This was posted 9 months 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

  • Windthunder on 30/08/2023 - 11:49

    Can you create multiple Target Saver accounts and then rotate the money between them at the start of each month to get the bonus rate without depositing $1000 into the account, in the same way as St. George's/Bank of Melbourne Incentive Saver accounts?

  • yht on 30/08/2023 - 17:05

    Emailed them on 21/8 via secured email, they said they escalated to another team, then nothing. I guess I will not put my money with them. Tried to create a new Target Saver, but unable to create as they said I have more than 3 accounts, which is not correct

  • n14pulsarq on 01/09/2023 - 14:24

    Put in $1k (20th August) to test to see if I would get the bonus rate… nothing yet

    • Danam on 01/09/2023 - 14:53

      I put in $1,001 on 22nd August and received a payment titled 'Bonus Interest' on the 31st. The interest suggests I was paid 4.49% for the 10 days I have money in there.

      • yht on 01/09/2023 - 16:19

        I got 0.91+0.20 for $1001 since 14/8

        • Danam on 02/09/2023 - 12:04
          +1

          You got 2 payments?

          I received a single payment for $1.51.

          Did you put all of $1001 in on the 14th? If so I would have expected you should get $2.42.

          • yht on 02/09/2023 - 12:35
            +1

            @Danam: I think one is standard interest, the other is the bonus. Yes, I put $1001 on 14/8. I guess I didn't get the 5.5pc rate then

            • Danam on 02/09/2023 - 13:17

              @yht: If you end up asking for an explanation, please do report back.

              I moved a significant amount to Hiver this month as they appear to be paying me 5.49%. However I look at their failure to show your current interest rate, or telling you if you have met the bonus requirements as a way to easily dupe unsuspecting customers.

              • yht on 02/09/2023 - 15:17

                @Danam: Nah, won't bother as they also never reply back to my query a few weeks back. Will just move my money to Macquaire, though only for few months for new customer. Soon enough the rate will go down

          • RickyMoon on 02/09/2023 - 17:11

            @Danam: I also received a single payment for $1.05
            Put $1000 on 28/08 and $1000 on 29/08

            • Danam on 03/09/2023 - 12:07
              +1

              @RickyMoon: Looks like you got the correct 5.49% payout.

  • n14pulsarq on 02/09/2023 - 21:34

    I still got zip. Might my my fault for moving $10 to the transaction account I'll try again this month but if I get nothing I'll just move the money to virgin or ubank

    • Danam on 03/09/2023 - 12:17

      My guess is that $10 move was the problem.

      In the terms and conditions they say "no withdrawals or transfers to other accounts (internal or external) are made".

  • Ernestpogi on 04/09/2023 - 08:53

    I still have the "saver" account when I opened this from last year's cashback deal. Now, I just opened a "Target Saver" account. I wonder if these two are completely different account types. I couldn't see an option on the app to close my old "saver" account.

    • RickyMoon on 04/09/2023 - 11:07

      yea, u cannot close old saver account, target and saver are different account.

  • dan76n on 04/09/2023 - 11:52

    If I open a target saver account today and transfer money in asap will I meet the high interest criteria? Just concerned you need to have the money in there for a whole month to qualify and today is the 4th.

    • AntonChigurh on 08/09/2023 - 19:37
      +2

      I transferred in $1000 in mid August (when I opened the account) and received the high rate for the remaining days. I confirmed this with Hiver before depositing. Technically I think the $1000 deposit just needs to be by the end of the month but I did it immediately when opening to be sure.

  • leeroys_dad on 09/09/2023 - 07:39
    +1

    Anyone having trouble logging in over the last few days?
    Just app. Website is fine

  • Danam on 01/10/2023 - 12:46
    +2

    SEPTEMBER UPDATE:

    After a full month I am pleased to see that I received all the interest promised (to the cent).

    A 0.01% payment called 'INTEREST CREDIT',
    and a 4.49% payment called 'Bonus Interest'.

    It sucks they don't tell you your current interest rate, or if you will get the bonus interest, but so far so good.

    • SydOzber on 03/12/2023 - 11:10

      Thanks for the update. Just to confirm,
      (1) is it ok to have $0 balances on everyday and saver accounts ?
      (2) When I transfer from an external bank(ING) I assume it goes to everyday account by default and manually move it to a Target Saver account.
      (3) I opened 3 target saver accounts and planning to split4 among all three. In case I want to withdraw from one, will move the remaining balance to any of the other two accounts. Did you get to test this ?
      (4) The bonus interest is for the current month and not for the following month(unlike ING) - can you please confirm ?
      (5) The bonus interest is calculated from the day the funds are transferred to the account(i.e. if I transfer on 10th of the month - I'd get the bonus interest for the remainder days of the month)

      Sorry for too many quesitons and thanks in advance for your help

      • Danam on 03/12/2023 - 12:28
        +1

        I'll try and answer what I can.

