This was posted 8 months 30 days ago, and might be an out-dated deal.

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Essential Workers: Target Saver Account up to 5.5% p.a. Interest on Balance (Monthly $1,000 Min Deposit, No Withdrawal) @ Hiver

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Essential Workers: Target Saver Account up to 5.5% p.a. Interest on Balance (Monthly $1,000 Min Deposit, No Withdrawal) @ Hiver
Go to Deal
aka nioh on 12/08/2023 - 18:49 hiver.bank (4777 clicks)
Last edited 14/08/2023 - 13:12 by 2 other users

Earn up to 5.50%p.a. variable interest2
5.49%p.a. variable bonus rate, 0.01%p.a variable base rate

No maximum deposit limits ^^ (Deposits over $5,000,000 are subject to acceptance at the bank’s discretion)
$0 monthly account fees

To qualify for your bonus interest, all you have to do each month is:

  • Deposit a minimum of $1000
  • Make no withdrawals
  • Keep a positive balance in your account at all times

Backed by gov guarantee 250k. You prob have an account hanging around from the expired 5% cashback deal, I know I did.

Step aside ING and your 100k limit. 50% of ozbargainers will have to contact hiver to get their 5mil deposits approved.

Financial Bank Account Savings Account

Related Stores

Hiver Bank
Hiver Bank

closed Comments

    • souths123 on 12/08/2023 - 21:32

      Lol, when i got the email i was thinking they were reinstating the cash back

  • timhn on 12/08/2023 - 21:40
    +1

    Ah Hiver bank. Thank you for the nice 5% cashback. Get in while it hot guys.

    • aka nioh on 13/08/2023 - 08:15

      Yep, a couple of months then this might be gone

  • the crocodile on 12/08/2023 - 21:59

    Ok, so I signed up and the bank account number contains an alphabet?

    And my current bank does not let me enter an alphabet in the account number field for the receiving bank account.

    • timhn on 12/08/2023 - 22:06

      Ignore the letter.

    • OzBaggins on 12/08/2023 - 22:07
      +1

      Disregard letter or link pay ID and transfer to pay ID instead

      • the crocodile on 12/08/2023 - 22:09

        Believe it or not, my current bank (AMP) doesn't use Pay ID!

        Do I disregard the letter or replace it with the equivalent numeric?

        • OzBaggins on 12/08/2023 - 22:11
          +2

          Disregard the letter, feel free to do a small transfer like $1 as an initial safety net transfer.

          When i did my first transfer it put the money in the transaction account, then i just shifted it into the savings.

  • souths123 on 12/08/2023 - 21:59
    +3

    Finally worked out how to open this new account. Update your app, log in, go to your account details in the menu. It should show the target saver account option at the bottom. You can open up to 3 of the new target saver accounts. So, might be able to get around some of the restrictions if you get the bonus rate on all three accounts if you deposit at least 1k in there. Like i do with ING. Still have to find out some things… is the 1k deposit that month or the previous month to get the bonus rate for the month. Must banks it has to be the previous month, but some, like ubank, it is that current month

  • OzBaggins on 12/08/2023 - 22:06
    +1

    Havent seen where the interest rate is shown on my savings account in the app. Anyone got any pointers?

    • AntonChigurh on 12/08/2023 - 22:13
      +2

      Trying to work that out too. Other question will be does the 5.5% apply immediately in the first month? Presumably the bonus interest rate is triggered for the following month like most of the other accounts.

      • OzBaggins on 12/08/2023 - 22:16

        Im trying to validate that myself.

        My assumption is that as ive just created the account this month, i should be eligible for August since in July the account didnt exist to meet the criteria for August…

        However, if i cant see the friggen interest rate ill just wait until Septemher to transfer the money in as ive now transferred $1000 into the account.

      • the crocodile on 12/08/2023 - 22:22

        For Ubank, their criteria is $200 deposit per month, and you become eligible for the current month as soon as the $200 deposit lands in the account.

      • jackofspade on 12/08/2023 - 22:28
        +3

        I think the bonus rate is determined at the end of month. As long as you deposit $1000 and make no withdrawals then bonus rate applies for the current month.

