Hi folks, I am wanting to know what good bank interest deals are out there for my savings. I am currently using Commonwealth Banks Goalsaver which offers 2.7% p.a but would like to know what other options are out there and what criteria has to be met eg/ x amount of withdrawals in x amount of time etc. Thanks for reading
What Account Do You Have Your Savings in? Searching for The Best Interest Rate
vj187 on 02/03/2016 - 21:33
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AFAIK the highest at the moment is MEBank at 3.60% and to qualify for the this rate, you need to use PayWave/PayPass once per week.
That's followed by ING Savings Maximiser at 3.50%, for which the qualifying criterion is to deposit $1000/mth and you will receive the 3.5% rate for the following month.Keep in mind that the $1k deposit doesn't have to remain in your account.
I think the ING one is miles better when you consider all the other features of ING:
- Free ATM withdrawals anywhere in Australia
- 2% cashback on Tap & Go transactions, which is superior to most credit card reward programs
- No monthly fees
The money can be withdrawn out of your account whenever and however many times, without affecting the interest rate (unlike GoalSaver)
And if you sign up with a referral before 31 Mar 2016 (I can refer you :D), you and the referrer will both get $75 once you meet the qualifying criteria.
Can you refer me ?
Sure I can!
Can you activate your private messages so I can send you the referral code?
ING Direct Savings Maximiser, up to 3.5%, minimum $1,000 monthly deposit, maximum $100,000 in account. Also need ING Orange Everyday bank account (2% cashback on paywave purchases under $100 and any bank ATM free if you deposit minimum $1,000 monthly)
http://www.infochoice.com.au/banking/savings-account/list.as…
make sure you uncheck the "Show sponsored listings first" box!
split over the following accounts to cater for max limits and gvernment garuntee on savings deposits….sold house, lost job before buying house, stuck renting with cash in bank….sucks
2 x ing accounts (1k deposits per month, which are withdrawn next day 5 atm withdrawals = $2.50) 3.5%
1 x ubank (like wise a $200 depoist) 3.37%
1 x mebank (use pay n go twice weekly to be safe) 3.6%My offset account is my savings
I would hope that if OP has an offset account, he knows it's better to just leave it there..
but not everyone has an offset account!
ING
Does anyone know if you have over 100K if RAMS apply the bonus interest to the first 100k and base rate to the balance? That makes sense to me, surely it wouldn't demote you to base rates over the entire amount?
Thanks!
RAMS -> Balances up to $500,000 *Earn 1.50% p.a. variable base rate and bonus 1.65% p.a. when you deposit at least $200 each month and make no withdrawals. Conditions apply
I think you're thinking of ING?
Spot on. I did mean ING
For under 25yo there's another 3.50% offer.
Greater, Life Saver account.
You need to keep the balance growing. Might be useful if you have over $100,000 and ING is maxed.ING Direct, for all my banking these days. 3.5% on their savings account, the only "restriction" it has is that you have to deposit 1k in any ING account, which I do anyway (salary).
Can withdraw as much as you want and still get 3.5%, on top of paywave cash back and free ATMs. Happiest I've been with any bank.
1) UBank, up to 3.37%, with minimum $200 monthly deposit, maximum $200,000 in account.
2) RaboDirect, up to 3.2 %, 90 days notice withdraw,maximum $250,000 in account.
3) Rams, up to 3.15 %, minimum $200 monthly deposit with no withdraw, maximum $500,000 in account.