        (2) I don't like to do it this way. Instead, I use the account 'reference number' for the Target Saver, rather than the 'account number'. You can find this under account information. Money goes straight to the Target Saver that way. Some banks wont even allow you to use the short 'account number' when doing a transfer.

        (3) No, I haven't tried this. They don't tell you your current interest rate or if you have met the conditions for the bonus. For this reason I keep it very simple: $1000+ deposit and no withdrawals. No money moves, not even between my own accounts. If I ever want money out, I'll move it all out on the first of the month. AMP or UBank is a much better place to keep money I might need as you can move money freely.

        (4) Correct. Bonus interest was paid from the day I opened the account. Meeting the bonus interest requirements gets you the bonus for that month only.

        (5) Incorrect. Bonus interest is paid on your daily closing Target Saver balance for every day that month, assuming you deposit $1000+ at some point during the month and meet the other bonus conditions. I always transfer $1000+ in on the 1st, however I see no reason why you could not do this on the 10th and get the same bonus interest.

        • SydOzber on 03/12/2023 - 12:51

          Thank you so much for patiently answering all my q’s.

  • Vita85 on 04/12/2023 - 16:32

    Their app does not work with verifying and wasted my time doing it three times. All details were correct. Emailed who then told me to go to live chat, who then told me to try one of their subsidiaries which have tighter eligibility requirements. Told me to try Unibank. Applications are done via filling out a PDF. WTF? What is this? 1996? (profanity) it, going to AMP. 5.2% without the bullshit

    • Stingo on 05/12/2023 - 22:40

      Applications are done via filling out a PDF.

      Only if you don't want to or can't apply online or at a branch. I actually opened mine on the phone due to some issue with the app but I'm an existing member. Hiver eligibility requirements are just the union of the other divisions. If you qualify for Hiver you qualify for one of the others.

      going to AMP

      They're not perfect either. At least they only have a simple hoop.

  • Ave Maria on 03/01/2024 - 10:25

    I contacted Hiver this morning via web chat as they had an issue with delayed osko transfers from other banks (issue was resolved at about 10:00am). I have confirmed that the $50K limit that can be done online is per account (so if you have 1 transaction + 3 Savers = $200K per day). A request can increase that to $499,999.99 (as others said) and for more a form has to be completed (I did not ask for further details).

    • c64 on 04/01/2024 - 11:46

      thanks for the info

    • jackofspade on 30/01/2024 - 11:19

      Seems like there is no option to change the transfer limit for Target Saver. The dropdown list only have S1 and S7 accounts.

      • c64 on 02/02/2024 - 14:23

        you might need to transfer to a transaction account first?

    • souths123 on 03/03/2024 - 10:17

      as you can only transfer out of the transaction account to an external account, wouldn't it be $50k limit to transfer externally no matter how many accounts you have?

      • Ave Maria on 14/03/2024 - 19:03
        +1

        Don't know & have not tried, but I would just send them a secure message to increase the limit above $50K up to $499,999.99. However, I am in the process of nominating my Hiver transaction account as my Rabobank linked account. That gives me the ability to initiate an "instant" direct debit allowing me to take all my money out all at once (the "inwards money" direct debit limit for Rabobank is $5 Million per day). I will wait at the moment as 5.25% is still good. Depending on what the interest is on the new Target Account (that allows 1 withdrawal each month). I may move all my money there 1st. Rabobank has a number of saving options as well as Term Deposits. HISA (intro rate is 5.75% then drops to 4.40%), Premium Saver (5.1%), Notice Accouns 31 day = 5.15%, 60 day = 5.20%, 90 day = 5.25%. So if Hiver drops the ball again, out goes all the money.

        Be warned that for 1st time transfers Hiver will put the money into a holding account, then release the transfer from there (you may have to call them). In doing so, even though the Hiver account BSB is 812812, the held transfer goes out using 812170. They even held my $1 transfer to Rabobank to Verify my linked account. That failed as 812812 did not match 812170 so I had to send a separate account statement to Rabobank to verify the linked account. Hiver seems to be doing everything they can to piss off their customer base (the bank owners). Not only savers do not own this bank, you do not even own your own money (or so it seems).