  • spaceflight on 12/08/2023 - 22:37
    +3

    Deposits over $5,000,000 are subject to acceptance at the bank’s discretion

    Has anyone had success with this?

    • muwu on 13/08/2023 - 02:55

      Yeah it's fine. They just need a little time to check third party sources re: money laundering risks, and transfers can take up to three business days to complete 👍

      • aka nioh on 13/08/2023 - 08:13
        +2

        What did I say 50% of ozbargainers will deposit more than 5mil🤣

      • payton on 01/09/2023 - 15:49

        transfers can take up to three business days to complete

        fuaark thats a sizable amount of interest lost

        • muwu on 01/09/2023 - 21:15

          Yeah, fair point. I'd say you're not churning this size of a deposit between cash products like savings accounts, it's more for trading/broking accounts when there's a reason to move capital between investments, so it's a rare event for most because you'd keep this asset allocated / compounding capital gains.

  • puglikesabargain on 12/08/2023 - 23:20
    +1

    Be wary, when you open an everyday transaction account and a Target saver account, they take $10 out of the Target saver for "shares" as a "journal entry". This effectively creates a negative balance for the Target saver account. The bank deposits $10 automatically in your everyday account as a welcome credit. I hope the negative balance on the Target Saver (caused by the journal) will not disqualify bonus interest for the first month due to a technicality, given two criteria are "make no withdrawals and keep a positive balance in your account at all times". All a bit confusing.

    • capslock janitor on 13/08/2023 - 12:28

      mine was both credited back and deducted in the Everyday acc.

  • 1bargain on 12/08/2023 - 23:21

    They have no ATM fees worldwide.​​ Will this be a good account for traveling? Anyone has experience? I have Citibank (never used) and will travel soon.

    • timhn on 12/08/2023 - 23:35

      What about fx conversion fee?

    • GreenGuava on 12/08/2023 - 23:39
      +3

      I'd suggest you avoid using this card overseas and stick with the Citibank Plus debit card you've already got.

      While Hiver don't charge fees for overseas ATM withdrawals, they do charge an international conversion fee of 2.90% of the transaction value in $AUD.

      Citibank doesn't charge any ATM withdrawal fees or foreign transaction fees. Depending on where you're travelling to, there may be fees charged by the ATM operators locally, but this is mostly unavoidable and will be charged irrespective of what card you use.

      As a general thing, if you intend on using any debit or credit cards overseas, make sure you let the relevant banks know your travel plans to avoid the possibility of your cards being locked down for suspicious activity.

      Also it's a good idea to test out each card in an ATM before you leave just to make sure you can actually use the cards and there are no PIN issues.

      • 1bargain on 15/08/2023 - 19:51

        Thanks so much. There are lots of tips. I’m going to Japan & Vietnam. In Japan, I think the best bet is 7 Eleven atm. But in Vietnam, not too sure.

    • souths123 on 13/08/2023 - 08:00
      +2

      for god's sake make sure you use your citi accounts or keep them with a balance over $0. If they are $0 and you don't use them within a certain period, they just close them. Since NAB took them over, no new accounts can be opened for this card/account….so once it is gone, it is gone. Use the Citi card overseas or get an HSBC everyday global account. The HSBC account also gives 2% cashback on all paywave purchases under $100 (only within Australia)

      • 1bargain on 15/08/2023 - 19:59

        I sneaked in just before they wouldn’t allow new accounts to open. I heard it’s good for traveling but not sure how they fare with other accounts.

        I had HSBC account a decade ago and just using them again is so hard. The online system feels like a dinosaur to me and is so hard to log in. I went to a branch and took a long time to reactivate but I still can’t seem to use it online. Could it just be me? I go through the same loop over and over just to log in and never got through. I gave up.

        How do you go with their log in system?

        • souths123 on 16/08/2023 - 07:22

          I would be contacting them direct. I don't have this issue. Try downloading the app and logging in that way?

