• expired

Earn 5.50% p.a. on Balance up to $50,000 @ Australian Unity Freedom Saver (No Minimum Monthly Deposit, No Account Keeping Fees)


Doesn't appear to be an introductory rate. The highest rate only applies for the first $50,000 but even past this is a decent interest rate.

No minimum monthly deposits and no account keeping fees tops it off.

  • $0 > $50,000: 5.50% p.a.
  • Variable interest rate $50,001 < $250,000: 5.25% p.a.
  • Variable interest rate $250,001 < $500,000: 4.75% p.a.
  • Variable interest rate $500,001 < $5M: 4.25% p.a.


Ongoing variable interest rate applicable to the Freedom Saver account is determined by the balance in the Freedom Saver account. The variable interest rate is applicable to the entire balance in the Freedom Saver account.

Referral Links

Referral: random (13)

Referrer gets $100 Visa Gift Card.

Related Stores

Australian Unity
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closed Comments

  • +3

    Limited to $50k

    • +2

      Still pretty good up to 250k

    • +7

      Yes, but it's still 5.25% from 50k to 250k.

      AFAIK that's still the highest "no hoops" savings account.

      The closest is Macquarie at 4.75% (with no conditions) and UBank at 5.10% (with minimal conditions).

    • FYI / TLDR the comments

      Freedom Saver Account rates Effective from 2 January 2024
      Account Balance Range Variable Interest Rate p.a. (Effective 02/01/2024)
      Up to $50,000 5.20%
      Over $50,000 to $250,000 5.10%
      Over $250,000 to $500,000 4.75%
      Over $500,000 to $5m 4.25%

      The old rates were

      Account Balance Range Variable Interest Rate p.a. (Effective 24/11/23)
      Up to $50,000 5.50%
      Over $50,000 to $250,000 5.25%
      Over $250,000 to $500,000 4.75%
      Over $500,000 to $5m 4.25%

  • +6

    seems to be the new best low effort HISA account… thanks!

    • +5

      Yeah, for up to $50,000. Only 0.05% less than ME bank but no hoops. Deposits are covered by the FCS so I'm switching…

  • +11

    don't like the serif font…

    • -1


    • -1

      Me neither! So I cut my nose off in protest but still plan to take up the offer. Should I hand back my ozbargain lifetime achievement award?

      P.S. Took me a couple of minutes until I figured out your joke. Shame, shame, shame…

      • +2

        Maybe you can explain it to me? lol

        • -1

          You joke me? yes?

          • @JTR: I got the obvious joke, but there maybe a deeper joke if you can decipher their username.

    • -1

      They use Verdana in their t&cs, hope that makes you feel better XD

  • That's actually marginally more than my current home loan, but I think they haven't factored in the latest rise yet.

    • Thats pretty good rate! I am on 6.39% currently and would like to reduce it. Which bank/broker did you get that with?

      • +1

        Guidance Mortgage Brokers, loan is with Hume Bank.

        I don't think the deal is on offer anymore (it was an ongoing 0.5% discount off their headline rate, only available to certain criteria). But give Geoff a buzz and see what he can do for you.

        • thanks mate, will get in touch with him

    • Lol. No chance you could have a variable rate home loan is less than this. Might be a 12 month intro rate, or a fixed rate from 1-2 years ago.

      • +3

        Processed 17 NOV 2023
        Effective 17 NOV 2023
        Narrative From 5.240% (D) to 5.490% (D) Rate Altered
        Receipt Date & Time 17 NOV 2023 07:03:00

        I mean, I coulda just made that all up. But I can send you screenshots if you really want.

  • +2

    Very nice, competition is good.

  • +2

    thanks! i will give them a try. it says you need to have a linked transaction account. $0 account keeping fees and has osko.

    must have just gone up, as it is listed as only 4.75% on https://goo.gl/FufTQP

    Australian Unity Bank Limited is listed as an ADI

  • +5

    Good deal, time to move 50k from ubank to Australia unity… !

    • +5

      Might as well move it all as up to $250k is still better rate than ubank.