        • Stingo on 15/03/2024 - 13:00
          +1

          Be warned that for 1st time transfers Hiver will put the money into a holding account

          Interesting factoid.

          In doing so, even though the Hiver account BSB is 812812, the held transfer goes out using 812170

          Presumably the rest of the account number was different too.

          That failed as 812812 did not match 812170 so I had to send a separate account statement to Rabobank to verify the linked account.

          That's more about Rabobank's stupid methods for verifying linked accounts. Pretty much everyone else just sends a 1¢ deposit with a random code or a random amount. In the distant past Rabobank would do that on request. If Hiver only uses a suspense account for the initial transfer then repeating your "Verify" transfer would have done the job but of course that wouldn't have been apparent at the time.

          Hiver seems to be doing everything they can to piss off their customer base (the bank owners).

          If you're pissed off at that imagine how pissed off you'll be if your bank locks your account until your front up at the bank with Id. And how even more pissed off you'll be when they won't accept your driver's licence simply because it is expired so you'll need to come back again.

  • andyt on 12/01/2024 - 10:07
    +1

    Coupla Qs (I’ve tried contacting them to clarify but so far no response) -

    1) Has anyone tried/confirmed bonus interest was paid when you transferred $1k between your Saver accounts? Wouldn’t that disqualify you as you’ve made withdrawals?

    2) To meet the bonus interest criteria, do you need to deposit $1k into each of your Saver accounts or just into a single Saver account?

    • andyt on 12/01/2024 - 10:15

      Just received a reply for 2. You need to deposit $1k into each of the accounts to be eligible as they are “individual”.

      • SydOzber on 15/01/2024 - 09:55

        Thanks for the update.

  • Korban Dallas on 10/02/2024 - 21:19

    MOVE BANK

    Watch your savings grow with bonus interest when you deposit $200 and make no withdrawals in a month.

    High bonus interest rate
    For balances up to $25,000
    Minimum deposit of $200 per month and no withdrawals 5.50% p.a

  • mrvaluepack on 10/02/2024 - 21:37
    +1

    No withdrawals for extra 0.4% vs ubank? No thanks, crappy deal.

    • robhung on 10/02/2024 - 22:53

      I leave "spending" money in ubank, and then have "time-deposit" style savings in Hiver. If you need to withdraw, just wait until the start of the next month so you get your interest. Not a lot of work for 0.4%

      • mrvaluepack on 11/02/2024 - 07:40

        I guess if you treat this like a permanent term deposit it'll work lol…

        but considering the ease of transactions with this account, i bet most people either won't plan properly or fall into the temptation of withdrawing.

    • c64 on 11/02/2024 - 13:27

      depends on how much money you have. an extra .4% on a larger sum adds up each month. you are not limited to having accounts at just one bank

  • paloverde88 on 10/02/2024 - 22:43
    +1

    rather hard to have an essential worker who makes no withdrawal forever and ever.

  • Drakesy on 10/02/2024 - 23:39

    Ngl we're getting seriously screwed over by the banks

  • donotuse on 10/02/2024 - 23:48

    If you have over $100K in cash, you're probably better off in the long-term learning how to invest.
    No one became rich from a Savings Account that pays ~3% after tax, that's not even enough to cover inflation.

      • donotuse on 11/02/2024 - 09:26

        That's a good one. And claim tax deduction for concessional contributions as well!

  • furyou on 11/02/2024 - 00:20
    +1

    what kind of /any/ worker has 1k to put in no withdrawals each month?

    • Stingo on 11/02/2024 - 16:52
      -1

      Obviously, you haven't read their eligibility requirements. They are not restricted to essential workers and not all essential workers are eligible. To answer your rhetorical question, medical doctors for example but anyone with a university degree is also allowed to join Hiver or TMB's brand for the university sector. All the TMB brands offer the Target Saver.

  • Oztx on 11/02/2024 - 10:34

    Eh… atleast ING has 1% utility cashback.

    • Voldox on 11/02/2024 - 15:56

      Only up to $50 though?

      • Oztx on 11/02/2024 - 17:25

        It's $100 cap I think per financial year, so first $10k utility paid yearly you get 1% cashback. That's plenty.

  • Ave Maria on 20/02/2024 - 21:13
    +1

    Looks like the new Target Saver account will no longer be offered to new customets and the Saver account (allowing 1 withdrawal each month) that was replaced by the Target Saver wll be ressurected in the last week of March. Existing Target Saver accounts will remain operational. That is actually an improvement assuming that you can hold both accounts at the same time, allowing for more flexible withdrawal options. I will wait until the Saver account is offered again and try to open one.

