This was posted 5 months 16 days 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 (5313 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 (16)

Referrer gets $100 Visa Gift Card.

Financial Bank Account Savings Account

Related Stores

Australian Unity
Australian Unity

closed Comments

    • bob19 on 28/11/2023 - 02:30
      -4

      5.5% on up to 50K
      5.25% on the amounts from 50,001 to 250K

  • blighst on 27/11/2023 - 23:31

    Presume no direct debit from this account? That's one thing I like about ubank

    • team teri on 28/11/2023 - 01:39

      Since you are forced to open a transaction account with it, you can do direct debits from that. Similar to ubank.

      • blighst on 28/11/2023 - 06:46
        +3

        You can direct debit out of ubanks savings account though

        • ely on 29/11/2023 - 08:58
          +1

          yeah, this is a really nice feature of UBank that I wish everyone did

  • eecchhoo on 28/11/2023 - 01:33
    +1

    From what I learn from many investment websites . They suggest to save 6 months of cash for rainy days. If many of ozb save more than 50k, means many high earners are lurking here :)

  • DEvok on 28/11/2023 - 06:51
    -7

    But does the 5.50% tax free? So it shouldn't really be 5.50, they shouldn't include tax in T&C!

    • blighst on 28/11/2023 - 07:03
      +8

      What do you mean? It's 5.5%, you pay tax on it just like any other bank account or investment.

    • SoapyWooder on 28/11/2023 - 07:51
      +3

      Tax free if you don't have any other income

  • mkn on 28/11/2023 - 08:00
    +4

    Hope that increased competition will motivate other banks to adopt similar practices. It's puzzling why many financial institutions choose to provide 1) Higher interest rates exclusively to 'NEW' customers, leaving loyal customers at a disadvantage, and 2) impose complex requirements to earn additional bonus interest. In this society centered around debt, it seems that savers consistently face penalties while spenders are consistently rewarded.

    • Stopback on 28/11/2023 - 19:21

      Really depends on customers moving.

      Honestly they should run a referral program.

      Imagine how many more people would come in

  • DevonBlaze on 28/11/2023 - 08:24

    Anyone knows how long it takes to transfer out money (~5K$) from this savings account? ING gives me a lot of problems when transferring more than 1000$ out. On other hand, UP does it instantly

    • Kevin Coleman on 28/11/2023 - 09:23

      If they use Osko it would be instant!

      • DevonBlaze on 28/11/2023 - 09:29

        Unfortunately ING has a daily limit of 1000$ on OSKO. CommBank for example has 20,000$ limit. If Australian Unity has a high limit, it would make the deal extremely inviting

        • souths123 on 28/11/2023 - 10:27

          not sure, but to transfer any more than $1250 per day, you have to ring them and get them to up the limit. Not sure if there is an upper limit and not sure how much OSKO is up to but I would say $1250

        • souths123 on 28/11/2023 - 13:11

          limit on osko payments is $20k per day. You have to ring them to change your limit from $1250 first

  • Thaal Sinestro on 28/11/2023 - 08:44
    +1

    Their online application process is good. Functions fine on older Waterfox Classic. I don't have a driver's license or Passport (too poor to travel overseas), but was able to verify with a Medicare care, which everyone has. I wish more financial institutions would allow you to open an account with just a Medicare card.

  • bjm31 on 28/11/2023 - 08:55

    Does anyone know if the amount is doubled for joint accounts? ie would you get 5.5% up to $100k if the account is in 2 names?

    • Kevin Coleman on 28/11/2023 - 09:22
      +1

      No! These accounts if joint still have the same limits! Just do as we do, open two individual accounts, that will allow you to get 5.5% on $100,000.

    • SomeGuyOnOzB on 02/12/2023 - 12:08

      You can have an account in each person's name plus a joint account.
      Each of the 3 accounts then gets 5.5% on < $50,000 balances

  • jdizzles on 28/11/2023 - 09:10

    Not able to complete the sign up on mobile! Getting session expired on the last verification step

    • Usernames on 28/11/2023 - 09:37
      +2

      Safari doesn’t work, in case that’s what you’re using. Try Chrome or Firefox.

