http://mebank.com.au/personal/bank-accounts/online-savings-a…
Just see this from the Mebank website it goes down from 3.05% to 2.95%. Only about 1.5 months ago have moved funds from ING DIRECT 2.8% to Mebank 3.05%. Anyone see this on their Mebank account?
Now where to go? what is the best option?
I can see amp better account have 3.0% which have relative easy condition to meet. which other credit unions is at 3.0% could you tell us?
You check but I think these all are 3.0%, but I don't know their conditions:
GreaterBank - Life Saver
Australian Unity - Active Saver
Community first - Matrimoney (I think it is a wedding account?)
There are quite a few more, but they are just for the first few months.
including Easystreet Easy Savings Online Account 6 months @ 3.0%
Greaterbank Life Saver is for people under 25.
Australian Unity - Active Saver seems quite similar to the RAMS account, only you have to deposit $250 per month (RAMS is $200), the same no withdrawal policy.
ME Bank was the worst experience to deal with for me, their customer service was very lacking their online only app went down far to often. With the need to make a purchase once a week to get that interest rate it was far easier to use ING DIRECT for a simple $1000 deposit per month (which you can take out straight away). But each their own, as I'd have stuck with ING, they were at 3% too and all banks will reduce their rates.
ME Bank sucks in just about every way - the only thing they ever had going for them was to be leading the other banks on interest rates. The app is the least worst thing about them.
Depending on how much money you have saved, a movement of 0.1% doesn't have much of an impact - probably not worth moving your money around to chase.
If you have $100,000 saved, you will earn $100 less interest over the course of 1 year - not too difference. Of course if you have $1m stashed away, it would have a $1,000 impact.
Although if you have that much saved you probably don't care about such small interest rate changes.
It's the constant bait and switch that is annoying.
ME bank requires you do to a whole bunch of work (use their card etc), so I dare say some people will move their money out simply so that they don't have to jump through those hoops just to get the highest rate.
I'm thinking of moving to MeBank (from UBank).
What's the catch- am I missing something?
Conditions to get high interest rate:
Use PayPass once a week
Perks:
2.95%
No ATM fees
No min deposit
Is that right?
What's the catch- am I missing something?
The only catch is that other banks offer (slightly) higher interest for less effort from you.
Besides RAMS, who else offers more?
RAMS? They require you to have $200k minimum!
"Make no withdrawals during that month ". That rules out RAMS for me. Dumb
If you have two accounts at RAMS you can flip flop that so the restriction becomes "You can only withdraw on the first day of the month"
At this point in time, there are three that offer higher:
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
Not withdrawing money is a lot easier to remember than remembering weekly paywaves.
Make that two:
The Active Saver account.
Rewarding you as you save.Earn a high ongoing variable interest rate of 2.90% p.a.11 on balances up to $500k when you deposit $250 each month and do not make any withdrawals during the month.
Ongoing variable interest rate: 2.90%p.a.
(incl. 1.70%p.a. additional bonus rate)
@Steptoe:
Actually, there is no minimum or maximums except if you want to maximise your interest. They allow you to open up to 10 accounts so the maximum is X 10: $5,000,000.
Not withdrawing money is a lot easier to remember than remembering weekly paywaves.
Well you still need to remember to transfer some money each month but you have most of the month to remember that.
The harder thing to do is plan ahead and do the account flip flop/transfer out on the first of the month so you don't lose more money than you have to. On months that start on the non-business days you either have to transfer funds out at least a month before or wear the loss of the bonus rate until the next business day.
Personally, I resent the weekly paywave so much I do a split payment at the supermarket to minimise their benefit as well as maximising the benefit I receive. When ING had their rebate scheme I used that anywhere that charged a smaller fee than the rebate.
I'd love to see a financial analysis of how this stacks up as well as the market research on it. It seems a good way to make customers resent you if you ask me.
I don't resent the RAMS rules as much even though I have been caught out by them a few times.
I do wish though that the we wouldn't need to run through hoops to earn a bit more interest.
:O massive fail. Ha!
Rams at 3.0%, but there are up to three other less known banks/credit unions in Oz with 3.0% as current rate.