    "for the Saver Account, as of 28 March 2024, this product will be open to new business"

    Relevant link

    https://hiver.bank/legal/

    • fredblogs on 20/02/2024 - 21:26

      Why these shenanigans rather than just allowing 1 withdrawal from Target Saver?

      • Ave Maria on 20/02/2024 - 21:35

        I agree with you. Unfortunately I am not one of the morons that runs banks these days so that having and operating an account requires very special skills -:)

    • c64 on 21/02/2024 - 14:54

      any mention of the Saver account interest rate?

      • Ave Maria on 21/02/2024 - 18:05
        +2

        All would be revealed on the 28th of March - other than an email received yesterday announcing the change no useful information has been provided.
        I would expect a lower rate (hope I am wrong). I also guess that Target Saver was not given the 1 withdrawal option per month so to keep down the number of savers that receive the full 5.50%. It is an all familiar dirty tactic from banks these days. Offer a very high rate to attract funds but make it easy to miss getting it (no withdrawals, increase balance on top of interest rate, make a number of card transactions, bonus rate only up to x amount etc. etc.). At least the Hiver acount has no upper limit making it a better alternative to a fixed term deposit (at least for now).

    • jackofspade on 23/02/2024 - 12:46

      I have both accounts but I have no idea what the interest rate is for the Saver account.
      Strange thing is you can increase the withdraw limit on the Saver account but not the Targer Saver account.

  • Ave Maria on 24/02/2024 - 20:54

    Has anyone transferred over $5K from Hiver to other banks (transfer will not be OSKO) and if so was the transfer credited to the receiving account same day ?

    If anyone know, from personal experience, please share details for

    Hiver to CBA
    Hiver to AMP
    Hiver to Ubank
    Hiver to St George

    it's really bad that banks support OSKO (advertised when they market their accounts) but then limit it to a very low amount.
    Establshing linked/trusted acounts (e.g. my own) that does not suffer from this artificial limitation would be a good way forward.
    This is similar to building an express motorway with 4 lanes in each direction and limiting the speed limit to 20K per hour (what a joke).

    I currently enjoy OSKO of up to $250K per day with CBA, St George allows $100K, so I do not see why other banks could not lift that limit up (the security excuse is just that an excuse - improve the security by establishing a list of trusted accounts and do away with the silly OSKO limits).

  • Chris T on 01/03/2024 - 11:53

    Today they cut the rate to 5.25% (5.24%p.a. variable bonus rate, 0.01%p.a variable base rate).

    • dorikin on 01/03/2024 - 12:31

      very sneaky of them not to announce it ahead of time

      • Chris T on 01/03/2024 - 12:43

        They didn't even tell their own staff! I called them (Teachers Mutual Bank) this morning to get an increased transfer limit to pull out all my funds. The rep I spoke with tried to convince me to keep my funds there to earn 5.50%, before I informed him of the rate cut.

        • Yola on 01/03/2024 - 12:58

          How much can you get out in one go?

          • Chris T on 01/03/2024 - 13:05
            +1

            @Yola: I'm not sure if there's an upper limit. I know someone who had their limit raised to ~$260K for today only. Note that Osko is limited to $5K and I don't think that can be raised.

        • dorikin on 01/03/2024 - 13:05

          what's their actual number?

          I'm calling the number on their website (1800 044 837) but it doesnt seem like they deal with transaction/payment limit enquiries

          • Chris T on 01/03/2024 - 13:17
            +1

            @dorikin: It sounds like you are with Hiver. I chose to open my accounts with Teachers Mutual Bank, one of the Hiver variants, partly because it seemed like they had better phone support.

            • dorikin on 01/03/2024 - 14:41

              @Chris T: yes very limited phone support with Hiver, has to be done via chat or in-app message

    • c64 on 01/03/2024 - 16:59

      and unibank. grrr!

  • Ave Maria on 28/03/2024 - 20:17
    +2

    The new Hiver Saver only offers 2.25%, that is not a down-grade, it is a free-fall from grace - in a few months most money will move elsewhere to avoid being stuck in a dud account on the next un-announced rate drop

  • n14pulsarq on 29/03/2024 - 16:52

    Wow guess I'll close the account on the move my money to UBANK

    • Stingo on 29/03/2024 - 17:07

      AMP Saver is a better choice.

      • Ave Maria on 29/03/2024 - 22:11

        or even better, if you have a Rabobank account (Prenium Saver is now 5%) use the direct debit faclity to get all the money out of Hiver, with no hastles, on the next eligible 1st of the Month that is not a Public Holiday or weekend, e.g. Wed 1st May, Mon 1st July, Thu 1st August, Tue 1st Oct etc. etc.

