Best interest rate for savings account at the moment?

msmhw on 27/03/2014 - 15:15

I thinks it has been asked many times but couldn't find a clear answer, spent an hour to find the best interest rate out there but dont know which is the best.

from whirlpool & www.infochoice.com.au, they say the best is Ubank with 4.62%
and then me bank (cant join them becouse I am leaving them)

so is Ubank is the best interest rate for a student if he can deposit $2000 a month?(is it possible to deposit it and withdrew it and re-deposit) or is there a better option? how are their services?

any recommendation? I really appreciate any help to reach my goals :)

Financial Bank Account Savings Account

Comments

  • CyberMurning on 27/03/2014 - 16:16
    +1

    yes ubank is the best for interest rate.
    go to whirlpool forum there are heaps info there
    yes can recycle your $2k

    • msmhw on 28/03/2014 - 00:46

      I was looking in whirlpool but I have been lost with all the comments

      thanks for the reply

  • horseshoe on 27/03/2014 - 16:24
    +2

    I'm with Ubank currently. To get the bonus interest you have to deposit $200/month. You can withdraw at any time, so you can withdraw the $200 straight after it happens if you want. The deposit is automatic, so you have to make sure there's money in your linked account on that day of the month. I got hit with a $9 Honour Fee when I went on holiday and forgot to top up my account.
    Ubank is pretty typical of an online savings account, you can login and see your numbers go up every month, withdraw to your linked account, that's about it. I've never had to try to get a problem fixed so I don't know how they are with that.

    I'm not sure what your goals are, but investing your money in a bank account is only useful for your first $20k-$50k. When you've got more wealth than that you should really be spending the time and effort in investing your spare cash in a higher return asset class - either shares or property.

    • msmhw on 28/03/2014 - 00:52

      I just opened an account with them, hope I dont face any problem.

      you should really be spending the time and effort in investing your spare cash in a higher return asset class - either shares or property.

      I am student right now, I wish if I understand anything about shares or properties but dont want to risk anything yet. I was thinking to open a store or restaurant (random ideas) after things still down for me.

    • Waldo000000 on 11/06/2014 - 07:40

      you should really be spending the time and effort in investing your spare cash in a higher risk asset class

      FTFY. OP, you probably already know you should ask a financial advisor before doing so :)

    • wortho on 11/06/2014 - 12:16

      "When you've got more wealth than that you should really be spending the time and effort in investing your spare cash in a higher return asset class"
      Depends on your age, situation and how much risk you want to take on. Lots of 'retired' folks working at Bunning's after their life savings were smashed in the GFC. I'd be happy with a regular and safe 4 or 5% return on my investments when retired.

  • ethereal88 on 11/06/2014 - 08:58

    The ASP of Ubank is retarded. I'm with RAMS. You deposit $200 a month and make no withdrawals and its 4.11% up to the first $500K. Simple, no issues, no sweeps, no plans, nothing. And investing in shares now is even more retarded than it normally is. Its all one fart away from collapsing.

    • wortho on 11/06/2014 - 12:18
      +1

      +1 I have my savings in RAM's and whiles its a slightly less return than some of the other online accounts its a lot less stuffing around.

      • ozb-442 on 11/06/2014 - 19:26

        Shame there's no mobile app for Android however, no biggie though.

        Me Banks app was terrible, any how.

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