  • Kevin Coleman on 28/11/2023 - 09:20

    Thanks! Just opened two accounts!!!

  • onetwothreefour on 28/11/2023 - 09:34

    OK so only great if you have less than $50k, marginally better than ubank if you have over $50k?

  • pandadude on 28/11/2023 - 09:43

    Doesn't make sense to close your me home account down.

    But does make sense to transfer the ubank balance.

    Note interest is calculated on total balance.

    You have to open a transaction account. Withdrawal cash is using big 4, Auspost and Precinct. Precinct are the ex Westpac ATM. I honestly haven't seen any in agess. Not as common as ATMx for those who require atm use.

  • tjoy on 28/11/2023 - 09:51

    Noob here, not familiar with Australian banks & financial institutions. Is this safe/regulated by some government entity?

    • JTR on 28/11/2023 - 10:01
      +1

      On their web page under Important Information:

      Australian Unity Bank Limited is covered by the Australian Government guarantee on deposits, for more information please view our page.

    • Shitforbrains on 28/11/2023 - 13:11
      +1

      https://www.apra.gov.au/list-of-authorised-deposit-taking-in…

      Yes they are regulated, and as an authorised deposit-taking institution they are covered by the government's guarantee on up to $250,000.

  • colster6000 on 28/11/2023 - 10:06
    +1

    Thanks OP! Will be moving my savings from Macquarie to this. This is the best ongoing rate I’m aware of for up to $250k!

  • T Man on 28/11/2023 - 10:21
    +4

    I tried to sign up to this bank and the hoops required were painful and security lax. Couldn't verify my identity at first online due to a bug (need DL, electoral roll). Then they could a few days later. Then they send me a link to further verify my identity with a 3rd party. Stored my password in plain text so their rep knew it when they called me on the phone. Honestly, this bank seems sketchy as hell. I asked them to delete all my information from their system… they called me 2 weeks later to ask why I haven't finished my application and explain the verification company that texted me asking for all my passport details etc weren't a scam. I get they aren't, but it looks like one, and you need to be more professional if I'm trusting you with 250k.If someone can socially engineer my password out of a representative over the phone, my money isn't secure.

    • amorn on 28/11/2023 - 12:12

      but if they lose your money, they would still be responsible and refund you right?

      • SuperLate on 28/11/2023 - 13:04
        +2

        It's a nightmare to try to get a bank refund your money, once lost. Whoever's fault it is , the process itself drains you to your core.

        • amorn on 28/11/2023 - 13:57

          wow, really. should it be the easiest, not the hardest

    • 1bargain on 28/11/2023 - 13:24

      Thanks for telling us your experience. Definitely sounds dodgy. They should have at least one branch to help set up the accounts. I prefer going to a branch knowing you’re handing your detail to the right person.

  • souths123 on 28/11/2023 - 10:28
    +10

    just be aware, if the transaction account (which you have to have with this) goes dormant (no activity for more than 12 months) then there is a dormant fee per month

    • c64 on 28/11/2023 - 10:51

      thanks for highlighting that. it does say "You will be contacted prior to this fee being applied", so it sounds like they give you advance warning and a chance to rectify

      need to set up a periodic automatic transfer between transaction and saving accounts

      • souths123 on 28/11/2023 - 10:54
        +1

        yes, that is what I was thinking too….even 1c every 4 months or so to keep it alive if you don't want to close it

  • c64 on 28/11/2023 - 10:53

    also a direct debit dishonor fee of $22. just something to be aware of

  • freedomofspeech on 28/11/2023 - 10:58

    So is this a member-owned bank?

  • OrangeBJ on 28/11/2023 - 11:16

    $0 > $50,000

    Incorrect! Mathematically.

  • corno on 28/11/2023 - 11:34

    purple 1 comments are spot on……changed settings in Google browser, bingo opened up/verified accont in minutes.

