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[TAS] Bank of Us Stash 'n' Splash Savings Account 3% p.a. for 4 Months with a Balance of $50,000 or More

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[TAS] Bank of Us Stash 'n' Splash Savings Account 3% p.a. for 4 Months with a Balance of $50,000 or More
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freemoneyhunter on 06/01/2019 - 12:13 bankofus.com.au (824 clicks)
Last edited 07/07/2019 - 17:35 by 2 other users

Open a Stash 'n' Splash savings account today, earn a higher interest rate & enjoy the flexibility of accessing your stash if you need to splash!

Spring Load your Stash 'n' Splash with 3.00% p.a.* interest on $50,000
To Spring Load it …
Open your account with a deposit of $50,000 or more
Must be new money to Bank of us
Keep your account balance ≥ $50,000
Up to 5 withdrawals per calendar month
What’s not to love?
Spring Load
$50k - $1M
3.00%* p.a.
Interest available for up to 4 months, then it is 1% for balance below $25,000 and 2% above.

https://bankofus.com.au/source-assets/documents/compliance/S…

Financial Bank Account Savings Account

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closed Comments

  • systmworks on 06/01/2019 - 12:18
    +10

    Is this a real bank ?

    • B Wat on 06/01/2019 - 12:19
      +8

      Even if it is, 4 months max and you can only withdraw 5 times a month. I’d rather stick with my 2.8% ING and be able to use the money as often as I need to access it.

      • Neoika on 06/01/2019 - 12:21
        +3

        It is an introductory offer so not a great deal.

        • B Wat on 06/01/2019 - 12:24

          Yeah I agree. The extra 0.2% over ING could make a difference to some people’s accounts but if you just have to move it in for 4 months then back out again if their normal rates aren’t as good as ING then IMHO it’s not worth all the paperwork opening the account. Just my 2c

      • Yola on 06/01/2019 - 12:23
        -1

        It's OK if you do not need to access those funds often. Depends on your circumstances.

      • freemoneyhunter on 06/01/2019 - 12:46
        +1

        But with ING you need to constantly deposit money and do 5 transactions a month, you don't need to do anything like that.

        • iamhurtin on 06/01/2019 - 12:52
          +1

          Is it really?
          I thought ME bank was annoying with the weekly tap & go purchase.
          With them you don't have to make any deposits.

          • B Wat on 06/01/2019 - 13:22

            @iamhurtin: Well yeah, kind of. You open an everyday account and then deposit at least $1000 a month into that. So basically your salary. Then make 5 purchases a month on your everyday account.

            You open a savings maximiser account and as long as you do the 2 above things then you get the 2.8% regardless of how much money is in the savings account or how much you put in or take out of it.

            • nokia3660 on 06/01/2019 - 13:33

              @B Wat: with the $1000 deposit, you can just shuttle around 1K from the same account and if you have NPP setup on both the accounts, it is all done in a minute.

            • Zippy7 on 06/01/2019 - 16:21

              @B Wat: technically, only money up to $100k attracts the bonus interest for ING. Any balance above $100k does not get the bonus interest, but standard rate only.

          • Jonski on 06/01/2019 - 14:05
            +6

            @iamhurtin: I prefer ubank. 2.87%
            Only need 200 deposit each month

            • Gaz1 on 06/01/2019 - 16:48
              +1

              @Jonski: Wow - 200 deposits per month!

              • Jonski on 06/01/2019 - 18:10

                @Gaz1: Yes $200.00 once a month to maintain the bonus %

              • [Deactivated] on 06/01/2019 - 19:19

                @Gaz1: Make its the sperm bank?

    • Ms Bargainer on 06/01/2019 - 13:59
      +1

      Yes, it is. It is in my hometown and I have been a customer for over 20 years.

  • OzzyBrak on 06/01/2019 - 12:19
    +2

    They are an ADI so you’re covered up to 250k.

    B&E Ltd (trading as Bank of us)

    https://www.apra.gov.au/register-authorised-deposit-taking-i…

    • Hasbulla on 06/01/2019 - 13:15
      +2

      Not as safe as one could think:
      "APRA can order the banks to change the terms and conditions of their deposit accounts to allow for a conversion or write-off, and a bail-in of deposits would be legal under the APRA crisis resolution powers law".

      http://cecaust.com.au/releases/2018_10_12_APRA_Can_Bail_In.h…

      • Diji1 on 06/01/2019 - 13:28
        +2

        The Government is there to bail out the banks not you.

        That's why it guaranteed that the Big 4 will never go out of business and it will use your money to do so.

        It'd be nice to get a "never go out of business guarantee" from your own government but that is reserved for the largest banks only and remains as they carry out large scale criminal operations.

        And that's why the WPost and the ABC found that Australia is an oligarchy where the wealthiest control the government to enrich themselves at your expense.

        https://www.abc.net.au/news/2015-08-26/frijters-foster-battl…

        • Radio8tiv on 06/01/2019 - 18:47
          +1

          That's why you need to diversify and invest in gold and silver bullion, its like sticking your money under the mattress.

  • Yola on 06/01/2019 - 12:21
    +3

    Good rate. This is a Tasmanian Bank. I tried to open an account and they asked me to attend a Branch there. But alternatively I have to get a copy of my passport/drivers licence certified and post it to them. Would be better if id could be verified online as most, even other credit unions, manage to do.

