Best High Interest Rate Savings Bank ?

Cricket on 17/08/2020 - 14:46

Hey Ozbargain Community, looking for some views on

A) best available savings bank account at the moment. I'm inclined towards Macq Bank with its 2% promotion rate for 4 months and then 1.35% (results in in 1.55% for the year) with no need to make X transactions a month etc.

B) is there a limit to how much can be transferred in one go using online transfers. I'm looking to move from big 4. Any guidance re large transfers and how to safely execute will be of help.

Your thoughts are appreciated. Thanks in advance.

Financial Bank Account Savings Account

Comments

  • toniyellow on 17/08/2020 - 14:50
    +4

    There is an ongoing discussion here https://www.ozbargain.com.au/node/532074

    In particular, the whirlpool spreadsheet it links to is good value - https://goo.gl/FufTQP

    Transfer limits vary by bank, you'll have to check the fine print for your current bank. They will often let you raise the limit over the phone for a one-off transaction.

    • Cricket on 17/08/2020 - 19:51

      Thanks toniyellow, I'll check re the one off transaction raise. Yeah I've seen the spreadsheet (it's good and up to date) and the Ozbargain post - just not sure why Macq bank (my preference due to reasons listed) comes up so short on the voting .. probably things were different a few months ago.

  • whooah1979 on 17/08/2020 - 14:53
    -2

    High interest rate and savings bank shouldn't be in the same sentence.

    Investors have to choose between high ROI or keeping this funds in a bank.

    • JimmyF on 17/08/2020 - 15:29
      +2

      Investors have to choose between high ROI or keeping this funds in a bank.

      Well there is 'bank' accounts that give 0.1% and there are 'bank' accounts that give you a few % more. So its not as black and white as you say.

      • whooah1979 on 17/08/2020 - 15:40
        -2

        What is the highest rates currently on the market for retail investors?

        RateSetter is at 2% to 6%.

        https://www.plenti.com.au/investing/market-rates/

        • netjock on 17/08/2020 - 16:02
          +1

          Plenti is not a bank. Capital at risk.

          A lot of these P2P lenders were found at a later date to have below average abilities to define credit risk properly. I assume when you make x% regardless, off people capital, heads you win, tails you also win.

          Ratesetter UK ended up being sold to a bank (not a very good one, because they didn't know how to classify their loans into right credit risk buckets for statutory returns to the regulators then ended up having to pay almost 10% interest to issue bonds to fill in the hole) because they sucked at evaluating credit risk.

          • whooah1979 on 17/08/2020 - 16:17
            -2

            @netjock: You're right. That is why high interest rate and banks shouldn't be in the same sentence. The customer's funds are losing their value at the end of the year with an interest rate of 0.1%, 0.2% or whatever they pay nowadays.

            Customers have to think outside of the box if they want their money to work them and bit the other way around.

        • JimmyF on 17/08/2020 - 17:36

          RateSetter is at 2% to 6%.

          everyday accounts are 0.05%……

  • Cheeper on 17/08/2020 - 15:14

    Some banks / building societies will do a larger t/f at the branch.

  • Seraphin7 on 17/08/2020 - 16:17

    On point B, most operators limit your own ability to transfer to $20k per day. Some are less, others allow you to go higher based on you meeting various criteria. It all depends on the specific situation you have.

    If you attend the bank in person, they have much larger limits. One bank I'm aware of will move up to $500k in such circumstances.

    • Cricket on 17/08/2020 - 19:45

      Thanks Seraphin7 !
      Which bank it is you mention .. the 500k ?

      • Seraphin7 on 17/08/2020 - 20:25

        That's Suncorp. I'm sure others would have similar arrangements (maybe more, maybe less).

  • burgermaniac on 17/08/2020 - 17:00

    My best opinion:
    ING. 1.65% with the Savings Maximiser account, as well as fee-free ATM withdrawals anywhere in Australia (except for the independent machines in casinos and gambling areas). As well, I believe they have the best customer service for any packaged ordinary bank service.

    • Cricket on 17/08/2020 - 19:47

      Yes ING is where I was headed before I realised I could get 1.55% for the year without the hassle of X transactions, monthly deposit etc.. I just hope Macq isn't too bad with customer service.. although can't see why I'll need it for with just a savings account.

      • ATangk on 18/08/2020 - 16:26

        For me, buying lots of junk from aliexpress and other websites, paying in USD is always cheaper. Here is when the ING card helps a lot for these purchases. When travelling, ATM withdrawal fee reimbursements is quite important, sometimes the ATM will charge $6.50 + $2.50 just in atm and withdrawal fees, then you will have rate conversion fees of 3.5%. With ING, thats $0 in fees. Super happy so far.

        Also, anytime there is any 5 transaction requirement, I just buy 5 x $1 amazon gift cards.

        • johninmelb on 18/08/2020 - 17:30

          I just buy a bottle of milk at Woolies once a week and a couple of bread rolls at the bakery one week, to make up my 5 transactions. It is easy to achieve.

          • ATangk on 18/08/2020 - 17:31

            @johninmelb: Whenever I'm doing small purchases like that, 2% cashback from HSBC is what I do.

    • team teri on 19/08/2020 - 20:20

      Ubank is pretty close behind (and most of the last years was actually ahead) with 1.6%. Just one very easy condition: $200 transferred in per month.

      • burgermaniac on 22/08/2020 - 09:02

        I like the sound of that

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