        I have no intention to spend time with them on the phone (given the 3rd degree) for a limit increase only to have the transfer held up & have to call them again (and repeat identifying myself) to release the transfer. Their processes are borderline ridiculous. I have already transfered small amounts before to my own acounts to avoid having 1st transfers being held, but I am 100% certain they will still hold large transfers even though you just went through the limit increase process providing full identification..

        I can then link my rabobank account to a more sensinble bank account & transfer there (AMP, UBANK or even CBA Goal Saver)

        1st of May is firmly marked in my calendar

        • SydOzber on 30/03/2024 - 01:19

          Thanks for the inputs. Any reason why you wouldn't move it on 1st April as you'd lose out on the interest for the whole month ?

          • Stingo on 30/03/2024 - 06:10

            @SydOzber: Only fast payments will be working as it is a national public holiday. BECS/Direct entry will only be processed on Tuesday.

            • SydOzber on 30/03/2024 - 11:07

              @Stingo: Yeah my question was more around why can’t the transfer be made on April 2 instead of May 1 as we lose out on interest if the money is with Hiver as their new interest rate is terrible

              • c64 on 30/03/2024 - 11:48

                @SydOzber: its not exactly a terrible rate at 5.25%. do the sums and see which will be more beneficial to you

          • Ave Maria on 30/03/2024 - 17:13

            @SydOzber: 5.25% is still the 2nd best rate after the AMP 5.40% for amounts up to $250K and over.

            I have no reason to move any money, yet, in April. Plus 1st April is not just "April Fools day" it is also a public holiday, you can only transfer out $5K via OSKO. Unless you are planning to move money out on the 1st (and loose interest on the transfer amount for a day) there is no reason to move out money on the 1st of April.

            I will wait to see what Hiver does in the month of April, and start moving money elsewhere (UBANK, St George etc , after maxing out AMP) from 1st May.

            I was hoping that the new Hiver Saver will have a sensible interest rate (2.25% is realy a blast from the past) and move some money there, but that was assuming that banks are not gutless - so much about being a bank for "essential workers" and owned by them - absolutelly no respect - whoever is running this bank is no an essential worker - rather a greedy blood sucker

  • c64 on 30/03/2024 - 11:51

    i noticed that the hiver saver account allows transfers direct from the account and it appears to have a separate transfer limit associated with it. when i go to the transfer limits page, it has options for setting the transfer limit for both the transaction account and the hiver saver ($50k each). i'm not 100% sure though

    • Ave Maria on 30/03/2024 - 17:18

      if & when I set up the new Hiver Saver & try to transfer money out of each using the self managed $50K limits I will post an update here - also updates from anyone trying that would be appreciate. I am affraid that self managed or not, all large transfers will be held, time & time again, each requiring to call & go through a full identification to release them (a very slow process just to get your own money out to your own already used before accounts) - SLOW + HIVER = SLIVER (small, insignificant) a more appropriate name for this bank

  • Ave Maria on 31/03/2024 - 15:47

    I just created 3 new Hiver Saver accounts (that allow 1 withdrawal each & still get the 2.25%) as an emergency exit facility.

    It appears that each enjoys a separate daily transfer limit, default is $5K each (can utilise OSKO for each one), self managed up to $50K each, request based increase to just under $500K each. So that is not too bad, if all stars are aligned for transfers out on the 1st or near the 1st of the month.

    I plan to trial sending $20K out via OSKO on April 1st (yes on a public holiday) by putting $5K in each of the Everyday + 3 new Savers, transfer the rest from my Hiver 1 to Hiver 2 and fire an OSKO transfer 1st from the everyday & then the 3 new Savers. Worst case scenario is that I loose 3% on $15K ($1.23) for a day -:) not a bad trial plan -:) - I will send the money to Ubank (5.1%) - nice to have a bit of money somewhere that can easily come out (as OSKO their daily limit is exatly $20K).

    Actually, the worst case scenario is that they may hold my 1st $5K OSKO transfer and then not be able to reach them on account of the public holiday (I can live & will be prepared for that outcome with plan B = do not do the other 3 transfers until next day or transfer back to the target saver)

    If that is successful I will rince & repeat on May 1st & try with higher amounts (non OSKO)

    • dorikin on 31/03/2024 - 16:01

      Curious to see if its $5k Osko limit per account, keep us posted on how you go tomorrow

    • Yola on 01/04/2024 - 08:11

      I find if I transfer funds on say Sunday it does not even get there Monday but on Tuesday. Later than if I had done it on the Monday.

