Here we go again
From 1 October 2022, we’ll be increasing our bonus interest rate to 3.25% p.a. for both our Save and USave accounts. Our base rate will remain at 0.10% p.a., meaning you’ll be able to earn interest up to 3.35% p.a. across all your eligible ubank accounts.
Referrer and referee each receive $10 after referee makes 5 settled card purchases within 30 days.
Yeah, but its delayed until pretty much the next rate rise on the 4th of October.
Then we will have the same monthly arguement about how Ubank being slow, ING having too many hoops, ANZ is decent but their account is useless etc etc etc etc
We really should just ctrl c ctrl v the monthly thread to save us some time.
Absolutely. There is never too much of a delay putting up home loans I can tell you that much.
I just keep an open account with all of them, and move my money around to whoever pays the most with the least hoops. That's uBank at the moment. Might consider putting more in ANZ if they drop the $5,000 transfer limit.
Virgin Money
https://www.ozbargain.com.au/node/721117
would have the best rate. But some of the customer service related comments are a bit concerning.
@darkly: I'm with BOQ there's hoops but at least 3.5% but with ubank 3.35% and no hoops is a very close and good deal for those who don't want to do the 1k and 5 transactions. But a 25-day wait is quite long.
@Stopback: But if you miss just one of those hoops it could cost you more that $700/month. I'll take the marginally smaller amount for the ease of use and knowledge that I'm not going to miss out on any interest.
@annarchon: Virgin Money will be 4.10% in a few days with the "Lock in Saver" keep your eyes peeled.
Their customer service has improved a lot since they started, I called them last week, twice, and got through within a few minutes.
@SimAus007: Cool info dude! but probably doesn't deserve the negative vote until Virgin becomes a thang
@Ok computer: Huh? It's already higher now, based on last months rate. So is ING.
So it is a thing, now.
@annarchon: Virgin are offering a micro TD, not a true high-interest savings account. And the fine print completely fks you over and you lose the bonus rate the moment you apply for it to be unlocked, resulting in a month of lost interest. Avoid like the plague.
@KangaDrew: You only lose the bonus interest associated with the lock bonus.
You still get the normal bonus interest.
@KangaDrew: I don't know that the T&C's said when you saw them.
Perhaps they were corrected as earning no bonus interest at all would be misleading if you meet the requirements for the bonus interest and all you did was turn off the lock
@KangaDrew: Don't unlock it. Just transfer funds out and they will be pending for 32 days, during which they earn the full locked rate. Another tip is to open a second Boost Saver account, so you can have one locked and one unlocked.
@annarchon: virgin money frequently locks accounts while paying 0.05% interest until you have to contact AFCA to get your money back
Why no love for rabobank?
3.1% for 4 months (2% standard + 1.1% 4 month intro rate). *this is pre today rate rise.
No silly hoops to jump through.
The 4 month intro rate IS the hoop.
@annarchon: Fine if you have a small balance, but anything substantial and you'll be spending days transferring cash in, only to have to do the same in another 4 months. I'm too lazy for that.
@dontpanic: Small balance and only slightly higher interest rate for 4 month? Is there any point at all?
Intro rate means you have to keep on swapping banks, so its an even worse hoop than ING or Virgin.
i am with anz, they give like 1.65 bonus, or is it something else ?? what do you mean by hoops ?? if you dont mind please.
Hoops are things you have to do to get the bonus rate eg. deposit $200, 5 settled transactions, no withdrawals, increase balance of account each month.
Some banks have more hoops than others to get the bonus rate (on top of the standard rate). With Ubank, you only have to deposit $200 a month.
Which ones?
@geshc: I think they’re referring to the 4.1% Lock Saver feature
Base interest will be 3.8% after todays RBA 0.5pt rise
@BargainsGrabber: Wow that's a good rate. Do you know where they announced the 3.8% rate though? I can't find it on their website
@geshc: It hasn’t reflected yet. Give it a few days for other banks to update their interest rates after today’s announcement from RBA
ubank is usually the first to announce but the slowest to implement, followed by ING and the rest
@SimAus007: Those come with a requirement of using your cards 5 times a month, needs to increase your overall balance as well as a capped to your account balance for the bonus interest rate
E.g ING currently offers 3.1% on totals up to $100k
If above that you’re basically have to split your money across other banks or some people would just stick with ubank
If those hoops are ok with you, then yeh but majority of us would stick with ubank because of those extra hoops
@BargainsGrabber: Exactly, surprised that Virgin doesn’t force you to do a few cartwheels after jumping through all their hoops
Can't fault ubank so far, been very impressive
Agreed. Easily the best customer service and user interface.
Yes same just got the email too. Not many hoops for the bonus interest rate. No luck closing my old account yet in short of calling them up
The new app etc much better than the old-school website/app account experience.
I think interest rate was as high as 10% when I was a kid. And houses were more affordable back then. What has Australia done to herself?
We made housing an investment scheme instead of a basic right.
Negative gearing in action
And CGT discount (which is actually a bigger driver if you look at the figures over time) on rentals owned longer than 12 months, and PPOR.
@rogsamsy: I assume people have downvoted you assuming this was based in racist tones but I agree that migration for the sake of migration has only driven wages down and put more profit in the hands of big corporations.
@rogsamsy: Not sure why you're downvoted, but probably people who think saying anything negative about immigration is racist.
Modern Australia is founded on immigration, and i'm not suggesting having immigrants is a net negative, but one aspect of globalization and immigration is we in australia will get poorer, and more crowded.
Australia's population has grown ~50% in the last 20 or 30 years.
