Hey guys,
I did a bit of a search and found a few familiar names. I'm already with ubank and 86400 and they're ok but id prefer one without the $200 a month requirement,
Any other recommendations to get the best interest rate available and also good service?
Cheers
Up Bank is 0.70%.
Use the referral codes from Ozbargain for a free $5 credit
Honestly not worth putting money into savings. May as well invest on Spaceship, shares, EFTs, Crypto.
Yes there is risk, but also the reward is greater.
Here's the Savings Account Comparison spreadsheet you're looking for:
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
Macquarie Bank has an ongoing 0.95% rate.
They have a 1.1% welcome rate for 4 months and there are no monthly hurdles to jump.
Macquire bank introductory rate if 1.1% for 4 months and .95% ongoing I guess it's the best rate without any other restriction.
I guess for ubnak if you have another account you can withdraw $200 automatically to another bank and that other bank auto transfer back $200 to be eligible?
If you have a lot of money you may consider buying AFI or WHF LIC share to get roughly 3-5% annual dividend usually fully franked.
There are no good interest rates currently. I'm one that believes you should always have some readily available cash but given current interest rates, if you have a decent amount you'd be far better off looking at other investments to fit your risk profile.
Have you considered something like this
With interest rates on savings at 1%, I've started making regular deposits into this.
This fund offers returns of up to 26%, but is subject to the volatility of the stock market.
They discuss this in their Product Disclosure Statements, but they don't mention what I regard as the No. 1 issue.
How stable is Spaceship? What happens if they go bust? What happens if their CEO loads all the money into his helicopter and flies away? https://dilbert.com/strip/2008-10-17
Australia has an appalling track record in financial scams, the latest one has Chris Brown with $16k left from $174 million.
If you are comfortable with risk and can afford occasional negative returns (or total loss), this could be a good investment. Personally, I am risk-averse.
Haven't read Dilbert a long time - went to check - looks like it is still going strong!
I guess pointy-haired bosses aren't going away anytime soon, so lots to draw about :-)
Converting the fiat money that depreciates every year to an asset that appreciates is the only way to get ahead of inflation.
DCA into the best performing asset class or choose the asset that one understands is the least stressful way to accumulate wealth in the long term.
Btw. It's not cool to sneak in referrals in this.
A small hijack of the thread - what's the best interest account for business as a secondary account. The primary account will have enough to pay the bills, etc… Excess funds we'd like to put into a savings account.
ME Bank 0.6%?
This is good
But.
AMP tho.
Honestly didn't know they offered them but I opened one the other week.
Whats the issue with AMP?
What isn't the issue with AMP
Apart from the fee for no service issue
Maybe do some background reading before supporting them Here
They do not have fast transfer - which may or may not be an issue for some.
Rabo savings intro of 1.5 I think then down to 1.2. ING direct 1.35 but need to increase balance monthly and do 5 transactions and fund w income. 100 k max
Rabo after intro period goes down to 0.25% after that. I don't know why they bother, surely people who are attracted to the 1.5% will not keep the funds there ongoing. At least Macquarie is reasonable, from 1.1% to 0.95%
Have a look at My State Banks. Easy to deal with and very helpful.
These may not be big factors for some, nevertheless, something to bear in mind.
If you want to transfer 10K-25K out, you need to call up. Over 25K, you need to fill a form.
Their standard transfer (beyond the 2.5K limit) is slower than say Ubank, ING, Macquarie etc.
This can be a bit anxiety-inducing, if say, you need the funds to get to the other bank quickly, for things like share settlement.
Although a smaller consideration, if you transfer in/out frequently, the fact that it takes that extra day to get to the other bank means loss of interest.
I agree - their customer service is very helpful.
Bluesky, which bank are u talking about?
I am referring to MyState. I do like them, but have a recent experience where I did a transfer at approx 2-3 pm, yet the funds weren't there the next day by 12 noon or later. It is fair enough and within their t&c (up to 2-3 days), so not complaining. Just that I am used to the likes of Ubank, ING, Macquarie, etc where even standard transfers are pretty fast (the same day if done before the cut-off time).
Interesting didn't no about transfer limits will have to keep in mind. At least they still pay full interest when you have done a withdrawal which a lot don't.
Thanks
The two accounts you have, Ubank and 86400, IMO are currently among the best saving accounts overall, with a good balance of convenience and high interest.
Heritage bank last time I looked had about the highest rate without any spending or min $200 deposit.
You can always look at an account that you move money in and out of to cover the deposit requirement.
Savings accounts a BS at the moment, rates are non-existant.
The best you can do is to move your money around after the bonus intro rates expire, or look to consider another form of investment (in part) if you can afford to do so.
But chat with a financial advisor….
You might need to pick one or the other.
The interest rates are pretty low now, so unless you have stacks to deposit, it's probably not going to make that much of a difference.