  • n14pulsarq on 01/04/2024 - 13:59

    Didn't really have an account with Hiver for too long but need to increase the limit to move all the funds out. Should I put the request in earlier but didn't think about. Currently waiting for a SMS to confirm withdrawal limits have increased.

  • Ave Maria on 01/04/2024 - 14:27
    +1

    My experiment was successful in establishing exactly what you can or cannot do from Hiver -:)
    A lot of people are seeking similar questions on WP but as I am banned (by hostile power hungry moderators) they have to come here for answers -:)

    Ok here it goes.

    1 - I moved all money I needed to keep, for this month at least, in HIVER from Hiver 1 to Hiver 2 (that meets bonus criteria)

    2 - Using the $20K I left in Hiver 1 I moved $5K each to the Transaction (S1 account) and the 3 Saver (S7) accounts I opened yesterday

    3 - I transfered $5K from S1 (Every Day Transaction) to AMP via fast payments - it was paid instantly to AMP

    4 - I transfered $5K from S7 (new Saver) to AMP via fast payments - it was paid instantly to AMP (so $10K in total paid instantly via OSKO to AMP)

    5 - I tried to transfer to AMP via fast payment, $5K each from S7.1 &S7.2 (the other 2 new savers).
    I was advised that I have aleady used the maximum daily fast payment limit, but did not auto-slow transfer (that was a nice way to handle the request).
    I opted to leave the money there, earning 2.25% for a day and transfer again tomorrow to AMP utilising OSKO from S1 & S7 as that works a treat.

    So what I learned (as matter of fact)

    The S1 accounts have one set of daily limits - OSKO is $5K & maximum for non OSKO transfers can be self increased to $50K (or send secure message for more)

    The S7 accounts have as a group one OSKO daily limit of $5k max (that is separate from the S1 limit), but can each have its own non OSKO daily transfer limit.

    What that means (if managed & planned carefully)

    (a) you can take out $10K via OSKO without loss of interest on any 1st of the Month (from the S1 & S7 group of accounts)

    (b) you can OSKO $5K any day, once per month from each S7 account, on separate days, without loss of interest

    (c) you can take out up to $200K ($50K from the S1 & 3x$50K from the 3 S7 accounts), via self increase - more via secure message request,
    without loss of interest on any 1st of the Month that is not a public holiday

    (d) you can do large non OSKO transfers, once per month from each S7 account without loss of interest (3 accounts give you plenty of flexibility)

    (e) based on a trial from sending a non OSKO transfer to Rabobank, if done early in the day it will be received same day (Rabobank received it by noon).

    Some other tips & observations

    Increase your daily limit ahead of time, as it has to be aprroved manually, and set it to stick for longer (until you no longer need it) as otherwise you may be dissapointed as it could take a long time for the new limit to be approved.

    If you do not need to move any money over $5K on a non business day - don't do it (simple as that)

    I also notice something strange (I know all about the $10 share give & take that occured when I opened the target saver, but this one is different)
    I had $10 deposited as a share credit on the 2nd Saver account (S7.1), I left it untouched as I would expect it to be taken out again soon -:)

    On a different note, If I posted this on WP an angry moderator would have delete it and banned me again for life (as they say you cannot be killed twice in a lifetime) -:)

    • dorikin on 01/04/2024 - 14:43

      Thanks for the update. Very helpful info

      (e) based on a trial from sending a non OSKO transfer to Rabobank, if done early in the day it will be received same day (Rabobank received it by noon).

      Did you do this today (public holiday) and it came through?

    • Stingo on 01/04/2024 - 16:44

      Should be fine in the appropriate thread. I once received a temporary ban from the finance forum because of repeated off-topic posts in the Best Interest Rates thread. The moderation policy in that thread is particularly harsh and to be fair I deliberately made some off-topic posts as a form of protest. I think I might have even tried to get a discussion going in that thread about the mod policy. I was told that I was lucky not to have a Whirlpool suspension because i happened have other posts removed in another forum. It's important to remember that Whirlpool is not a democracy.

      • Ave Maria on 01/04/2024 - 17:39

        My experience was so bad that I simply don't care much about WP anymore. I only visit WP to see if there is any updates of interest (mostly it is just chit chat between users). I am banned for life & I cannot post there. The only reason is that I argued with a moderator that decided that my post was too long & justified the ban as I had 1 more post removed by another moderator (that I had no quarrel about) for nothing sinister. Basically any dissagreement with a grumpy moderator results in a life ban. And if you try to argue or ask for the ban to be removed all moderators stick together whether you are right or wrong. It does not have to be a democracy, just an open forum, but if does not have to be what it is right now = run by out of control moderator tyrans that get a fix from the power granted to them.

