bank account but they give you an ATM card just in case.

  • ozblogger on 17/12/2008 - 10:41

    Not bad in the current economic scenario.
    As far as I know they have existed long before I came to Oz, so you can trust them

  • Evil-Elmo on 17/12/2008 - 11:00

    A very attractive rate… the question is, how long will it stay there? I opened an ANZ online saver with a promotional rate of 7.5%, and it dropped to 6.5% (incl the promotional bonus) within a few weeks of opening. :(

  • Pizza The Hut on 17/12/2008 - 11:39
    -2

    nvm

  • jonty on 17/12/2008 - 11:44
    -4

    I would'nt want to sponsor worldwide terrorism….

    • chicken8 on 17/12/2008 - 13:39

      you're an idiot

      do you also think you'll be getting your interest paid out to you in kebab meat?

      • WaywardOne on 17/12/2008 - 13:42

        hahaha that made me laugh :)

      • Horizon on 18/12/2008 - 01:43

        Surely that's an insult to idiots everywhere.

    • pspman on 24/12/2008 - 14:11

      hahah.. ur an racist idiot (directed at jonty)

  • ozblogger on 17/12/2008 - 11:47
    +3

    I'm not an expert but… RBA has said rates won't go down till Feb, and depending on Dec Sales figures, the rates might remain steady for a while
    But yes they could drop it anytime they like (RaboPlus 5% , Bankwest 5.35%) . Make hay while the sun shines !!

  • tomw20 on 17/12/2008 - 14:39
    -2

    Also, you are incorrect on the Members Equity Bank being the second highest. In case no one else has noticed, Commonwealth Bank (which is a bank that is based in Australia) offers 7% per annum on their NetBank saver account as a flat rate. I would not feel trusting enough to put my money in an offshore bank for an extra .2%

    • neil on 17/12/2008 - 14:53

      According to their website, Arab Bank Australia have branches around Australia. Your money is backed by the Australian government. It's not offshore.

      • POWERevolution on 17/12/2008 - 16:15

        @twate20, ATM Comm Bank site is down
        so could you please provide us a link to Commonwealth Bank offers 7%? As I'd been with Comm Bank before & I know their rate is one of the lowest out there when compare with BankWest & RaboPlus.

        • Evil-Elmo on 17/12/2008 - 16:47

          You must have been trying at a very similar time to me because the first few times I tired the comm bank site it was down. I thought the rate was 5%, but when it cam up again I saw it's now down to 4%!!! Time to move everything I have left in that account…

          • POWERevolution on 17/12/2008 - 16:58

            @Evil-Elmo: I think the site is down due to the update & maintenance but it's bad time to do it during day time. As I said before comm bank rate is 1 of the lowest so better off move them & relax with Government guarantee all Australian bank deposits. :)

    • Evil-Elmo on 17/12/2008 - 16:15
      +1

      Sorry twate20, but you will be very disappointed to learn that Commonwealth Bank's NetBank saver is only earning a measly 4%!!! (I know because I have such an account). Therefore, Arab Bank is paying 80% more interest than the netbank saver.

      Source: http://www.commbank.com.au/personal/accounts/netbanksaver/ra…

    • SomeGuyOnOzB on 19/12/2008 - 10:34

      … :P … and ironically Commonwealth Bank just announced an increase in their bad loans … and their share price fell 10% :P

      (Not endorsing Arab over CBA … just saying the picture doesn't look as rosy for either now … :) )

  • nickj on 17/12/2008 - 15:40

    As with so many of these online savings accounts, the registration is a bit frustrating. E.g. for "Please tell us how you heard about Arab Bank Australia:" I choose "other", and then it says "Please tell us how you heard about us" in a popup JS box, without giving any place to type in any text (and yes, I do have JavaScript enabled). And I said to register for a "single" account, but it seems determined to set up a joint account - e.g. says "[ ] Yes, Customer1 would like to have access to Internet Banking. [ ] Yes, Customer2 would like to have access to Internet Banking." - ah, okay, I see there's a warning at the start of the registration that this is known issue and they're working on it. Also there's no easy way to jump backward or forward between steps in the registration, or to edit your previously entered details without having to re-enter them all from scratch, and even pressing the back button shows a blank form. Minor gripes, I know, but with just a few fixes and tweaks, the registration could be so much more pleasant.

    Also, hopefully this rate lasts a while - e.g. I applied for BankWest when they had a great rate (advertised as 8% or something like that until Jan-2009), and by the time it was all set up they had reneged and slashed their rate to around 5.3%, which I wasn't very impressed about.

    • POWERevolution on 17/12/2008 - 16:20
      +1

      I'm in the same boat as you but with RaboPlus. RP & BW are uses to be the highest interest out there but now their rates so low. That's why I decide to take the action & hopefully this will benefit all OZBargainers too. :)

  • sams on 17/12/2008 - 20:00
    +1

    Just watch the fees and charges on this one!
    http://www.arabbank.com.au/docs/Account-Features-and-Charges…

    ATM $2
    EFTPOS $1
    Direct Debit or BPAY $0.50

    Transferring funds directly to other accounts appears to be free :)

    • quackster on 18/12/2008 - 11:13

      Its actually pretty good. Most other online savings accounts dont have these facilities at all so its good to have access to them if you need it.

    • SomeGuyOnOzB on 19/12/2008 - 10:34

      Thanks :)

  • Dexter on 18/12/2008 - 07:36

    You also get a free money box in the shape of an oil barrel :)

    • thangcuoi on 19/12/2008 - 21:22

      I want my oil barrel. :D

      I went out to one of their branch here in VIC this afternoon to sign up.

      The interesting thing I learnt about this particular account is that it's not like the other Online Saving account (ie: BankWest, RaboPlus) where you link it to your primary account and transaction can ONLY be made between them two. It's more like a normal bank account with high fees if you use the normal banking features.

      There's also a max transfer limit of $5000/day. That would be a potential problem if you want to move more than $5000 quickly.

  • thewinchester on 24/12/2008 - 12:36

    I'm actually going to vote this deal down, as its just no good for anyone outside of NSW or VIC.

    They have an online 'application' process, which is nothing more than getting your details. Their business processes aren't good enough to pre-fill all the information you entered online into the application forms they send you - leaving you to hand-write out all the information, and there's quite a few forms too.

  • SomeGuyOnOzB on 24/12/2008 - 13:45

    So … how long have people been banking with Arab bank? How do you find their service, website etc? :)

  • bill69 on 31/12/2008 - 10:53

    Just opened an account online. They rang and said 'please come to the bank for ID check'. Went to the branch, ended up having to fill in all the forms again. I guess they only keep the phone number out of the online form.

    Agree with thewinchester, the processes aren't good. Took 3 persons, 30 min to photocopy my ID.

    max $5,000/day transfer limit is bad. To transfer more than $5000, we need to send them a secure email.

    They advise that interest will go down to 6.7% (or 6.8%) after new year….

  • SomeGuyOnOzB on 31/12/2008 - 11:41

    Thanks Bill … Hmm … that's um … sounding … not so good :P …

    So, putting that together with the other comments, is the process:
    1) Fill out forms online to apply
    2) Print out forms from web, but you end up having to fill out your details again because they don't fill it in on the forms
    3) Go down to the branch … and fill out more forms …
    ?

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