Best Way to Switch Banks for Higher Interest without Losing during The Swapover?

Geekomatic on 16/07/2023 - 17:07

Hi everyone,

I'm looking to move from Mebank as their interest on savings has lagged far behind the rest. I asked if they could do any better, "No", was the answer.

I'm low income, so can't meet the $1000 a month deposit that most banks have in place. I looked at Bendigo but had issues with them in the past.

Now looking at Macquarie, which has no hoops.

My question is: is there any way to shift without missing interest at Mebank as I shift everything to Macquarie (or any other bank) since they only let you move a maximum at a time?

Thanks, to the more learned here, for your input,

:)

Financial Bank Account Savings Account

Comments

  • askbargain on 16/07/2023 - 17:26
    +1

    I'm low income, so can't meet the $1000 a month deposit

    how much interest are you losing for the swap?

  • mitty on 16/07/2023 - 17:33

    You should presumably be able to increase your transfer limit up to your available balance with Mebank so you can just transfer everything out at once. As long as you do it in the morning it should be there by afternoon, or if they use Osko properly it'll get there instantly. you won't lose anything.

    As for banks who have hoops where minimum deposits etc are required, you just transfer money in and back out out to another bank, if you aren't earning enough to get it through salary etc.

    Seriously hoops are no issue at all… you can easily spend maybe ten minutes a month jumping through them with someone like ING for instance, and earn a much higher rate than Macquarie.

    Oh and BTW… the MeBank SaveMe account currently has almost the highest rate of anybody. So you might not need to move anywhere if you can meet the criteria for the bonus rate. https://www.mebank.com.au/banking/home-deposit-savings-accou…

    • Geekomatic on 16/07/2023 - 23:30

      I've been through 2 MVA's (spinal damage) and last yrs income was 12k, so no. I know I qualify for a low-income card and likely disability, but just don't want to get tangled into Centrelink. Right now, I can work enough to provide groceries, and car + housekeeping for my son. My savings is my super, as I haven't worked and invested in it since 2011. Super's at about 12k and slowly reducing for management fees. The low end just doesn't have many options.

      • OMGJL on 17/07/2023 - 01:08

        but just don't want to get tangled into Centrelink.

        you paid tax (previously), you deserve some help from gov during your difficult time.

        Those who get looked down for receiving Centrelink because they able to work but they decide not to.

  • MeesusEff on 16/07/2023 - 18:22

    I went with Ubank as it has a $200 deposit for a pretty high interest. The interest is calculated daily anyway so if you transfer to the higher one then whatever interest you lose will be made up for

    • Geekomatic on 17/07/2023 - 15:43
      -1

      20k per day seems crazy to me. If I have 100k in my acct, it'll take 5 business days to move it. You would think that bank-to-bank, you'd be able to just move it in one go (assuming some sort of security that verifies you are who you say you are and that the new bank is being opened under the same customer details).

      • MeesusEff on 18/07/2023 - 05:16

        You can increase the limit. Ubank let me increase it for to $150k for however long, I just said 1 day as I cbb calling back after.

  • RotundPolarBear on 16/07/2023 - 21:11

    Interest is calculated daily with Macquarie so just transfer in chunks and whatever you transfer in there will be earning interest immediately.

  • JIMB0 on 16/07/2023 - 21:43

    Swap at the start of the month after last month's interest is credited. This way you don't miss out on bonus interest for making a withdrawal / not increasing your balance.

    • Geekomatic on 16/07/2023 - 23:59
      -1

      So do all banks use calendar month? None use anniversary of the opening of acct?

  • kawinuyo on 17/07/2023 - 10:23

    You can usually request to go above the daily transfer limit by calling the bank / visiting a branch. Have done this a few times for various big purchases. (housing deposit, car etc).

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