I used to see list of best current saving accounts but I can't find it anymore.
Does anyone know the best current saving accounts provided by financial service firms or banks?
Best Saving Account at The Moment?
arctan on 09/09/2021 - 11:23
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Already got account with Macq bank long time ago and it's for new customer only..
Is UBANK also for new customer also? (I have an account with them long time ago).
I think Ubank's 1.1% is ongoing, as long as you meet the minimum monthly deposit.
Can confirm, just need to put $500 in a month.
I think the other best is ING at 1.2%, but you have to complete 5 transactions or something each month
@Drakesy: ING you have to increase balance every month, deposit $1k (doesn't have to stay in in the account), as well as the 5 transactions (I just put 5x$2 into my water bill since $2 is the minimum amount set by my water company)
I think the other best is ING at 1.2%, but you have to complete 5 transactions or something each month
Not exactly correct.
See here: https://www.ing.com.au/savings.htmlYou are also required to deposit $1000 from an external account.
If you withdraw more than you deposit (i.e. no growth) then you don't qualify.Pretty restrictive, IMHO.
+1 for Macquarie. You get access to discounted GCs and their app is top notch.
You're able to add categories and notes to transactions and flag for tax implications.
What and how do you access the gift cards?
Found them, what's the point? They don't seem to offer any discount..?
It's in the marketplace - click the dollar symbol in bottom right. Pretty clear what the discounts are. Are you on the right page?
Macquarie, Ing and UBank nowhere near as good as AMP SAVER guys. 1.25% Ongoing !!!!!
Just need to deposit $250 per month to get the top rate
No need for any further qualifications
Mo need to chop and change accounts
And no need to open another account either
Are you under 30 to access higher saving interest rates?
I am over 30
Are there any good options for U30s other than Westpac?
BOQ for 25 and under.
AMP's up there in terms of return.
Pretty their ethics are trashUnlike all the others…?
These things are always relative
Just to a greater degree than most.
Charging people for no service and dead people being one of themContinuing to charge them after being told off and saying they wont do it again being the other.
I'm planning to get heavily in indexes, and basically let the stock market be my savings account. There may be some risk to this, but seems very worth it when comparing the typical 5yr return of 15% from any old index, vs chasing an entire 1% somewhere.
It could go down, if the entire economy collapses and never recovers in our lifetime. But cash is basically a guaranteed loss if everything else is going up the way it always has.I used to think there was some connection between typical market returns and the interest rate. Like you could chase 10% in the market, or take a nice safe 6% in the bank and let them keep the other 4, somehow. But now it's just wacky, and savings accounts seem pointless
Plus any interest earned on a savings account is 100% taxable, whilst index funds usually have some franking credits to reduce your tax liability. Could make quite a difference if you're in a higher income tax bracket.
I'm planning to get heavily in indexes, and basically let the stock market be my savings account.
This is a fantastic idea!… why didn’t I think of it before? Oh yeah, because I forgot how to get BHP to pay my electricity bill…
I guess that’s what credit cards are for… hang on, I have to pay for those too, right?
Damn — back to square one.
What are you saying here? It sounds like it might be that common thing about gambling with stocks and losing it all?
But that would mean you only read half of the sentence you quoted.You mentioned index investing, so definitely not comparable to gambling. But even indexes are volatile… a lot more volatile than your typical savings account.
So one needs to precisely define the purpose of a “savings” account. If you’re not going to draw upon it randomly, then…
@tharlow: Ah yea, fair enough. Definitely not the same thing, and not a great suggestion. Was probably coming from a bit of frustration over how savings accounts have changed in the last 10 years.
But in that time I've also gone from needing ready access to my money, to being able to comfortably set some aside for the long term
Any index funds you can recommend so I could look into it? Do you just buy them from ASX through a broker?
Vanguard is the commonly recommended fund. They have a few things tracking various indexes, like Aus market, international market, and other general things. These would be about as safe as it gets, you aren't getting into any specific company or industry.
You can get them through a normal ASX broker, or directly through Vanguard.Be aware that there is a risk, you are subject to market fluctuations and could easily lose money. I'm not putting anything in that I don't mind leaving there for many years
Thanks for the information
It's not a saving account, but who needs one anyway.
https://files.ozbargain.com.au/upload/393946/91009/screensho…
just saw a promo Virgin Money offers 1.5%
86400 gives 1.2% pa provided you deposit at least $200/month.
Max deposit $150k ( in three separate lots of max $50k)1.20% p.a Bonus Saver Account My State Bank
Looks to be slightly better than UBank.
I guess the 5 settled transactions can be easily achieved by split payments at a WW self-checkout station.
Ive always just used canstar to get a list sorted by interest rate
ME Bank has 1.1% interest on linked online saver accounts. These are the conditions:
- Have Online Savings Account and Everyday Transaction Account (you can open both at the same time).
- Make at least four tap & go™ purchases per month – which must be settled, not pending – using your Everyday Transaction Account.
- Bonus interest applies to balances up to $250,000 on each Online Savings Account you open (on accounts opened after 10 Aug 2015).