      • that's true i didn't notice that one… ! I recently opened account with AMP … now need to think again if i close that and move here to stay until next rise coming out next month :(

        • Yeah I have my money with ubank, not much over $50k but it might be worth moving. Ubank only increased 0.1% this time so I don't think they will catch up with this rate anytime soon but they have consistently provided higher rates than most over the long term.

  • +16

    Better than Ubank, no hoops and better rates.

  • +1

    Couple accounts available?

    • Yep Joint is available!

  • +1

    thks op, just signed up and waiting for them to revert and open the account. Its better than 4.75% macquaire is paying for me at the moment

  • +14

    Disappointing ING didn't pass on the last .25% raise, this is good competitive pressure

  • +1

    Just use Hiver bank. 5.5% no cap

    • +13

      $1000 deposit require per month and no withdrawals.

      • this post to be the new best deal. 5.25 over 50k with no stupid requirements. i just need to know if it comes with a debit card

    • Except the Hiver in-app sign up process can be a mess (based on past experience). (And right now I can't even get the app to work! "Uh-oh, Sorry the robots are acting up.")

      • +1

        you can log in through the website as well. I did that when I couldn't get into the app this morning

  • +5

    50k? What is this? A deposit for a caravan?

    • Well, yeah, it was but I couldn't find a brand of caravan with an acceptable font. I'm waiting for ALDI to have swags again as a special buy.

  • +20

    Just to be clear, the highest rate doesn’t just apply to the first $50k as stated in description. If you have $51k then the entire balance earns the lower rate of 5.25%.

    • -5

      I don't think. First 50k you will get the max rate then gradually reduce after that

      • +10

        No, they are right. I saw it in the terms and conditions. Unless I was imagining things? I could be mistaken. But I remember reading it. Maybe someone reliable should check the terms and conditions.


        "Ongoing variable interest rate applicable to the Freedom Saver account is determined by the balance in the Freedom Saver account. The variable interest rate is applicable to the entire balance in the Freedom Saver account."

        • +4

          Oh wow. That’s a deal breaker

    • +8

      Can't be right
      5.5% on 50k is 2750
      5.25% on 51k is 2677.5
      You get less interest if you deposit more money?

      • +1

        it's like that for many accounts, go over a limit and you get sfa interest

        just make sure you stay below $50k

      • -2

        You got it wrong.
        5.5% on up to 50K
        5.25% on the amounts from 50,001 to 250K

        • +7

          No, they were right actually, read the terms and conditions.

          "Ongoing variable interest rate applicable to the Freedom Saver account is determined by the balance in the Freedom Saver account. The variable interest rate is applicable to the entire balance in the Freedom Saver account."

    • +13

      Interesting that some people are downvoting me for providing accurate information on how the product works. Don’t shoot the messenger.

      • +3

        Yes it is tiered, but once your balance crosses into a new tier, the interest rate for that tier applies to the entire balance. The terms and conditions make this clear, as does my experience using the product.

          • +1

            @souths123: Yes. I sincerely hope you’re correct and that they’ve changed the rules this month so that we get more interest.

              • @souths123: Yes I’m sure.

                • +5

                  @Usernames: I rang again to reconfirm and the guy I spoke to this morning DID give me the wrong info, which I am angry about. You are totally correct that it is on the whole amount once it goes over a tier level. I have asked them to possibly put in examples about how the tiers work to make it even clearer….even some of them don't know how it works. Other banks that have tiers like this actually do give you the rates per tier, not a flat rate on the whole amount once you break through a tier

                  • @souths123: Thanks for clearing that up. It might be good to edit your previous comments just to make it clear for people who are glancing at this discussion.

                  • @souths123: Nice one, thanks for following up. All banks need to be very clear how their particular rules are implemented. There are so many versions around it can lead to confusion, even with their own staff it seems.

    • +3

      1.10% after 3 months? Lol

      • I just jump ship after 3 months and move on to the next deal.

        • +1

          Why bother for just 3 months? Other banks are offering 5.50% uncapped and no time limit.

        • +1

          Its annoying AF when you can only move 20k per day. Takes weeks to move it all across. At least with my bank.

  • +1

    Thanks OP. Great rate. Signed up and awaiting verification.