  • souths123 on 28/11/2023 - 12:01
    +4

    also, atm have to ring them to set up more than their standard $1250 transfer limit. $20k can be transferred max per day via OSKO, if you want to transfer more you have to pay extra $$$, as it is a classed as a manual transfer by them. $2.50 for a regular transfer that can take 1-2 business days $30 for a same day transfer of pretty much any amount

    they are slowly in the process of setting it up in the app that you can change your own limits up to $20k

    • Chris T on 28/11/2023 - 14:49

      Just to clarify, can you call them once and have your daily transfer limit changed to $20K from that day onwards? Or do you have to call them again every day that you want to do a large transfer?

      • souths123 on 28/11/2023 - 15:08
        +1

        you can either keep it that way or just make it for a certain amount of time, in which case, after that it reverts to $1250

  • DogeConomy on 28/11/2023 - 13:06

    Hmmm what is the constitution that they’re talking about in the T&Cs???

  • dlee on 28/11/2023 - 14:03
    +1

    Am I right in summarizing as follows:

    1. "5.5% interest" is only if you save $50k or less. If you are even $1 above that, the whole balance earns the lower rate of the next tier (only 5.25%). That means that if you want to keep earning 5.5%, even for 2 months, you should always keep the balance at around, say, $49,770, and then withdraw the interest at the end of the month to prevent the balance tipping over into the next tier. (Of course, the 5.25% rate is still higher than Ubank's current interest rate, but this is just theoretical… "how to always earn 5.5%".)

    2. You must open a Transaction account (no interest earned), but it's best to NOT use this account at all because it has lots of traps.
      E.g. you MUST have sufficient funds for any Direct Debit you want to make, otherwise (Section 6 of their Schedule of Fees) there will be a $15 fee ("Quick debit dishonour fee" or "Direct debit dishonour fee" — and there is also an "Overdrawn" fee—-see next point).

    3. Do not ever go "overdrawn" or get a $5 fee. I assume that refers to using a debit card linked to the Transaction account. So, if you ever get and use their Debit card (I assume it's optional to get one), you'd better be aware at all times of your balance, or you'll get hit with a fee. (I believe that other banks just don't allow the transaction to go through, but at no charge—-Australian Unity Bank, however, will charge you $5 for that mistake?)

    Can anyone who has used this bank confirm that it's possible to DECLINE their Debit card, and not use their Transaction account at all?
    So, can I just use the Freedom Saver account to receive and send cash directly (e.g. through Osko), and NOT need to go through or use the transaction account at all? I see no reason to use their transaction account if I have another main/home bank account.

    • Shitforbrains on 28/11/2023 - 14:16
      +1

      You can choose to not have a debit card sent to you.

      You should set up some small automatic transfers in and out of the transaction account to keep it active otherwise after a year of inactivity they will charge you a dormant account fee.

    • InfraRed on 28/11/2023 - 17:03
      +1

      An extra card is handy for free trials, potentially

      Hopefully someone smarter than I can confirm the interest thing, I'd also like to know. My understanding is it's calculated daily and paid monthly. Meaning keeping right at 50k all month and then withdrawing on the first would maximise interest…?

      • souths123 on 28/11/2023 - 19:38

        yes, I will be doing that on the 1st of each month

      • Chris T on 29/11/2023 - 11:31

        My concern is not knowing exactly when the monthly interest payment will be made, and the moment the final daily balance is next taken it may be over $50K and spoil the rate for that day (5.25% instead of 5.50%). Perhaps it would be safer to leave the balance at something like $49,750.

      • c64 on 29/11/2023 - 12:20
        +1

        leave $49999 in the account, withdraw expected interest (eg, $250) one or two days before the end of the month. possibly you could set up a scheduled transfer to do that

        simply leaving $49750 is simpler if you are forgetful

  • Hunter14 on 28/11/2023 - 14:20

    How do you become a referrer? Do they give you a code once you have an account?

    • team teri on 28/11/2023 - 16:26
      +2

      I got the impression that is only applicable to their health insurance, not to the bank accounts.

      • Hunter14 on 28/11/2023 - 17:29
        +1

        Yeah, I just clicked the link. You need to be a health insurance member to be a referrer.

  • HariOmOzBargain on 29/11/2023 - 00:31

    Applied, thanks OP!