  • Ave Maria on 01/04/2024 - 15:07
    +1

    No, ofcource not -:) Rabobank does not operate on weekends or public holidays. That was done on a Business Day.

    With Rabobank, I have plan B, as I can initiate a DIrect Debit on any Business Day & effectively clear out the HIVER account instantly (Rabobank credits the transfer instantly, assuming it is a done deal) - NO LIMITS apply (or a rather high limit in the MILLIONS that does not come into play).

    I will use that in the event that Hiver drops the rate on zero notice & I have no other means of getting the money out quickly (and run). There is a number of Rabobank accounts that can receive the money - HISA, PREMIUM Saver, Notice accounts - even if used as a short term exit strategy - Direct Debit transfers stay in the receipient RB account "locked" for 2 days, to allow for clearance, before transfering to other accouns. Some planning required, but otherwise a good option to exit HIVER quicly & without a fuss (transfer held/account blocked etc etc.). I have already linked the HIVER Everyday acount to Rabobank & trialled transfers both ways, DD/DC, plain transfer from HIVER etc. etc - it all works

    • Stingo on 01/04/2024 - 16:26

      With Rabobank, I have plan B, as I can initiate a DIrect Debit on any Business Day.

      Of course, it wouldn't be harmful to initiate a direct debit on a non business day or after the cut-off on a business day. I don't know whether Rabo permits this. Some banks force you to schedule any direct debit for a future business day and I expect some only do this after their daily cut-off time. Some banks might well credit the deposit on the day the request is made and start paying interest on the deposit although the funds would not actually be available until the funds actually arrive from the bank that is drawn upon. I once deposited a cheque late on a Friday before a long weekend and started earning interest on it from that day but the funds were not withdrawn from the source bank until the following Tuesday.

      • Ave Maria on 01/04/2024 - 17:27

        Rabobank is a "shut shop" on non business days, nothing happens or can happen, anything scheduled on a non-business day will be resheduled for the next business day. One nice feature is that Term Deposit maturity days are auto-adjusted to a business day - so it makes it possiple to pay out to a linked account, on maturity, without loss of interest.

        This is unlike some "crooked" banks, Judo is 1st on my list, as they will intentionaly use maturity dates that fall on non business days, and if you opt to take the money out they pay no interest on the period between maturity & pay out day. For example if a TD matured on Friday 29th March 2024 and asked them to pay out to the linked account, they will pay out on Tuesday 2nd of April 2024 & pay no interest for the 4 days they stilll have the money. That is the worst of the worst & they know exactly what they are doing.

        Rabobank paid interest on Thursday the 28th of March, for the whole month of March with transaction dated on the 31st of March, as the shop is essentialy shut for money transfres (in or out) until Tuesday 2nd of April. Other than the fact that Rabobank is shut on non business days I have no issues with them. I have been their customer since around 2010 and their banking is extremely secure. Hackers hate Rabobank as transfers can only be between the linked account (just one) and there is a 1-2 day activation process to change the linked account with a transfer initiated from your own account that must be in your own name to verify it. Plus they use a hard token that has to be used to activate the smart app & online banking. Hackers have no hope in hell to access your account. I mainly use them for their Term Deposits (when competitive) these days.

  • Ave Maria on 01/04/2024 - 21:05

    I could not help seeing the funny side of this and posting here -:)

    Several WP users posted that their $5K OSKO HIVER transfer got blocked & they need to call on a business day (that is tomorrow) to release it -:)

    I planned ahead and did a $5 OSKO transfer to CBA/UBANK/AMP on the 15th of March so when I repeated today it would not be treated as a 1st time transfer -:)

    If I was allowed to post on WP I would have hinted some earlier advice on the Hiver Forum and save a lot of people all the troubles they experienced this long weekend.

    But thanks to the WP dominators, only useless chit chat gets posted on WP nowadays -:)

  • Cjun2266 on 02/04/2024 - 12:11
    +4

    Hi everyone, thought I would share my experience this morning in case it maybe helpful to someone.

    1. In-app message: Hiver confirmed that the rate for the OLD Target Saver is currently still 5.25% as of today's date. The rate is variable therefore can change. (I was asking if the rate only changes on the 1st of each month.)

