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7.50% Interest on Members Equity Online Savings Account

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7.50% Interest on Members Equity Online Savings Account
JayJay04 on 23/02/2008 - 21:11 (www.membersequitybank.com.au)
This entry was posted 283 days ago

This is a continuing rate, non introductory.

It rewards you with a competitive 7.50%p.a. calculated daily on every dollar from the moment you deposit it; and better still, allows you to set up special accounts which are earmarked for specific savings goals. All free of bank fees.

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1 Bargain4U on 23/02/2008 - 23:13

Wow, good find! :) Thinking about moving my money into this and closing my RaboPlus account.

But with a S&P credit rating of only BBB (BBB/Stable/A-2), it’s a worry. A BBB credit rating is near “Non Investment Grade”. RaboPlus has a S&P credit rating of AAA.

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foundit on 25/02/2008 - 11:44

Bargain4U

Your Raboplus account is free. You might want to keep it open, then ship your funds back to it, when Raboplus becomes the highest interest rate again.

Otherwise I think you have to pay to send them back that little key generator …

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Joe on 24/02/2008 - 08:27

At the bottom of the web page:

  • “Interest rates are current as at 24-Feb-2008 and are subject to change.”

  • “Fees and charges may apply.”

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1 dfung on 24/02/2008 - 10:35

When interest rates are rising, like at the present time, the “subject to change” should be a positive, not a negative!

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Joe on 24/02/2008 - 11:24

Sorry about the negative vote, judged a bit too quickly, can’t take it back. Mistakenly thought that it meant that they would drop rates whenever they wanted and would likely charge fees.

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1 scotty on 24/02/2008 - 18:09

Negative vote revoked.

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1 JayJay04 on 24/02/2008 - 10:28

I don’t really see why it’s worth a negative vote.

All online saving account Interest Rates are subject to change, that’s what happens when interest rates go up/down.

And regarding the fees:
http://www.membersequitybank.com.au/rates_and_fees/savings_a...

Online Savings Account

Fees & Charges

Your Online Savings Account is currently bank fee free

If they ever did put fees on (which I doubt, since other online savers don’t charge either) you just change.

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foundit on 25/02/2008 - 14:16

It’s not unusual to say fees might be added later, and it doesn’t mean they definitely will.

Most of the fee free accounts specify that they may add fees at a later point in time (but will give customers a certain period of notice).