    • aka nioh on 13/08/2023 - 08:12
      +2

      Use a card that has no international fees. MasterCard from memory has a better conversion rate than visa but it's very minor. I believe all mastercards eg Macquarie MasterCard, CommBank MasterCard convert at the same rate, same for visas. Amex IIRC sucked for conversions

    • xdigger on 13/08/2023 - 21:43

      I use the citi prestige-linked Diners card for travel purposes, USA/Japan.

      • 1bargain on 15/08/2023 - 20:10

        I have the prestige. Is it hard to get it linked to the Diners? I remember reading there were quite some hoops to jump over to open it.

        I max out my PayAll each month, does using Diners mean I have to pre-pay each purchase first?

        • xdigger on 15/08/2023 - 23:01

          No hoops for me, I rang and asked for it. But I haven't really found the use case for within Australia yet, hoping to use it for Japan travels sometime.

  • random12 on 13/08/2023 - 02:34

    The moral superiority is strong with this one:

    What industries does Hiver invest in?

    We take our social responsibility very seriously! We apply strict social responsibility criteria when it comes to investing and lending our members’ money. This provides our members with the peace of mind that their investment or loan is not being used to fund harmful industries.

    We don't lend to or invest in sectors that harm our society or our world, including alcohol, armaments, correctional facilities, cryptocurrency, deforestation or gross environmental degradation, fossil fuels, gambling, military activities, political activities, pornography, slavery, tobacco, or uranium.

    A wide range of things that supposedly harm society, including 'correctional facilities' and 'pornography', among some other interesting things.

    • [Deactivated] on 13/08/2023 - 02:50
      +1

      From experience, most tech companies that are this in your face about morality invest more time on trivial like this than secure working code. (Most recent example I can think of would be OpenAi/chatgpt where random users could see each others credit card details).

      • random12 on 13/08/2023 - 02:57

        I am not sure if they restrict people from spending on those categories, or if it is who they loan to.

        I assume it is who they loan to, since their 'investments' are the loans they make.

        I am trying to see how correctional facilities harm society (unless they are super left wing and want everyone set free - but then they are against porn, which is a super right wing position). Or they are referring to the people in correctional facilities (not being about to transfer money to the 'criminals' inside)?

        None of this even matters because the only loans they do are personal loans. They don't do any business lending, so would never lend to these industries anyway. It's just making a statement for the sake of making a statement.

        • haemolysis on 13/08/2023 - 20:00

          Most banks and credit unions also invest money in stocks and bonds - it’s probably what they refer to.

          As for how correctional facilities can be an unethical investment: for-profit private prisons are incentivised to (and do) lobby for higher incarceration to fuel their business, and, they also engage in cost cutting and mistreatment of prisoners because they are powerless to fight for their rights.

  • nned2say on 13/08/2023 - 07:12

    Do we need to deposit at least 1000 into the Saver account or Everyday Transaction account?

    • souths123 on 13/08/2023 - 08:06
      +1

      pretty sure the new Target account.

      • nned2say on 13/08/2023 - 10:50
        +1

        thx souths123, with 1000 deposits and no withdrawals, it is pretty dodgy.

        • souths123 on 13/08/2023 - 12:19
          +1

          not dodgy…..it is up to the person if they want to use an account with those restrictions. If you are saving up for something, and don't need to touch the money, then there is no problem with it. If however you do want the money, then you need to wait until you get a month with the 1st either the beginning of the week (not a public holiday) to ensure the money gets to the other bank account the next day, otherwise it will sit in limbo getting no interest at all (say, over a weekend). Has to be done on the 1st of the month. As you can have up to 3 of these accounts at the same time, there are ways around this.(to a certain extent)

          • nned2say on 13/08/2023 - 17:42
            +1

            @souths123: Thx, so genearlly, if we want to transfer money, it has to be on the 1st of the month and the 1st of the money should be a workday as well.