    2. Lifted the daily transfer limit to the desired amount via In-app message, the new limit is valid until 8 pm tonight. After the chat, wait for the SMS confirmation before making the transfer as additional approval is required backend. Internet Banking limit increase will be actioned within 1 hour and be notified by SMS when updated.

    3. OSKO $5k each from S1 Transact and S7 new Saver account, went through successfully and was received by the other bank. Note: I did a 1 cent test OSKO payment which was successful and received immediately. But the remaining OSKO payments were held. Called 1800 862265, funds were released and received immediately.

    4. When I made the standard transfers, all payments (3) were HELD again. This includes the bank where payments were received successfully earlier today. Called 1800 862265 to release again.

    *When calling 1800 862265:
    - I found if I chose the "call back" option, it took longer to get a response. I was on hold for 6-8mins each time I called, which is reasonable.
    - When prompted, choose 5 for Hiver -> choose 1 (account is locked) -> 3 (payment held). Note the three available options are: 1: account locked, 2: lost card, 3 loan enquiries. (There's no mention of payment held after you select 5 Hiver bank.)

    Good luck everyone! =)

    • c64 on 02/04/2024 - 12:17
      +1

      thanks for the 1800 number short cut

      i have had an absolutely harrowing experience so far, called unibank to raise limits, then payments were immediately held, called the 1800 number and on hold for over an hour. payments released. hopefully they will arrive today

      now i'm on the phone to hiver to repeat the process with them …

      i started at 8:30 am AEST

      never again

      • c64 on 02/04/2024 - 14:47
        +1

        all complete after only 5 hours and 15 minutes!

        • Cjun2266 on 02/04/2024 - 15:47

          I'm sorry to hear that. It's a lot of hard work and stress we don't need. You got there!
          Hope you have a relaxing afternoon! Have a break, have a KitKat or two! =))

          I feel sorry for Hiver's customer service teams as well. They must be snowed under with the great 'escape'. The people I had on the chat and over the phone were friendly, efficient and eager to help, which made the process bearable.

          My transfer to AMP was just received (processed at 11:30 am). Waiting on Me bank now. I'm glad it's almost over.

      • Yola on 02/04/2024 - 15:59

        c64 - I had the same experience with Unibank. Called to increase limit they said it would be done. Never happened. So transfer out in $50k lots. Transfer frozen even though not first time payee, call the fraud line on hold 1 hour then transfer released. Told them I would be making another transfer to the same FI the next day can they make sure it goes through? No. (I had done this with another FI). Yap next day frozen again. Its like they will do anything to keep your money.

        • Ave Maria on 02/04/2024 - 18:21
          +1

          it looks to me like the self serve limit increase automatically sets a flag to put any payment out on hold.
          It is in efect a service for self harm/pain etc.. I making that conclusion on the basis that all that reported a blocked OSKO payment also increased their limit before the $5K OSKO payment. it's the most inefficient & pathetic way to provide self service for your customers.

          Imagine using a Coles or Wollies self serve counter only to reject your payments at the end & having to call the manager to authorise your payment -:)

          I would think Hiver stuff had better things to do than releasing self approved transfers all day long every day.

          I will be using my Rabobank Direct Debit facility on May 1st for sure - take it all out in one go & Hiver would not be able to block anything.

          • Yola on 03/04/2024 - 06:50

            @Ave Maria: You could be right.

            I would think Hiver stuff had better things to do than releasing self approved transfers all day long every day.

            I often think of saying this to the staff and also when you have to call to increase limits when with other FI's you can do it online, but then remember if that was the case the person I was speaking to may be out of a job.

  • Ave Maria on 02/04/2024 - 13:58

    I did my remaining 2x$5K osko payments mid day using the S1 and S7. Both went to AMP intantly. No holds. I feel like the luckiest Hiver customer.

    A few more findings

    You cannot pay out of the S11 accounts.
    You have to 1st tranfer to the S1 account.

    Hiver does not reset daily limits at midnight. All osko payment requests at 7am got rejected.

    Is Hiver a bank? Apparently NOT.

    May 1st is marked in my calendar as EXIT day.

    • Stingo on 02/04/2024 - 22:58

      Is Hiver a bank? Apparently NOT.

      How are you making that assessment? Based on the difficulties/quirks that you have encountered when withdrawing funds?

      • Ave Maria on 02/04/2024 - 23:13
        +1

        Based on everyones reported experience & knowing how hard it would be to get more that $10K per day out once I increase my limit & forced to go trhough their hold & release processes. Also the fact that you have to keep asking them what is the current rate for their now hidden Hiver account & all the uncertainty that comes with it. I will give them high marks for their Online & App banking but their processes just suck.

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