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Freedom Saver Account 5.10% p.a. Interest on up to $250,000 Deposit Balance @ Australian Unity

230

HISA interest rate changes are settling after the RBA 25bps cut 18/02/2025.

No minimum deposit or balance growth hurdle. No limits to withdrawals. No spending requirements.

Need to have linked AU transaction account.

5.10% is untiered and applied daily (don't wait until next calendar month).

Rate drops to 4.25% above $250,000.

UBank is a good alternative for those with less than $100,000 (5.25%, and then 4.75%) with a deposit requirement only.

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Comments

  • +9

    Very much a "small bank" with clunky procedures, clunky online banking, poor contact procedures, etc. I regretted moving over to them during an offer last year.

    • Yes moving money out was a pain. $1250 daily limit or sth like that

    • +1

      Agree, their banking is smaller and customer service less resourced than others.

      I have my mortgage with them, unchanged in 7 years. For at least that long I've used transaction and savings account with them, the latter the Active Saver which I've deposited and withdrawn a few times depending on how well it's interest is competitively priced.

      I find their online banking okay, has what I need, never felt lacking. Similarly have had no issue with customer service (but I'll remember needing to attend their city HQ to sign mortgage papers).

      • Is that true about daily withdrawal limit? if it is you'd need months to withdraw if you had $200 k in there.

        • I just went through my historical transactions and I've had a number of large withdrawals, the biggest $240,000.

          I don't recall what was required at the time to execute the withdrawal, as it was a few years ago.

          It will require at least SMS authorisation, if not that then probably a daily withdrawal limit increase done over the phone. I think I remember doing a paper (email copy) request for some large transfers in the past, just can't remember if it was AU or another 🤷‍♂️

          Anyway, I haven't heard of a $1,250 limit, and if that's the default it certainly isn't fixed. I can see a series of $20,000 withdrawals I did over 3-4 days a few years ago which must have been me CBF'ing with changing a daily withdrawal limit and just dripping a relatively smaller deposit out of the account at the time.

          • @muwu: Maybe the $1250 is cash from an ATM?

    • Well, that's probably one of the reasons Australian Unity sold to Bank Australia, to focus more on their strengths, health insurance.
      https://www.australianunity.com.au/media-centre/news-and-med…

  • +4

    ING still has 5.4% (only down 0.1% since rate announcement) but obviously comes with conditions.

    • +2

      This has just gone down to 5.4? I'd have expected a larger decrease. Goes to standard variable rate of 0.05% on balance above 100k, not bad for a lot of people with smaller savings.

  • -1

    defencebank.com.au is giving 5.4 % with no conditions.

    • +2

      Only for one more day (today). From tomorrow is 5.15%, but yep no conditions so could still be worth a look

      • +1

        Introductory rate? (5.15%)

        Ongoing rate 1.25%?

        • 6 month fixed bonus of 4.00%pa on top of a base variable 1.15%. More info at link here, plus then click isaver. So account is only good for 6 months, then you'd want out, or if staying move to their more restrictive Max eSaver which is 5.00% from tomorrow. https://www.defencebank.com.au/about-us/news/2025/february-i…

          • @Crazy Diamond: I thought it was fixed for 6 months at 5.4% as of two weeks ago?

            • +1

              @arcticmonkey: Not 100% sure but I think when I looked into it, I saw a “fixed bonus” part, but there was always an underlying variable base rate (which was 1.4%, no 1.15%). Their media releases since only refer to the variable rate decrease, and not something wider like a change to the structure of the account. But I could be wrong.

              The only true “fixed” short term high interest account I’ve seen in recent months was in the second half of 2024 when Macquarie’s temporary welcome rates weren’t just higher variable, but were fixed for a few months (I got it at 5.35% fixed for 4 months at the time). So effectively was a 4 month term deposit, with access

    • +1

      The condition is - you must die for your country if we go to war.

  • +15

    Obligatory reminder about this awesome site
    https://www.accountsleaderboard.au/

  • +9

    Just spoke to customer service. The 5.10% rate is dropping to 4.85% on the 6th March.

    • Thanks!

      Poor communication / advertising, I'm sure they know what they're doing with their interest adjustments 2 weeks after the RBA moved.

    • +1

      IMHO Still quite generous for no hoops account. At least, doesn't drop below 4.5%

      • +2

        Not for long, I moved in for no hoops but I'm moving out because they got bought.

        Australian Unity expects to transition its banking operations to Bank Australia in late 2025. This will include the transfer of all banking customers and their existing loans, credit cards and deposit accounts. The transfer remains subject to relevant regulatory approvals.

        • Actually Australian Unity are allowing about a year for the transition to Bank Australia, given the speed things move on OzBargain that does not equate to "Not for long", plenty of time for the account churners here to make alternative arrangements.

  • wait so to confirm, interest is applied daily, as in you get your interest everyday, and then the next day earn interest on that interest amount?
    so the interest formula is *(1+0.051/12/31) everyday this month?
    That makes the real interest rate higher than Ubank, but lower than ING, so great for when you've missed the conditions on ING?

  • Anyone banked with Rabobank recently? Thinking of using their high interest savings account. Any negative experiences i should be aware of? Thanks!

    • their website doesnt look too great, plus the 5.45% interest is only for 4 months than it drops to 4.1%, St George is 5% for 3 months than it only drops to 4.9%, almost no hoops, just $50 a month deposit

      • Solve using algebra, or maybe AI?

      • Premium saver is 5.20%. Thats what im thinking of opening.

    • My experience with Rabobank was good and its very secure as you can nominate one and only one external bank for transfers. (No 'pay anyone'.)

      • Thanks Peter. Think ill take the plunge tonight. Usually i find once i commit they announce a drop in interest rate!

        • Yeah it happens to us all that feeling lol

        • is it a decent amount of money you are putting in to it, i am shopping around for a place to put a decent chunk of money but i just don't know if i trust my money in one of these lesser known banks, also, maybe ring customer service, i notice the information for those plans were last updated on the 24/02/2025, maybe they still have a planned 0.25% drop upcoming, let me know either way what you decide and how you go, i am planning my transfer on the first of next month

          • @Qazxswec: They dropped it from 5.60% to the current 5.45% following the RBA decrease. So less of a drop than most. If you try Rabobank (as I have in the past, no issues from me) once your 4 months HISA rate is up, you can always move it to their Premium Saver - currently 5.20% ongoing

            • @Crazy Diamond: What's the best / most cost effective way to move large sums between savings accounts?

              • @tunzafun001: Varies bank to bank, most will have a higher limit you can call them to temporarily increase it to for 24 hours (eg something like $100k or more), others may be lower. So you may need to tfr across over a number of days.

                Others have a form you can apply for and it’s done in one hit regardless of amount (Macquarie being one, same day processing). Others will allow some larger limits yourself in Internet banking, but again you may need multiple days (eg St George $100k, NAB was only $40k or $50k when I did it a few years back, may have improved since). As long as you’re still earning interest at both banks whilst doing the tfrs, a day or two delay isn’t too material

                • +2

                  @Crazy Diamond: Cheers, bank only offered to transfer it via a bank cheque. Seemed a bit 1985 and had a cost of $20. But I think that was because I asked for it transferred as one figure. Will look at the smaller multiples. Cheers.
                  P.S. Looks like you think Rabobank is the go (up to $250k)?

            • +1

              @Crazy Diamond: Thanks … answered everything i needed! Signed up last night. A bit fiddly but not too bad. Appreciated.

  • Deal is over. The rate dropped today to 4.85%, as predicted by @Munns.

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