One Direct, a subsidiary of ANZ probably more known for their Mortgage Broking, are offering "At Call" online savings accounts - no minimum balance or tiered interest rates - 5%.
I believe their deposits are covered by the Govt G/tee, the Credit Rating is A1+ - and 5% is certainly a reasonable rate in today's "interest rate climate" for savers.
The usual caveat though…..do your own research and investigations prior to ANY investment. :->)
wonder what the catch is, theres nothing on the site that says anything about an introductory rate
I don't seem to be able to see an obvious one - as you say - like an "introductory rate".
They get "top billing" at Ratecity over in NineMSN : http://ninemsn.ratecity.com.au/savings-accounts/
NIce find - a bargain if they keep the rate stable
the rate is not introductory. i signed up last year, by the time their rates still beat RaboPlus and BankWest.
5% is believable …. considering my online saving account with another bank is 5.4% at the moment.
Which bank is that? My bank interest is pitiful at the moment.
Yea I'd like to know too.
I couldn't find comments on the site, saying it was covered by the government guarantee.
So, the long way around:
What institutions and deposits are covered?
This link says to check the list of approved institutions.
I cannot find a listing for "one direct". I cannot find a listing for "onedirect".
Now, I think OneDirect existed at the time the government guarantee was issued. So, I'm wondering now, whether One Direct is not covered by the government guarantee.
I use onedirect for mortgage and am quite happy with them.
The interest rate is still variable though… maybe it's only at 5% for advertising to get people to get one. Most of the banks offer online/phone only savings accounts with higher interest rates but BankSA's has fallen to 3.75% with all the RBA interest rate cuts. Like BankSA, there is no fees on the account which is good.