I just noticed that Ubank drop their saving interest rate to 3.77%, probably due to the RBA rate cut.
That puts them lower than ING (4% - likely to drop soon if they follow the RBA rate cut), Mebank (3.85% - after rate cut) and RAMS (3.91% - after rate cut)
thoughts?
They'll definitely do it this month. Probably on Friday, as a lot of banks have scheduled their new rates to take effect from 20/02
Hmm, still no drop from ING, tempting
Done now :(
@Steptoe:
Really? Maybe this has not yet updated as i can still see variable rate of 2.5 with bonus rate 1.5 = 4.00% on my account
hmm, ubank's rates comparison page isn't going to look good. maybe they will conveniently ignore mebank and rams from their comparisons :)
It's likely they will also drop their rates as well. It's more of a matter of time.
Yep I agree. Don't go chopping and changing too quickly!
They actually dont have either of those banks in their comparison. Although they do have ING.
Time to move some more funds across to blue-chip shares.
After inflation you are making next to nothing. Its pitiful. When the economy inevitably collapses and the housing bubble blows up and the eurozone falls apart than interest will actually be worth it.
Not sure if it is a "WHEN the economy inevitably collapses and the housing bubble blows up and the eurozone falls apart" or a "IF the economy inevitably collapses and the housing bubble blows up and the eurozone falls apart".
I would not be holding my breath for higher interest rates…
Higher rates won't be back. But we might turn into the next Japan. Poor Stockmarket and Low Interest Rates.
and a steady rate of deflation..
My brother brought a house there in 2001 and has been paying 1% interest yet when he sold in 2014 he was actually out of pocket because 1% interest + 3%-4% deflation is about 4%-5% interest effectively….
Yeah, I'd rather not make a capital loss at these lofty valuations. Lots of things are about to pop. There is no fear in the market anymore. It's like the "New Normal" again. This is exactly when things turn sour. It's all timed by the Central Banks to shake out bad investments. They don't want to create a moral hazard.
If you're worried about "when" not "if" the economy collapses then I would suggest stocking up on gold and silver.
Good idea. Wealth Preservation is the key to life… Get a Simple Job and preserve that wealth and you'll be fine.
The only bankrupts are those risk takers or those who take on huge amounts of debt and speculate. I've never seen a bankrupt who put their money in Term Deposits.
The problem is that if someone doesn't have wealth preservation strategies, when they need the money, poof, it's not there. Next is either homelessness or bankruptcy. ;-(
Anyone has an idea will RAMS cut 0.25 off current 3.91? If not, I m transferring there.
Still @ 3.91. Tempting.
just moved to ing, hope it will stay 4% for a while
I just moved also, sorry Ubank. Will be happy if the funds make their way through by tomorrow morning although i am sure we'll need to keep a close eye on rate drops.
does anyone know if I can have two saving accounts under my ing client number and both of them eligible for the 4%?
or do I have to open new everyday account with new saver account and get new client number
Only the saver account with the highest balance is eligible for 4%
ING dropped their rate to 3.75% :(
yeah i was about to move my citibank online saver to it.. now i think i'm going to move it to mebank for 3.85%.. was thinking of rams but withdrawals aren't allowed
hmm, rba cash rate has dropped again. how low can it go?
0%
Actually it can go a lot lower than that. A lot of Europe is currently in the negatives.
I'd love a loan that paid itself off.
havn't passed the cut to home loan rate tho…double standards
ubank dropped to 3.37 today. looks like ing direct rules once more :)
Looks like Rams is sitting at the top of the heap now, as they've just dropped to 3.60%, effective Friday 22 May 2015.
Does this RBA streak qualify as an 'Interest Rate Crash' in Australia?
Nov 2010 -> May 2015, 4.75 -> 2.00
Definately affects a lot of oldie's income stream.
If i could somehow get confirmation ING will not be dropping their rate for x amount of time i would transfer my funds today.