  • HariOmOzBargain on 29/11/2023 - 00:31

    Do they have mobile app?

  • Geekomatic on 29/11/2023 - 03:05

    So, this is a legit, no-hoops savings acct @ 5.50 up to 50k, then 5.10 up to 250k, no fees of any sort.

    Do they require an "everyday acct w/debit card, and if yes, what are those fees, if any?

    That always seems to be the gotcha.

    • team teri on 29/11/2023 - 09:58
      +2

      It appears there are only fees if you don't use the transaction account at all for 12 months, and then they say they warn you beforehand. Seems low risk.

      More risk for fees from using that transaction account, with anything going wrong expensive (i.e. failed direct debit due to low funds).

  • nobro25 on 29/11/2023 - 06:44

    I wished I had $50,000 lying around. Hell I'll be Happy to have $5,000 lying around to invest.

  • Jeeyang on 29/11/2023 - 12:54

    I am looking for an account for a 14-year-old. Which transaction account has highest interest rate?

    • Bargain Fighter on 29/11/2023 - 13:12
      +2

      Macquarie Everyday transaction account

      • c64 on 29/11/2023 - 13:17
        +1

        only caveat is no eftpos

  • Yola on 29/11/2023 - 18:11

    I just opened this account. Even though I already have accounts with them that they recognised, I had to go through ID check and TFN.

  • movieman on 29/11/2023 - 19:47

    Well.

    I've applied. And they said it takes 3 days to verify ID??? Hmmm.

  • Kobe24 on 29/11/2023 - 22:44

    What's the rate after 5mil?

  • Kevin Coleman on 30/11/2023 - 06:28
    +5

    Okay so I applied for a savings account three days back & received no email acknowledgement not any account details. To date no response! Is this possibly a phishing link?

    • timhn on 30/11/2023 - 06:50
      +3

      More likely got Ozbargained !!!

    • Naga.Thai on 30/11/2023 - 11:04
      1. "Freedom Saver applications are currently unavailable"
      2. For current applications …"We are currently experiencing a delay in opening new savings accounts online, we will notify you via SMS once your new account has been opened."
        Refer ….
        https://www.australianunity.com.au/banking/savings-accounts/…
    • tulip99 on 30/11/2023 - 14:11

      Me neither - 2 days for me. Strange way to run a bank.

  • Iluvfreebies-freeDel on 30/11/2023 - 09:49

    There is no option for freedom saver in the online application form

  • Naga.Thai on 30/11/2023 - 11:00
    +2
    1. "Freedom Saver applications are currently unavailable"
    2. For current applications …"We are currently experiencing a delay in opening new savings accounts online, we will notify you via SMS once your new account has been opened."
      Refer ….
      https://www.australianunity.com.au/banking/savings-accounts/…
  • shazam a on 30/11/2023 - 11:44

    Did anyone figure out where to give out our number for SMS reminder?

    • Naga.Thai on 30/11/2023 - 14:19

      …Did anyone figure out where to give out our number for SMS reminder?…

      In your application…. along with your email address…

  • payless69 on 30/11/2023 - 14:47
    -2

    Due to Ozbb
    no more new accounts opened!

    Time wasted again!

  • pauly85 on 30/11/2023 - 15:43
    +1

    I just got an email telling me I need to give them a certified copy of my drivers licence.

    Feels like far too much effort.

    • vergs on 01/12/2023 - 13:47
      +2

      I got this, but also an SMS to complete via mobile phone instead. You scan your licence and face, with the mobile phone camera, to complete the verification. Much easier than the certified copy of ID with a paper form to post in.

      • pauly85 on 01/12/2023 - 14:58
        +1

        Ahh, I didn't read that, I assumed the email and text were the same details.

        Thanks mate!

  • Naga.Thai on 02/12/2023 - 12:50

    Daily limits? External internet banking transfers. I have seen conflicting information. Anyone got any further verified info?

    "External internet banking transfers $10,000 per day (if registered for SMS One Time Passwords SMS OTP) If you have not registered for SMS OTP a daily limit of $1,250 applies."

