IMB Bank Reward Saver 5.25% / $1m Limit / No Withdrawals / 4 Months / $50 Monthly Deposit

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IMB Bank Reward Saver 5.25% / $1m Limit / No Withdrawals / 4 Months / $50 Monthly Deposit
Go to Deal
danielt25 on 10/03/2025 - 08:34 imb.com.au (321 clicks)
Last edited 10/03/2025 - 09:00

Hi, I've been looking for a high interest saver account to "churn to", and stumbled across IMB Bank. It's restricted in that you cannot withdraw and is only for 4 months. However, the bonus is 5.25% and it allows balances > $250,000.

Has anyone used IMB before and have you had any issues?

I've churned through / hit limit on Defence Bank iSaver, Rabobank HISA, Rabobank Premium Saver, Bankwest Easy Saver, Ubank, ING

Close to IMB Bank is Defence Max eSaver (5%)

Funds currently in Macquarie at 4.75%. I read the thread about Australian Unity at 4.85% but perhaps not worth it moving from Macquarie to Australian Unity (daily transfer restriction limited)

Financial Bank Account High Interest Saver Savings Account

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Comments

  • easternculture on 10/03/2025 - 08:39
    +4

    Damn, have just over a mil, so will have to pass this deal

    • nkt on 10/03/2025 - 09:54
      +2

      Split the total, maximise the %. Or minimise the total in HISA's and invest elsewhere (!)

      • Jack D Price on 10/03/2025 - 10:59
        +6

        Or recognise the joke for what it is ;)

  • Slo20 on 10/03/2025 - 08:44
    +5

    If you have $100k or less then I’d recommend UBank. Only have to deposit $500 per month which can immediately be taken out.

    If you can’t take the money out with OP’s deal then it more like a term deposit than a HISA, without the benefit of guaranteed rate.

  • BBF on 10/03/2025 - 08:51
    +2

    Should add the small hurdle of $50/month deposit.

    0% if withdraw in a month is lame, unless you withdraw the lot and go elsewhere.

  • rickb on 10/03/2025 - 08:58
    +1

    Another condition is depositing $50 per month, but I doubt that will be an obstacle.

    Otherwise, this is a good deal if you have exhausted other options.

  • mooreshady on 10/03/2025 - 09:19
    +1

    ING is doing. 5.40%

    • aparasher on 10/03/2025 - 09:31
      +1

      Only challenge is that you need to make 6+ settled purchases using Orange Everyday account and deposit $1000+ each month. Weekend transfers take way too long and business day transfers is done by COB (no Oska).

      • TheFreaK on 10/03/2025 - 09:43
        +6

        Don’t forget the other challenge of having to be an ING customer

        • sticky8anana on 10/03/2025 - 09:47

          is ING that bad ?

          • Asti on 10/03/2025 - 12:13

            @sticky8anana: I ended up getting an account. The answer is yes. The are PIA at every step of the way.

      • chrisharry53 on 10/03/2025 - 09:55
        +8

        ING uses Osko up to $5000 7 days a week.

        I do 6 PayPal 1c payments to myself in a few minutes while sitting around.

        $1000 in a month is nothing.

        I have gone over $100000 bonus limit and just transfer funds in on last on the month and out again start of the new month. Could open a new ING Savings account though and nominate it for bonus interest. Might do that now actually as current account gets the bonus interest this month.

        • lars06 on 10/03/2025 - 09:57

          Osko is only up to $1000. I’ve complained to them about this before

        • Techefy on 10/03/2025 - 10:51

          Could you explain more about transferring funds in on the last day and out on the first day?

          • chrisharry53 on 10/03/2025 - 11:01
            +2

            @Techefy: I keep the balance at $100k from 1st until last day of the month. I then transfer in the necessary amount of that last day to exceed the required balance shown in the tab in the app by at least 1c. After monthly interest is paid I transfer everything above $100k out to a high interest bearing account. However, I have now opened a new Maximiser account and nominated it for bonus April interest.

        • lily99 on 10/03/2025 - 13:22
          +1

          Why 6 transactions? I thought it's 5.

