Best Savings account that allows transfers to external accounts?

Hello everyone,

I was wondering if there are any decent savings accounts that allow transfers to other banks directly out of them?

The main reason being is if you want to setup an automatic transfer to say pay your rent. You need to setup a scheduled transfer from your savings to transaction account on 1 day, and then the following day another transfer from your transaction account to the external account. Its annoying and a pain.

I have heard that ANZ's Online Saver allows you to directly transfer to an external account from it, no need to waste time transferring to the transaction account and then out from there.

Are there any other banks that do this?

Bankwest?
UBank?
ING Direct?
NAB?
ME Bank?

Would love to know

Comments

  • +3 votes

    CBA Netbank Saver must be one of the worst accounts.

    You can't even schedule a transfer from this account to a transaction account!

  • +1 vote

    Citibank Online Saver allows you to transfer to an external account (but only one nominated account). Their interest rate is pretty competitive at the moment being 3.05% for the first 4 months for up to $500,000. After the first 4 months, the interest rate is not very good. No minimum deposit required. I think it's a good product to go.

    I don't think ING saving account allows you to transfer to external account directly.

  • +2 votes

    Ubank you can transfer to any account (with SMS verification).

    •  

      I also use Ubank, I find it pretty user friendly, linked to two different external accounts.

  •  

    Macquarie's savings account has the ability to transfer to an external account. It has a 2.65% interest rate on the first $250,000 for four months, and then it reverts to a 1.30% interest rate. You need a transaction account to be able to get the account, however you don't need to use the account. http://www.macquarie.com/au/personal/bank-accounts/savings

    •  

      St George / Bank SA is better than Macquaire Bank. Given that you need to open a transaction account regardless, they offer 3% for the first 3 months.

  •  

    Technically, it's not a direct transfer as mentioned above, but practically the Usaver Ultra (everyday) account linked to the high interest Usaver would work the same way because of the sweep feature.
    http://whirlpool.net.au/wiki/ubank

  •  

    Commonwealth Bank Net Bank works great for this, i use it all the time for multiple scheduled transfers both to my own internal accounts (where 3rd parties are pulling from) as well as direct to other people/companies via their BSB/Account No.

    You can transfer from any internal account, including credit cards, direct to a 3rd party. You can schedule periodic payments exactly as you are asking about so you need to never do anything, they just happen automatically. You then receive an email confirmation after each one of those transfers confirming that is was successful.

  • -3 votes

    Best savings/transaction account by far is the ANZ Online Saver. yes its the only online savings account that is also a transaction account…You heard right! Been using it for years. Does absolutely everything except cash/cheque withdrawals. I challenge anyone to find better!
    Citibank Online saver comes 2nd behind ANZ.

    PS You are all talking about great interest for the first 3 months. What a load of crap. Utterly useless. This is where the ANZ Online Saver is different. But only if you ask!
    There you go. Thats the secret. You have been told.

    Now everyone. move your money over to the ANZ Online saver and be happy:)

    Yes, a prerequisite is a ANZ transaction account but you don't need it except to make a cash or cheque withdrawal. Just choose one of the free ones.

    •  

      ANZ transaction account incurs a $5 monthly service fee

    • +1 vote

      Are you working for ANZ?

      First, it's NOT the only product in the market being a saving account and transaction account. Eg. Citibank Ultimate Saver is a saving + transaction account in one as well. But I wouldn't recommend these two accounts because the interest rate is relatively low.

      Secondly, if you don't like the introductory rate, you can go with other products that offer constant rate (eg. ING). But the rate is usually lower than accounts with introductory rate and it's not the spirit of Ozbargain.

      Thirdly, the ANZ Online Saver you're talking about offers introductory rate for 3 months as well. Their interest rate is not really competitive, being 2.75% - there are so many accounts offering more atm with introductory rate (eg. Citibank offers 3.05% for 4 months, St George offers 3% for 3 months). After 3 months, ANZ offers 1.25% only which is terrible.

      Finally, if you consider ANZ Online Saver as a transaction account, then why can't you do cash withdrawal? This means you actually gotta link a transaction account to cash out in ATM. There're many accounts that allow direct debit from saving accounts which doesn't make ANZ any difference.

      I don't understand why you say other products are crap. ANZ is, indeed, 2nd to many products in the market.

  •  

    Yes it is a pain to have to double up on transactions.
    I use CUA esaver reward, currently 2.9% and it allows transfers/apu anybody from this account. Like UBank (2.87%) you do need to set up a transaction account and deposit $1000 per month into this account in order to qualify for the interest rate. In the case of UBank you can deposit $200 into either the Ultra or Usaver accounts. You can withdraw the $1000 immediately after it reaches the account or move it to the esaver.
    The main difference is the daily transfer/pay anybody limits. With CUA it is $5,000 but you can ring for a temporary increase up to $50,000. For UBank It is $20,000, $100,000 if you link the accounts (you can link several) and unlimited if you call.
    With CUA you get that interest rate on amounts up to $100,000 and UBank $199,999.99. If your balance is $200,000 or more you will lose the bonus interest on the whole amount.
    I have used both for several years. Ubank used to have regular technical glitches but seems to be OK now.
    This is a great forum on saving accounts.
    https://forums.whirlpool.net.au/forum-replies.cfm?t=2558805&...

  • +1 vote

    NAB Cash Manager (1% p.a.)
    Suncorp eOptions (1.6% p.a.)
    UBank USaver (1.81% p.a. or 2.87% p.a. with Ultra bonus)

    All above have no regular fees, can direct transfer to any account.

    Bankwest Hero Transaction pays 1.5%, but requires $2000/month deposit.

    MEBank and ING Direct require you to transfer to a linked account first.