In that time we've had a shrinking local population (low fertility rate), and been accepting ~300,000 immigrants per year.
These numbers are from memory and probably a little off, but i'm sure they are ball-park correct.
i.e a third of our population are immigrants from the Howard era to now.
@ssfps: Really?? You don't think that everyone except the First Nations are immigrants? What kind of arbitrary criteria is used to draw the line?
For me, it is not about racism but more like hypocrisy.
Nevertheless, I don't agree with downvoting for things like this, people should just reply and express their point of view directly.
@leiiv: I don't understand what you're saying, but it doesn't seem to either agree or disagree with anything I posted (at least how i read it).
Drawing conclusions from a bunch of guesses is a strange thing to do.
My point is, obviously.. That after running the "back of an envelope" ruler. I don't believe the costs of servicing the average mortgage in today's climate are that different to 20, 30 or 40 years ago when using percentage of income as a measure.
But yeah, I'm speculating.
@Bullion78: Plenty of mortgage calculators around, why not plug in some numbers and see if you’re right.
Yes it is very different. Here's a quote from the APH "Parliamentary Library calculations indicate that the ratio of average disposable household income (Australia-wide) to median house prices has increased from approximately 3.3 in June 1981, to just over seven in June 2015."
Now lets fast forward to the last year and compare the median house price with the median employee income on a per city basis, and not use disposable incomes. It's amazing how much the numbers change when you remove country and rural properties. Sydney currently has a ratio well over 20. Melbourne is over 18. Brisbane, Adelaide, Hobart and Canberra are all over 10.
Back in 1980 the average Australian salary was about $250/week or about $13,000/year. Back then the average house price in Sydney was $64,500, Melbourne $40,800, Brisbane $34,500, Adelaide $36,300 and Perth $41,500. We are not even taking into account the rise in the cost of living, the increase in gas, electricity, fuel, services, etc. The decade of stagnant wage growth. Put simply it is much more expensive to buy a house today than it was 20 or 40 years ago, even with the higher interest rates of decades gone. Dontpanic nailed it above though, kudos.
How much was houses back then and how much is your pay now vs the same job then?
Usually higher the interest rate, lower the house prices. Very few have the luxury of having money to pay for house in full and have it on deposit for high interest rates.
I remember when interest rates were like 18%. Houses were $70k. Probably the same time as your 10% interest rates. I didn't know it then but also the same time as Pyramid Building Society in Victoria collapsed followed pretty quickly by State Bank of Victoria (it didn't collapse just bailed out by CBA)
That was quick.
Not even an hour
GF had the exact response last night :(
This one upping has definitely been entertaining. ING, what say you?
An increase of 0.5 hoops to jump through?
Ubank seems the easiest, $200/month is pretty reasonable and most people should be able to save that or not bother with it (and the interest).
You don't even need to save it. Just automate a monthly transfer out to another bank, and then automate it back a few days later. Done.
@G-rig: What I'm saying is that you don't need to have an income or continually grow your savings to get the interest. You just have to deposit $200 into the account, and you can do that by transferring it out and transferring it back. Easiest way to do that is to automate it on a monthly basis.
@dontpanic: That's alright everyone's situation diff but I'm dumping a lotmore than that in anyway and will take the interest. It's hardly a hoop if ya saving.
Anyway was easy opening new uspend+usave accounts instead of leaving it in the old usaver where I was getting 0.1%
Gain for some, pain for some :|
Still manageable. I'm with Ubank, just on the other side… 170k of mortgage left to pay… At least no rental stress as a bit of comfort… This is life with ups and downs. Retirees, savvy people deserve to be compensated for their savings with a bit higher interest rates for their deposits.. True..
p.s. my colleague got 1.6million of debt to the bank… Feel sorry for him, but I had told him don't buy this rubbish asbestos place for 900 early this year. Can't rent it out, need to fork out extra to remove and build a new place in current construction environment… well.. .good luck
Cool story
AMP your move
ING+++
Common Virgin Money, your move? You know you can do it 😊
And Citi…
Virgin isn't increasing again. They already did their 0.5% move preemptively over a week ago. My guess is they wanted to beat ING to the punch and get more new customers.
yep, exactly, but I don't care as ING only $100k limit, and the increase was early so a few more weeks with that better rate
pretty sure they pre-empted this rise
I'm having trouble getting the money from them, does anyone know wtf the criteria is exactly?
Not sure what you mean? Deposit $200 into your Uspend or Usave account from an external source, get the bonus interest. Easy peasy.
Yeah they have been giving me 0.1% interest, despite doing that.
Do we need to have funds in the Saver acc?
I'm not even earning any interest on my Spend balance…
Took their time ;)
why take so long to get that rate?
why do you think
Man was gonna move to virign this month
My Home Loan is locked in at 1.89%. Looks like it's time to not use my offset and make some money! Effectively earning 2.26% after tax, so 0.37% profit on the money I have sitting there.
lucky to get a fixed loan with an offset, must be rare which bank
do a 12 month and if u don;t work next year least u get the full whack too
Unibank/teachers mutual
Impossible to get fixed with offset from a bank impossible if there is I'd like to know also
Tic Toc also has offset with a fixed mortgage. Currently fixed at 2.22%
My investment property loans are fixed with Qld country bank at 2.09 with 100 percent offset.
The problem is the asset value is dropping when the interest rate climbing up.
so 0.37% profit on the money I have sitting there.
Holy cow, don't spend it all at once! Just don't factor in inflation, or it's going to get depressing.
Doh… Just moved everything to Macquarie
Move it again to ubank.
Then movie it again to Macquarie.
Passing the full 0.5 increase on. As all banks should!