            • souths123 on 13/08/2023 - 18:12
              +1

              @nned2say: a workday, preferably at the very latest a Thu, just in case the money isn't processed on the same day (i.e. if a Friday, if it isn't processed it time, it won't hit your other bank account until the NEXT business day….which is most prob a Monday) Transfers below a certain amount will prob be processed same day, but large amounts are delayed in processing and take at least 24 hours

      • onceupon8 on 13/08/2023 - 15:22
        +1

        How to transfer into the Target account? It seems we only get a member number for transferring funds from an external account which is linked to the Everyday account. The target account has a letter "S" in it so you can't transfer to that account directly from another financial institution? Are we meant to transfer twice each month? Once to Everyday account, and then from Everyday to Target?

        • souths123 on 13/08/2023 - 18:13
          +1

          yes, pretty sure you transfer to the transaction account then transfer it internally to your Target account

          • tanksinatra on 21/08/2023 - 12:14

            @souths123: Is there any way to directly transfer into the target saver account? It’s annoying transferring things between accounts.

            • souths123 on 21/08/2023 - 13:37
              -1

              @tanksinatra: don't think so

            • Danam on 24/08/2023 - 12:44
              +3

              @tanksinatra: You can just use the account 'reference number' for the Target Saver, rather than the account number. You will need to use this number with some banks anyway as they wont accept the short account number.

              • Yola on 24/08/2023 - 13:12

                @Danam: Yes, that is what I have used successfully.

  • mitty on 13/08/2023 - 07:14
    +5

    This reminds me of CUSA and Bank of Melb/St George/Bank SA who for brief shining moments had knock all the others out of the park rates. Both of these are no longer at the top of the tree (or anywhere near it… CUSA isn't even on the savings spreadsheet any more, its rate is so low). It's definitely worth moving for a higher rate if you can be bothered and can meet the criteria, but keep an eye on them as I highly doubt it will last. The contradictory criteria is particularly worrying, eg can you make one withdrawal a month, or not? Is it plainly clear that you've met criteria in a particular month?

    • souths123 on 13/08/2023 - 08:06
      +3

      no withdrawals at all for this new account or you forfeit the bonus rate for that month. You can open up to 3 of these accounts and I am assuming as long as you meet the criteria on all of them then you get the bonus each month. Makes it easier to get your money out if you need it if you withdraw what you need from one and transfer it all to another of the accounts…..but only on the 1st of the month, so you don't get stung

    • aka nioh on 13/08/2023 - 08:07

      Bank of melb/st George is 5% and only requirement is grow by $50 so not bad of a hoop and still in the top 10. But yes, we will see how long hiver keeps 5.5% for. If they drop their rates compared to the market, there's no lock in, so I would jump ship

      • fredblogs on 29/09/2023 - 23:31

        Grow by $50 is nearly as bad as no withdrawals, no? Say you withdraw $1k, you need to put $1050 back before the month is over.

    • souths123 on 13/08/2023 - 08:29
      +1

      as there is possibly only 1 more rate rise coming, even if they kept this at 5.5%….will still beat many other competitors

    • snappy1234 on 11/02/2024 - 05:42

      Don't forget Rams Bank [ hisa]

  • Purkulator on 13/08/2023 - 09:25

    Also you get $10 sign up bonus. Not bad.

  • Dick10 on 13/08/2023 - 10:29
    +2

    Similar catch with RACQ bank high interest savings account. Can't make any transfers or rate drops from 5%to 0.1%. I learned the hard way.

  • whapkaplit on 13/08/2023 - 10:33
    +1

    Anyone else having trouble signing up? Mine just rejects my ID verification every time, even though it's in date and valid.

  • backupper1 on 13/08/2023 - 11:22
    +1

    its a monthly paid FD disguised as a savings account (no withdrawal) with the added hoop of monthly deposits as well.

    • fredblogs on 29/09/2023 - 23:32

      except term deposit rates are lower…

  • squeeb on 13/08/2023 - 11:24
    +4

    Found this in the T&C - Notification for interest rate change - SAME DAY!

    So if they drop the rate any day after the 2nd of the month, either you are locked into their new possibility crappy rate for the remainder of the month or you get 0.01% for the days you are there and move out immediately.

    If they drop the interest rate in the middle of the month, it would be a tough call.

    Need to remain vigilant to their emails advising interest rate changes.

    I think this is a big risk.