    So if you had $50k in then it takes 5 days to move it out.
    So if you had $250k in then it takes 25 days to move it out.

    Any quicker way to move out?

    • Chris T on 06/12/2023 - 07:36

      You can call to have your limit raised to up to $20K (either on a temporary or ongoing basis).
      Reportedly for transfers above $20K you have to call and they are staff assisted and fees apply.

      • Yola on 06/12/2023 - 08:04

        Thats not good.

  • timhn on 03/12/2023 - 08:17

    Still waiting for them about my application nearly a week ago.

  • muncan on 03/12/2023 - 12:00

    So I'm creating my account, trying to reset the initial password using a random strong password from KeyChain.
    Not having much luck, seems the keychain password is too strong, then AU throws me this message:

    Warning
    There appears to be a problem with this account.
    It is recommended that you please contact one of our friendly Customer Service personnel on 0118 999 881 999 119 725 3.

    Strange looking phone number… so I google it, it's from the IT Crowd! https://www.youtube.com/watch?v=1gcbXly2YNE

    I like jive of these jokers. Shame I can't finish creating my account though.

    • Bargain Fighter on 03/12/2023 - 13:09

      It's buggy to change password in the app, but you can via their Internet banking.

      • muncan on 03/12/2023 - 15:39

        I foolishly followed their 'click to login to internet banking' link in my new account welcome email. So much for all that internet safety training about not clicking such links in emails. 😔
        I'll give the IT Crowd phone number a try tomorrow.

    • c64 on 04/12/2023 - 11:48
      +1

      you know their first response is going to be "have you tried turning your computer on and off again?"

  • willchum on 04/12/2023 - 13:17
    +1

    The experience hasn't been great, after depositing some money into the transaction account, then moving it to the saver account, waited overnight to play around with the app/website, and now the funds are locked. Cannot transfer it out of the saver account both internally back to the transaction account or via transfer externally. There is an error message stating:

    "Please contact Australian Unity Bank Ltd to specify iSave TsfAcc details."

    Called the customer service number and I'm now on hold for around 50minutes and counting. Not sure what back end flag it triggered after transferring a mere $2K, but I definitely don't have access to those funds right now, so pls proceed with caution..

    screen shot here:
    https://ibb.co/HKV74ts

    • pauly85 on 04/12/2023 - 15:46

      I've given up.

      Couldn't set my password on the website, tried on the app and it just says communication error.

    • Chris T on 06/12/2023 - 08:04

      Initially I got the same error on any attempt to transfer out of the Freedom Saver account. I called them and finally got through to a rep after an hour on hold. He fixed it straight away; apparently when the Freedom Saver account was created someone forgot to link it to the Healthy Everyday Banking account. Transfers from the Freedom Saver account can only go go to the Healthy Everyday Banking account.

  • DogeConomy on 04/12/2023 - 17:46

    Bruh… say G they have less than ten thousand banking members XD

  • SoapyWooder on 04/12/2023 - 19:26

    I'm getting out of this, had to complete a form to provide TFN, etc

  • corno on 05/12/2023 - 09:44
    +1

    Had no probs this end, rec'd txt followed by email with acct details etc.

    Deposited funds into acct. via OSKO.

    Took a little longer than it should of to open acct…..all good now.

    • surfbum1 on 05/12/2023 - 13:50

      yep same.
      Took 4 days instead of 3 for them to setup but all went very smoothly.

      • Yola on 05/12/2023 - 19:31

        When did you apply? I have not heard anything since 29 November. I already have some accounts with them.

        • surfbum1 on 05/12/2023 - 19:56
          +1

          Applied on 27th
          - Got a text with a setup password on the 1st Dec
          - Received an email with the account details the next day.

          Applied in chrome on a PC with adblockers off. Was suprisingly quick and easy. Perhaps just because I was in fairly early.

          • Yola on 05/12/2023 - 20:11

            @surfbum1: Yes, it must be thanks. I was going to wait patiently but I will call them tomorrow.

    • c64 on 05/12/2023 - 17:45

      what about TFN? can that be done in app or online?

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