This was posted 5 months 1 day ago, and might be an out-dated deal.

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

2064
Earn 5.50% p.a. on Balance up to $50,000 @ Australian Unity Freedom Saver (No Minimum Monthly Deposit, No Account Keeping Fees)
Go to Deal
paranox on 27/11/2023 - 17:34 australianunity.com.au (5301 clicks)
Last edited 12/12/2023 - 16:57 by 2 other users

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.

Note:

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 (14)

Referrer gets $100 Visa Gift Card.

Financial Bank Account Savings Account

Related Stores

Australian Unity
Australian Unity

closed Comments

  • yht on 27/11/2023 - 17:43
    +3

    Limited to $50k

    • Ostrk on 27/11/2023 - 18:24
      +2

      Still pretty good up to 250k

    • Culpable on 27/11/2023 - 21:10
      +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).

    • zinkle on 01/01/2024 - 02:01

      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%

  • Appox7 on 27/11/2023 - 17:43
    +6

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

    • JTR on 27/11/2023 - 18:22
      +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…

  • Gdsamp on 27/11/2023 - 17:50
    +11

    don't like the serif font…

    • bearmetal on 27/11/2023 - 18:20
      -1

      haha

    • JTR on 27/11/2023 - 18:27
      -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…

      • rokufan on 27/11/2023 - 19:08
        +2

        Maybe you can explain it to me? lol

        • JTR on 27/11/2023 - 19:12
          -1

          You joke me? yes?

          • rokufan on 28/11/2023 - 01:23

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

    • DogeConomy on 28/11/2023 - 13:18
      -1

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

  • Dalryk on 27/11/2023 - 18:19

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

    • thewoodcutter on 27/11/2023 - 18:29

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

      • Dalryk on 27/11/2023 - 20:53
        +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.

        • thewoodcutter on 28/11/2023 - 00:37

          thanks mate, will get in touch with him

    • mandelbrot on 27/11/2023 - 20:14

      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.

      • Dalryk on 27/11/2023 - 20:49
        +3

        Transaction
        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.

  • Hiphopopotamus on 27/11/2023 - 18:39
    +2

    Very nice, competition is good.

  • c64 on 27/11/2023 - 18:39
    +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

  • SydBoy on 27/11/2023 - 18:51
    +5

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

    • onetwothreefour on 27/11/2023 - 20:01
      +5

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

      • SydBoy on 27/11/2023 - 20:22

        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 :(

        • onetwothreefour on 27/11/2023 - 21:57

          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.

  • Iluvfreebies-freeDel on 27/11/2023 - 18:54
    +16

    Better than Ubank, no hoops and better rates.

  • leeroys_dad on 27/11/2023 - 19:04
    +1

    Couple accounts available?

    • leeroys_dad on 27/11/2023 - 21:04

      Yep Joint is available!

  • godspeed4476 on 27/11/2023 - 19:13
    +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

  • Infraction on 27/11/2023 - 19:32
    +14

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

  • BarryBargain88 on 27/11/2023 - 19:38
    +1

    Just use Hiver bank. 5.5% no cap

    • Iluvfreebies-freeDel on 27/11/2023 - 20:00
      +13

      $1000 deposit require per month and no withdrawals.

      • Roe Jogan on 27/11/2023 - 20:41

        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

    • bloomer on 27/11/2023 - 21:09

      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.")

      • souths123 on 28/11/2023 - 09:16
        +1

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

  • hamwhisperer on 27/11/2023 - 19:50
    +5

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

    • JTR on 27/11/2023 - 20:09

      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.

  • Usernames on 27/11/2023 - 20:04
    +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%.

    • letmecry on 27/11/2023 - 20:33
      -5

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

      • Shitforbrains on 27/11/2023 - 20:50
        +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.

        Edit:

        "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."

        • cashless on 27/11/2023 - 21:22
          +4

          Oh wow. That’s a deal breaker

    • SoapyWooder on 27/11/2023 - 21:16
      +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?

      • c64 on 27/11/2023 - 21:41
        +1

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

        just make sure you stay below $50k

      • bob19 on 28/11/2023 - 02:25
        -2

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

        • Shitforbrains on 28/11/2023 - 02:35
          +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."

    • Usernames on 28/11/2023 - 06:13
      +13

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

      • Usernames on 28/11/2023 - 10:55
        +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.

          • Usernames on 28/11/2023 - 11:09
            +1

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

              • Usernames on 28/11/2023 - 11:44

                @souths123: Yes I’m sure.

                • souths123 on 28/11/2023 - 11:57
                  +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

                  • Shitforbrains on 28/11/2023 - 13:02

                    @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.

                  • Usernames on 28/11/2023 - 13:47

                    @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.

    • mandelbrot on 27/11/2023 - 20:24
      +3

      1.10% after 3 months? Lol

      • mreddie on 27/11/2023 - 20:52

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

        • mandelbrot on 27/11/2023 - 21:08
          +1

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

        • Bullion78 on 27/11/2023 - 23:01
          +1

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

  • aka nioh on 27/11/2023 - 20:35
    +1

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

  • Roe Jogan on 27/11/2023 - 20:38

    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?

    • pauly85 on 28/11/2023 - 01:10

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

    • amorn on 28/11/2023 - 12:01

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

  • grandmaster000 on 27/11/2023 - 20:41

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

  • Levathian on 27/11/2023 - 20:44
    +1

    Anyone else have issues verifying ID?

    • Justbuy on 27/11/2023 - 20:58

      Yea keeps saying expire

    • purple1 on 27/11/2023 - 21:14
      +2

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

      • Usernames on 28/11/2023 - 06:17

        Doesn’t work on Safari from memory.

  • Roe Jogan on 27/11/2023 - 20:51
    +2

    apple banking app 46 rating at 1.8 out of 5 stars

  • non-core promise on 27/11/2023 - 21:34
    +12

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

    https://www.australianunity.com.au/banking/savings-accounts

    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.

    • TheCad on 27/11/2023 - 21:41
      +2

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

      • non-core promise on 27/11/2023 - 21:43
        +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.

        • OzzyBrak on 28/11/2023 - 01:28

          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.

    • team teri on 27/11/2023 - 21:42
      +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.

      • non-core promise on 27/11/2023 - 21:45

        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.

    • Roe Jogan on 28/11/2023 - 09:18

      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

  • donny donny on 27/11/2023 - 21:55

    bye bye BOQ

    • payless69 on 27/11/2023 - 22:13

      Kids only get 2.5% here!

  • payless69 on 27/11/2023 - 22:13
    +3

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

    • Stopback on 27/11/2023 - 22:20
      +2

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

      • payless69 on 27/11/2023 - 22:22

        Thanks.
        Back to Revolut for virtual cards!

    • c64 on 28/11/2023 - 00:07

      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

    • AriesB on 28/11/2023 - 16:40
      +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)

    • InfraRed on 28/11/2023 - 16:58
      +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.

      https://www.australianunity.com.au/~/media/banking/documents…

  • spedohero on 27/11/2023 - 22:13
    +2

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

    • donny donny on 27/11/2023 - 22:48
      +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

      • freedomofspeech on 28/11/2023 - 00:15

        or are renting their property out..

        • littlegreenman on 28/11/2023 - 07:55
          +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.

          • freedomofspeech on 28/11/2023 - 10:56

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

            • ely on 29/11/2023 - 08:56

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

      • onetwothreefour on 28/11/2023 - 09:32
        +1

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

  • slackme on 27/11/2023 - 23:13
    -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.

    • JTR on 27/11/2023 - 23:39
      +1

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

    • wintersnow911 on 27/11/2023 - 23:43
      +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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