    • Purkulator on 13/08/2023 - 11:29

      You are overthinking it a bit. Most banks are allowed to drop their interest rates without notifications in their T&C

      • Yola on 13/08/2023 - 11:41
        +5

        Valid but with an account where you cannot withdraw during the month to get the bonus it means you have to accept the lower rate for the rest of the month or withdraw and get 0.01% interest.

        • souths123 on 13/08/2023 - 12:23
          +4

          yes, totally get where you are coming from there, plus if the 1st of the month is a weekend or a Friday or public holiday, you are also stuffed as they money will sit in limbo until the next business day if you transfer it out

        • Purkulator on 13/08/2023 - 12:31
          -1

          I understand the implications. Also some banks require balance to be increased by end of month for the bonus interest. I am just pointing out that this is not an unusual or unreasonable term across other banks.

  • capslock janitor on 13/08/2023 - 11:44

    nice, registered as "graduate" just to get in
    instant card issuance and activatiojn

  • amorn on 13/08/2023 - 12:16
    -1

    Any pros over simple easy 5% offer of ubank?

    • Yola on 13/08/2023 - 12:17
      +1

      More money in your pocket.

    • the crocodile on 13/08/2023 - 13:26
      +2

      10% higher interest

  • onceupon8 on 13/08/2023 - 12:29
    +3

    The account numbers have letters in them?

    The welcome email says to use your member number as the account number to transfer funds from an external bank.

    When I look at the two accounts (Everyday Account & Saver), the account number is the member number followed by S1 or S11. I am guessing I can't use that number to transfer from an external bank account?

    If I just use the member number, I presume the funds go into the Everyday account and then I need to transfer them to the saver? This is an extra step which could result in the loss of interest if not done on the same day.

    • capslock janitor on 13/08/2023 - 12:54
      +3

      yeaa wtf is this confusing s1s11 shit?

  • Frozensage on 13/08/2023 - 12:41

    Ppl with 2% fixed rate loan would have made a lot ofmoney

  • billsa on 13/08/2023 - 13:11

    Anyone willing to deposit more than 250k?

    • souths123 on 13/08/2023 - 18:16
      +1

      no, not worth the hassle doing more than that. There aren't all that many months over the next 12 months that are viable to transfer out if you need to (on the 1st), due to being a Friday, Sat, Sunday or public holiday. Friday because large transactions can take 1 business day min to get to the other bank account….so then money is sitting in limbo all weekend not earning any money at all.

  • izkai67 on 13/08/2023 - 18:47

    Anyone know min monthly deposit of $1k to which account? if deposit has to go to saving account and no withdrawal to get bonus, then it's realy bad deal.

    • timhn on 13/08/2023 - 19:31
      -1

      It's on their FAQ:

      To be eligible for the bonus rate, you must make at least one (1) deposit each month into your Saver account and make no more than one withdrawal per month.

      • souths123 on 14/08/2023 - 11:40
        +2

        except with this new Target account, NO withdrawals are allowed otherwise you forfeit the bonus rate….i.e. you only get 0.01% for the whole month

  • xdigger on 13/08/2023 - 21:46
    +4

    'Make no withdrawals' makes it not that great.

  • souths123 on 14/08/2023 - 11:39
    +2

    just in case anyone is interested. All the mutual banks under this umbrella all have the same Target saver account. Teachers Mutual,. Firefighters Mutual Unibank, Health Professionals Bank

    • capslock janitor on 20/08/2023 - 12:17

      do the verify eligibility for those too or nah ?

      • souths123 on 20/08/2023 - 12:48
        +1

        not sure, my husband is a firey so we opened an account years ago with Firefighter's Mutual….before it changed it's name, and I was able to open a Hiver account last year (I had closed my account with Firefighter's mutual years ago so I could get my $10 share back) Can't have an account with one of these and also Hiver at the same time, for some reason. Only one or the other. I guess try to open an account and see what happens?

  • El-Rhi on 14/08/2023 - 13:16

    So you basically need to grow the account balance by $1000 each month to get the full interest, and not make any withdrawals?

