Effective from 18 February 2008, our Business Optimiser standard variable rate will increase to 6.60%pa.
from ING Direct website
Business banking - 6.6% on savings (ING from 18/2/08)
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rabobank doesnt discriminate against biz n personal banking. it's rate is better.
amp business saver = 7.05% thats more than 10% higher and effective Feb 11th
Rabobank = 7.05%
Bank West = 7.15%All can be used for self managed suoerfunds
-> bevisaurus. Thanks! That helps a lot!
-> Ozpete. Thanks :) I'm interested in Rabobank as I've tried them out for personal banking.
I'm a bit confused by the terms and conditions for BankWest. Do you know what the following means?
Interest up to and including the last Business Day of each month will be credited to your account on the first business day of the next month.
Does this mean that if the last calendar day of the month, is not a business day, then some of the interest will be paid roughly 1 month late or does it mean that interest is not paid for some days?
I guess I'm a bit surprised why they do things differently. I thought most banks here calculate daily and have no delay.
I think it just means, if a month starts with a weekend or public holiday, you will only your interest a few days later. I think the wording is not exactly correct there. Instead of "first business day of the next month", it might mean "first business day of the following month".
But then again IANAL…
IANAL too.
From my reading, take May 2008 as an example.
Finishes on a Saturday, so the last business day is Friday 30 May. The next business day is Monday 2 June 2008.
So the terms and conditions say, May's interest up to and including Friday 30 May, will be paid Monday 2 June 2008.
The question then is, what do they do with the interest for Sat 31 May and Sun 1 June 2008 …
It's not specified so do they:
- pay it later (Tue 1 July)
- not at all…
I don't think a verbal confirmation from a teller will hold up in court either, if the teller gets it wrong and I can't find that teller later …
What I'd really be hoping for, I guess, is for them to see the quandry, fix their documentation and maybe post a reply here :P
(I'm not hoping for much … :D )
Anyone know why institutes won't offer rates as high as personal banking, to business banking?