Bankwest Hero Saver Account or other?

rickb on 22/10/2014 - 11:36

My current situation:-

Have 2 USaver accounts. One account is for my teenage son's savings and the other is for my wife and I. With the new Ultra account restriction of linking just one USaver account I have to move funds from one USaver account some place else.

As UBank don't penalise you for any withdrawals, I have decided to link my wife and I Usaver account to Ultra and will move my sons savings some place else. Each month I deposit $200 into my son's account and don't forsee any withdrawals in the medium term.

My thoughts are to put my son's savings into Bankwest and continue to $200 per month. 4% interest, backed by CBA, and reliable in my view. I don't want to open another Ultra account. Most other institutions likes RAMS, and ING are around 4%.

Any other views?

Thanks guys.

Financial

Comments

  • yargnairod on 22/10/2014 - 15:50

    It's a good option as long as you understand the no withdraw restriction (if you need to withdraw without penalty you should withdraw the whole lot on the first of the month).

  • donbot on 22/10/2014 - 16:06

    I'd go Rams. 4.01% with $200/month added to it without withdrawals, and 2.xx% if you do make a withdrawal. Less penalty if you need to access your cash.

    • rickb on 23/10/2014 - 07:08

      How good is their online banking?

      • donbot on 23/10/2014 - 15:18

        Good enough. I dont think its going to set the world on fire in terms of being feature rich, but is decent enough for a high interest savings account. Has SMS authorisation for new payments etc, so to me thats sufficient for my needs.

        Cash transfers are next day… at least on the way in - I can't say on outbound transfers as I havent withdrawn for nearly 2 years (house deposit saving).

    • mickeyk on 31/10/2014 - 18:59

      Just got an email from RAMS - their rate goes down to 3.91% effective November 4th.

      • rickb on 31/10/2014 - 21:47

        Ended up going with Bankwest but not holding my breath that their rate will stay at 4%

      • donbot on 01/11/2014 - 11:04

        Yeah pretty annoyed. It wasn't that long ago they dropped to 4.01

        Time to shop around.

  • jaybmate on 24/10/2014 - 13:35

    Why don't you want to open another Ultra account? Just don't give him the card, hide it in a deep dark drawer somewhere.

    • rickb on 24/10/2014 - 21:00
      +1

      The account holder has to be over 18 years of age.

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