    • Yola on 14/08/2023 - 16:27
      +3

      Yes. If you can afford to do that it may be the least hoops account for that rate. Only MeBank and ING have higher rates.

  • Danam on 16/08/2023 - 16:21
    +7

    A few details gathered from the online chat.

    1. It is not possible to see your current interest rate. You will need to wait and see at the end of the month.
    2. It is not possible to see if you have satisfied the bonus interest criteria.
    3. If you transfer $1000 today, you should be earning 5.49% from today onward. So I was told.
    4. The maximum assisted transfer is $499,999.
    5. For a transfer to go directly to the Target Saver account, I was told to use the "Account Ref" number, rather than the "Account Number". Available under Account Details. (I would test this first personally).
    6. It is expected that transfers will go to the Everyday Account and that you manually move it to the Target Savings account. You should also innately know to remove the S1 or S11 from the account number for this to work.

    I would verify number 4 myself, but after the total mess I've seen so far I don't think I'll push through. Missing one months bonus interest would be an unacceptable loss.

    • Yola on 17/08/2023 - 07:05
      +1

      I have done no 5. several times and it worked also confirmed no 3. on online chat. I have transferred funds to the same account in Unibank and think it will work.

    • squeeb on 17/08/2023 - 16:10
      +1

      For 5 and 6 just use a spare email and link your Target Saver account to that PayID and funds can be transferred quickly straight to that account. No stuffing around.

      • Danam on 17/08/2023 - 16:36

        I wonder if the limit on Osko transfers can be raised from $5k in the same way?

    • Purkulator on 21/08/2023 - 01:01
      +1

      With regards to 3.
      In subsequent months, you would assume that even if you deposited $1000 on the 30th, you would still get bonus for the entire month.
      Meaning they should have an algorithm to apply bonus interest on the balance for each day if the deposit of $1000 is made by the end of the month.
      So it shouldn't be only activated the day the $1000 enters the account.
      That is how I understand it from my experience with all other banks which requirements to activate the bonus rate.

  • capslock janitor on 20/08/2023 - 12:18

    quality of physical card kiinda crap

    came scratched up and they dont even bother using the corner holders in the pamphlet lol

  • whapkaplit on 21/08/2023 - 14:32
    +1

    Still can't sign up as the ID verification system literally does not work. Emailed them for help and was told to use the live chat. Used the live chat and was asked to email. Then they said they'd lodge a support ticket and get back to me. A week later they haven't responded. Tried the live chat again and finally they admit that the ID verification doesn't work but they have no ETA for when it will be working again.

    Not a great start.

    • Yola on 21/08/2023 - 17:49
      +1

      Maybe try Unibank or one of the others.

    • maffy on 23/08/2023 - 14:57
      +1

      Same here: live chat says "email support and they will resolve this" and then support email back saying "live chat will resolve this". Pathetic. I have tried to verify my ID using a valid driver licence multiple times - will NOT verify. And when I try to use my passport to verify my ID, it will not accept my passport issue date as valid (my passport was issued early this year). In fact if I enter ANY passport issue date in 2023 it won't accept it as a valid issue date!!! Useless.

      • whapkaplit on 23/08/2023 - 15:30

        Yep. I've asked them to email me when the system is fixed and they've said they will, but I have absolutely no confidence that that will actually happen.

  • tsunamisurfer on 23/08/2023 - 18:07
    +4

    This financial institution, from my initial dealings, is fkn horrible,

    I signed up, got a temporary access code which had a bunch of special characters that made it uncertain where the code starts and ends, tried a few permutations, failed, got locked out (I accept ownership of that), then their support is next level crap!

    Live Chat has ZERO responses.
    Cannot find their email.
    Tried calling but it only tells you to use Live chat.

    • Yola on 24/08/2023 - 07:31

      I have this account with Unibank and was able to call them and had my issue resolbed.

      • Danam on 25/08/2023 - 14:09

        Does Unibank display your current interest rate? or is the interface the same as Hiver?

        • Yola on 25/08/2023 - 15:58
          +1

          I only use it on the web and it does not show interest rate or whether you met their criteria.

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