Seeking Advice on High Interest Savings Accounts: Confusion, Withdrawals, and Better Options

angywoo on 10/06/2023 - 18:53
Last edited 11/06/2023 - 00:04 by 1 other user

I am really confused. Like others on here, I am searching for a high interest savings account.

Have had a NAB isaver for a while with no bonus interest just the base interest rate of around 1.8%.

I contacted NAB to see if they would increase the rate to meet Mcquarie's rate of 5.3% (base and bonus rate) then down to 4.25% (base rate) after 4 months.

NAB said no and offered me 4.45% combined interest rate (base & bonus) for 12 months.

My questions are:

  1. Am I able to withdraw from the NAB isaver account each month and still get the full amount of 4.45% interest for that month? I cant seem to locate the information online and when I asked the bloke on the phone, it still didn't make sense to me.

  2. Is there a better option for me out there?

  3. Is there a set and forget high interest account that will not penalise me for making withdrawals and let me withdraw my money when and if I need to without too many hoops?

  4. Can anyone suggest a short finance course for me to do that can teach me how to be savvy with my money?

I have read some other threads on here and it seems that when I have nearly made a choice, one of you champions seem to suggest a sneaky smart way of doing things or the rates change and then it throws a spanner in the works for me and I am back at the drawing board.

Financial Bank Account Savings Account

Comments

  • askbargain on 10/06/2023 - 19:05
    +3

    With 4, don’t be loyal to NAB.

    • angywoo on 10/06/2023 - 20:41
      +2

      Clearly being loyal does not pay off.

    • capslock janitor on 22/06/2023 - 18:00

      Whatchu mean "with 4?

  • st1ng on 10/06/2023 - 19:29
    +6

    This page has a (not exhaustive) list of savings by banks. NAB's UBank is pretty good, paying 5% (less tax) from July 1st for the first $250k. Only hoop to jump through is to deposit $200 from a non-ubank account.

    https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…

    • angywoo on 10/06/2023 - 20:38

      Thank you.

      It is very clear to view at a glance.

    • jthurley on 24/09/2023 - 10:53

      @st1ng Is there a similar doc for term deposits?

  • Puglife on 10/06/2023 - 19:33
    +1

    ANZ Plus. Currently 4.5%, should go up to 4.75% shortly. No hoops, set and forget. No deposits, withdrawals etc.
    Macquarie and Ubank might be slightly better, but for me ANZ just is the simplest option.

  • Vancomycin 1000mg on 10/06/2023 - 19:59
    +1

    I'm with ANZ plus, love the app, very simple. Tried to sign up with Macquarie Bank but online didnt work and the branch apparently cant sign up personal bank account.

    I think you should cash out move elsewhere. Keep nab as your only and everyday transaction account.

  • angywoo on 10/06/2023 - 20:40

    Yeah, I want to cash out but just don't know where to move.

    I didn't think Macquarie would be so fiddly. They were my top choice.

    • dtc on 10/06/2023 - 20:52

      Ubank, AMP and Suncorp are the best. Ubank has the additional benefit that you get a debit card with it that is a great travel card (no fees, no FX commission).

    • RotundPolarBear on 10/06/2023 - 22:06
      +1

      There's nothing fiddly about Macquarie. It works really well for me with a very nice user interface on both the website and app.

  • theoaus on 10/06/2023 - 20:55

    Ubank

  • Stopback on 10/06/2023 - 22:27

    Damn never heard a bank doing that for a hisa

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