  • shit, im with ubank at 5.05 from next month.. even after the 50k you are still getting .20 more than ubank, looks like ubank just got shat on
    worth the swap?? does this come with an actual card or at least a virtual card on the phone?

    • The linked current account will, but unsure on the savings account.
      When you apply it asks if you want a physical card.

    • in the same boat. but can you spend and withdraw as you like?

  • The referral link is redirected to health insurance. Is there a referral benefit for banking at all?

  • +1

    Anyone else have issues verifying ID?

    • Yea keeps saying expire

    • +2

      Disable adblocker, allow 3rd party session cookies, relax or disable tracking prevention.

      • Doesn’t work on Safari from memory.

  • +2

    apple banking app 46 rating at 1.8 out of 5 stars

  • +12

    This is making me really suspicious. What is the catch?


    So they have 2 other bank accounts that are objectively worse in almost every way.

    They have a 5.1% savings account that drops down to 4.1% after 4 months (Easy Saver Plus).

    Then they have a 4.75% savings account that requires a $250 monthly deposit and no withdrawals (Active Saver). Only upside compared to the account highlighted by this deal is having said rate applied up to $500k.

    Then there's the Freedom Saver with 5.5% with no strings other than having to also open a transaction account with them and a $50k cap on the headline rate. There are only a handful of banks offering higher rates than this and they all either have hoops or are introductory offers.

    I get the distinct feeling they're not going to maintain this market leading rate for very long once they have gathered enough capital from deposits.

    • +2

      its a trap!
      Jokes aside, yes suspicious here also.

      • +5

        I mean, there are no penalties for withdrawing, so any "trap" would have an easy escape route.

        You'd just end up with an extra line in your next tax return under bank interest.

        • You'd just end up with an extra line in your next tax return under bank interest.

          An unpleasant reminder of the time we weren’t actually trapped.

    • +5

      Looks a bit like they create a new account type every time they need to find additional customers - leaving the existing customers on lower rates, rather than increasing rates for everyone. Good to be aware of, but not a deal breaker. Considering moving there.

      • To be fair, most "people owned" banks/credit unions do this as well. Great Southern Bank (and CUA before that) is another example.

        Obviously doesn't make it acceptable behaviour.

    • i mean us being ozbargainers we swap it in a day back to Ubank right? or are you saying they will take all our money and run for the hills

  • bye bye BOQ

    • Kids only get 2.5% here!

  • +3

    Visa Debit Card fee $2.00 per month Charged to your account per month,

    • +2

      Visa Chargeback $22.00 Charged when you request assistance to recover a
      Visa payment made by you

      • Thanks.
        Back to Revolut for virtual cards!

    • Visa Debit Card fee $2.00 per month Charged to your account per month,

      the only transaction account that is advertised is the "Healthy Banking Everyday Transaction Account" and the schedule of fees states that the visa debit card is free

      in any case, when you sign up you can opt out of a visa debit card

    • +7

      Confirmed with bank, there is no visa debit card fee for this, the $2.00 per month fee was for their old debit card(probably another product)

    • +3

      This is false, that fee applies to some retired version of their transaction account. The fees will be as per section 3, not section 4.


  • +2

    At the current mortgage rate, wouldn't it better to keep it in offset account if you are still paying off the house?

    • +5

      i agree but some people are either:
      * don't have a mortgage
      * locked in on a fixed mortgage
      * don't have an offset account

      • or are renting their property out..

        • +1

          In which case they'd still be better off putting the money in an offset account as you'd rather want to save 6% pre tax than earn 5.5% pre tax.

          • @littlegreenman: Not really.. The interest paid is a tax deduction

            • @freedomofspeech: the interest earned is taxable income so you'd still be better off getting the higher rate offsetting it

      • +1

        Have an offset that has the same amount as the outstanding mortgage.

  • -2

    One thing needs to be aware, tied interest applied based on closing balance.

    If you have $100,000 in the account and withdraw $50,000 on the last day of the month, you will only get paid on $50,000. Better withdraw everything on the first day of the month.

    • +1

      Be sure that Interest is calculated daily and paid monthly. Pretty much standard.

    • +2

      they say "Interest is calculated on your daily account balance and credited to your account on the last calendar day of the month. "

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