      • clandestino on 10/03/2025 - 11:52
        +1

        Why are you doing 6 transactions? The terms and conditions (for me anyway) say 5, not 6.

      • kinggi on 10/03/2025 - 12:39

        They have osko, it depends on the amount you transfer. It always works for me, every time… moving 1k between accounts is easy.

  • tc423 on 10/03/2025 - 09:23

    really don't like $50 Monthly Deposit….

    • runamuck on 10/03/2025 - 10:15
      +3

      So you prefer $1000 monthly deposit with ING or $500 monthly deposit with ubank or $250 monthly deposit with AMP saver account or $2000 monthly deposit with mebank GoMe savings account?

      • Enterz on 10/03/2025 - 11:00

        i like 0 anything which is what macquarie requires. I'm not working for these guys

        • nobro25 on 10/03/2025 - 11:15

          Takes literally 10 seconds to transfer into the account.
          Another 10 seconds to schedule a withdrawal the next day if the conditions allow for it without losing the bonus interest. What's that like stop scrolling on Tik Tok and YouTube whilst you're on the can for 20 seconds your job is done for the month.

          If you can't be bothered or never take a shit than that's on you.

          • tc423 on 10/03/2025 - 11:37

            @nobro25: but for $50 every month?

            I see their intention - you miss one month, and it'sa 10% discount on your interest rate.

      • tc423 on 10/03/2025 - 11:35

        I like Macquarie Bank. Also they have a great app, clean simple and no dramas.

  • chrisharry53 on 10/03/2025 - 10:00
    +4

    A great tool to get best deals and also warns of impending rate changes already announced - https://docs.google.com/spreadsheets/u/0/d/145iM6uuFS9m-Rul6…

  • nkt on 10/03/2025 - 10:04
    +4

    You can get a great overview of (almost) all high interest savings accounts in AU (including both hurdle/honeymoon and no hoops) via the 'Accounts Leaderboard', an online google sheet that's regularly updated. Search for 'accounts leaderboard' on your fave search engine - or accountsleaderboard.au Includes notes on all the bs ways each institution uses to trip you up.

  • solacens on 10/03/2025 - 10:08

    Good rate but unfortunately I don't have 1m to save into that.

    • rickb on 10/03/2025 - 10:24

      You don't need $1M to get that rate.

      • solacens on 10/03/2025 - 10:25
        -1

        Not a significant difference for my tiny saving number actually. Will just stick with CBA GoalSaver

        • Keplaffintech on 10/03/2025 - 10:31
          +4

          Goalsaver is actually a 'saver' for CBA so they can save money by not paying you market interest rates

  • Techefy on 10/03/2025 - 10:52
    +4

    I would not keep balances > $250,000 in a single bank as that is the insured amount

    • whyisave on 10/03/2025 - 14:22

      Is that the Government guaranteed amount ?

      • Techefy on 10/03/2025 - 16:03

        Yes

  • ozchobie on 10/03/2025 - 10:53

    So it's only 3.25 after 4 months?

  • SeVeN11 on 10/03/2025 - 12:37
    +2

    FYI.

    Harding cash over the long run its usually a very bad idea.

    I understand people don't like the risk of owning shares/property.

    To help other understand how bad inflation is.

    20 years ago you can buy a house for 200k.
    With 200k you could have bought ~10kg of gold.

    Fast forward to today,

    That 200k house is most probably be worth 700k + all the rental income received and compounded at 5% over the last 20 years. (Its another 800). ie. 1.5m

    The 10kg of gold is worth about $1.5m today and interestingly is the same total value of rent collected + value of property.

    Or if you had 200k in a high interest savings account at 5% for 20 years. It would be worth 500k today.

    i.e cash is for spending, never hoard more than you need to spend. Always stay invested, even gold is a good idea.

    • Techefy on 10/03/2025 - 12:44

      Yes this is true in long term. But people might have short-term plans, they might be saving that money to buy a house within next couple of years and putting that money in shares/gold might not be a wise decision as there is no enough time to recover in case of a market crash.

  • Churna on 10/03/2025 - 13:25

    Okay have a look at Blossom App? 6.75%

  • amorn on 10/03/2025 - 14:44

    expiry date?

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