Losing a little is better than losing a lot. October, 1987 - Dow Jones index down 23% in one day and the Australian All Ordinaries index down 25% in one day. The 1929 crash took many years to recover from. The Japanese stock market peaked in December 1989 and still hasn’t been topped. The V-shaped bottom recovery in most markets early last year is the fastest ever thanks to stepped up interventions by multiple Governments’ printing massive amounts of money and suppressing interest rates. It’s not even remotely normal and won’t last forever.
You're right, and I wouldn't put ALL my savings outside of a bank. Investing in the stock market is figuratively lending money to someone else and trusting them with it.
Australian banks are guaranteed by the government to a degree. That system could go bust, but if we get to that stage we'd all have much more other serious issues to worry about.
If you want somewhere to drop cash that pays a decent (by today’s standard) interest rate, isn’t a honeymoon (short term) rate, has minimal requirements on you (ie you don’t have to transact), UBank and AMP. Both have a max balance limit of $250K, and both require one deposit each month ($200 for UBank, $250 for AMP) to earn the ‘bonus’. Just setup an automated deposit from your regular bank, and you’re set. Withdrawals and other deposits are all fine, no penalties, so you can withdraw back the mandatory deposit each month if you want.
Those required minimum tap & go transactions are a major PITA. Being in lockdown I haven't stepped foot in a shop in months. All my transactions are online plus I try to accumulate rewards points with other cards.
When the banks are offering 1% it is better to keep the money under your mattress!
What I do not understand is that banks "used to" fund borrowing from other customers savings but with such low rates it does not make sense to keep savings in the bank?
Update: TFF or what I think is Quantitive Easing, RBA makes/gets/prints money for the banks to use to offer out to the market and the banks get $5 of extra funding for each $1 they lend out …… dangerous? maybe savings money should not be kept in the bank.
Banks don't do dodgy things like lending out money they don't have. They are the most trusted businesses in the world. Just ask the Lehman Brothers.
Banks hold your money securely, with a govt guarantee up to $250K per institution. Your mattress (& home safe, etc) carries a huge risk of a total loss. If a bank goes under, and the govt refuses or cannot honor your up to $250K, the money in your mattress will be worthless anyway.
The stock market is significantly OVER INFLATED already
The good returns you quote are history now.
Any black swan event could rattle the market.
And COVID-19 is still proving to be an anti-growth force to be reckoned with
After lots of research I believe we have ours spread across the 7 best / easiest to maintain
Most are 1.25-1.5%, some are honeymoon rates, some have a $250k cap for max interest, ING is $100kLook at:
Rabobank
Citibank
Mystate
AMP
Virgin
ING
ME BankThe monthly tap to spend requirements are a bit annoying. I will look into AMP and UBANK.
They really aren't. I go to woolies self checkout with 10 items and do each one individually and my obligations for a few accounts are sorted for the month.
You do not need to each one individually. You can split 1 banana into 1 cent lots. A little bit easier. You can also transfer 1c x 5 to someone by Palpal and not leave the safety of your home.
I researched them all recently, and unless you're prepared to muck around with transaction requirements (salary deposit, tap and pay, etc), and you don't want to have to find another bank when the honeymoon finishes, AMP and UBank are an easy way to store up to $500K ($250K each). I'd love to find a few more like these, or one that takes higher amounts. Setup an auto deposit to meet the basic requirement, and if you're close to the max limit ($250K), setup an auto transfer out to take back your regular deposit and the months interest. Easy peasy
citibank has no requirements and a $500k max and decent rate of 1.1%, but it's only for 4 months
I've opened both Ubank and AMP accounts. The transaction reqt's are the killer for me. I buy my shopping online so haven't stepped foot in a supermarket in months.
86400 is at 1.2%. i think you need to deposit $200 per month to get that interest. it doesnt care if you transfer the money out as well afterward.
Only up to $150k over 3 accounts.
Yeah that bit sounds dodgy since the govt guarantee is $250k
Up to $150k total so covered by the govt guarantee. However, since 86400 is being purchased by NAB which also owns UBank the $250k will be across all three of these.
how many people in Australia have $150k to be put into saving account? haha.
ING is certainly very cumbersome to operate (1K + 5t + >bal) but gives the highest interest (for over 18's)
Effective today, 16/09/2021, AMP dropping their rate from 1.25% to 1.16%
Yes I received that drop in Interest today . Will they put it back up? Or is it time to move to someone else?
Banks cutting interest rates on savings is a race to the bottom.
Why are people still surprised that this is happening?
any feedback regarding the ease in app/customer service/money transfers with AMP?
was also looking into Virgin Money but unsure of how trustworthy they are - any ideas?Amp is good but interest rates went down so i moved on to honey moon rates .
Was just looking at Macquarie bank…
1.1% for first 4 months, then 0.95% pa for balances $0.00 ‐ $249,999.99
Ubank (owned by NAB) offers 1.1% if you deposit some min amount monthly… not bad. Up to 250K again…