    • ssquid on 06/01/2019 - 12:26

      Not hard to get certification done, just go to a police station with original + copy and they'll rubber stamp it.

      • [Deactivated] on 06/01/2019 - 12:44
        +3

        Then buy an envelope, a stamp…. that's if they don't recognise me at the cop shop…

        2.87% at ubank will have to do.

      • Yola on 06/01/2019 - 17:07

        Not that hard, can do it at pharmacies and banks also. But a hassle nevertheless.

  • [Deactivated] on 06/01/2019 - 12:23
    +5

    $50k - $1M

    Got over just a mill to invest. What is the rate for that?

    Edit: My bad. Sorry. Meant to post on www.ozbragin.com.au

    • Yola on 06/01/2019 - 12:24

      No you are in the right place. We did so well with our bargains we have heaps of savings.

      • [Deactivated] on 06/01/2019 - 12:49
        +1

        I've in invested in EneCoin it's back by real Eneloops.

        • Cheeper on 06/01/2019 - 13:31
          +1

          Eneloops are the go for currency now.

  • jwsc on 06/01/2019 - 12:36

    doesn't even say how much the interest rate goes down to after the 4 months.
    and the title should specify that its an introductory offer, not waste our time clicking on this

    • LieAngels on 06/01/2019 - 12:43

      I believe it defaults to the 2% (for accounts with balances over $25k) after 4 months, as that was stated without the asterisks, on the ‘accounts’ page of the website.

  • Entropy Sky on 06/01/2019 - 12:43

    Yeah, I have just $50,000 lying around

    in Japanese currency.

  • asa79 on 06/01/2019 - 12:58
    -1

    Bank of nigra so once you put in 50k you will reduce by 3%each day

    • [Deactivated] on 06/01/2019 - 13:34
      +1

      Did you just say the n word?

    • swimmingtoad on 06/01/2019 - 13:47

      That bank of what?

      • Yola on 06/01/2019 - 17:08

        Nigerian princes.

  • umoddbro on 06/01/2019 - 13:23
    +7

    uBank still the winner here…

    • freemoneyhunter on 06/01/2019 - 13:56
      -2

      No Ubank is not 'the winner'. Other ADI's offer more than Ubank such as Movebank at 2.90%, Ubank also lacks PayID.

      • forrester on 06/01/2019 - 14:17
        +2

        Movebank is less convenient since you can't make any withdrawals in a month to qualify for the 2.9%

      • wombat1955 on 06/01/2019 - 14:30
        +1

        In order to get 2.90% from Move Bank, you can't make any withdrawals within the month. Ubank doesn't have this requirement, so clearly is a better option. PayID would be a nice option to have, but it's not a deal breaker for me. I'd be interested in knowing which others you can recommend that 'offer more than Ubank'.

      • aceaceace1234 on 06/01/2019 - 20:20
        +1

        Ubank is one of the top FI with a consistently high interest rate, yes some FI offer higher rates but usually for a limited time. At the end of the day, Ubank usually ranks top 3 as the equal highest or the highest.

    • Big L on 06/01/2019 - 17:02

      I wouldn't touch the Nab with a bargepole. The big four need a big kick in the balls.

      • aceaceace1234 on 06/01/2019 - 20:10

        And why not? Ubank was primarily created as a means of savings and not directly day to day transactions.

        All big 4 bank bashers are most likely ill informed about what is out there in the market or unfortunately have been burnt by them (not through higher interest rates compared to another bank but by unethical practice).

        You can boycott it all you want, people who are more informed about the market will benefit from those who are not

  • Pigey on 06/01/2019 - 14:04
    +1

    Citibank Online Saver is 3.05% for 4 months, not a transaction account, but higher rate, and more reputable bank…

    • enveloped on 02/07/2019 - 20:51

      Reduced to 2.65% sometime after your post. Really, they are ADI so you shouldn't be worried about losing your saving unless by "reputable" you mean they have terrible service or force sell things you don't need.

  • Borg on 06/01/2019 - 14:12

    Prefer RAMS over ING as one only needs to deposit $200 a month to keep getting 2.8%. Downside is no withdrawals allowed otherwise one loses the bonus 1.65% bonus interest. Good as a longer term savings account and saves mucking about with ING min of 5 withdrawals/transactions per month to get their 2.8%. I suppose it depends on ones cash flow requirements.

    • wombat1955 on 06/01/2019 - 14:38
      +9

      I moved the bulk of my money from ING to RAMS for the interest saving, but found the no withdrawals policy (and workaround) a PITA, so transferred it all to UBank. 2.87% with only $200 deposit per month required and no restriction on withdrawals. Been with them ever since ING brought in their 5 transaction policy and have no complaints so far.

      • Borg on 06/01/2019 - 18:36

        Might take a look at this. Cheers

      • [Deactivated] on 06/01/2019 - 19:22

        Yeah I'm puzzled why all these people says Rams & ING.

  • enveloped on 05/07/2019 - 16:31

    I've called, they only service Tasmania residents. Can some report and ask for a title change? I already reported once for another change and the website doesn't allow one person to report one post twice.

    • markj on 07/07/2019 - 17:50

      done

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