Following RBA Ratecut - Effective rates are adjusted. Earn maximum for up to 2M with No hoops.
Savings Account effective 15 August 2025.
ANZ Plus increased interest rates!
(On their home loans !!!)
It's a bargain because they haven't decided to take off more than the rate cut (Some others commonly do).
The only issue here is they seem to apply the lower rate sooner than other banks. We'll just have to wait and see when they apply the new rate.
So glad i didnt bother creating a new account. Waste of time
Everyone else is going to cut as well, lol.
Exactly
This is bad news for savings accounts.
the savings accounts that you end up losing money on anyway due to inflation + CGT?
Technically, income tax on bank interest is not CGT. Otherwise, it would be really nice to apply 50% discount.
Individual circumstances differ widely but "on average" savings interest rates are marginally positive after deducting tax and inflation.
PSA
Have just over 250k so will have to pass this deal
you can transfer me the amount you have over so you take advantage of this deal
try bankwest then.
one of the upper limits on their higher interest saving account is
$9,999,999,999,999.99
I think that is probably beyond what anyone reading this would be affected by.
just in time for everyone transferring over from Ubank's ridiculous 'simplification'
From 1 October 2025 (so there’s nothing for you to do now)
We’re evolving the way you qualify for bonus interest on your Save accounts. From 1 October 2025, you’ll need to grow your combined balance across all your Save accounts (excluding linked offsets and excluding any interest credits) by $1 each month.
Can you explain the problem? With Ubank you still receive 4.6% interest.
The problem is if you use your savings at any point. You don’t get that interest
But only if you deposit less than you withdraw during the same month?
Not completely. You can use but you just need to grow your balance
Recently switched from UBank, soooooo much easier to pay directly from savings account with Macquarie.
ah that was becoming a pain. Having to double transfer.
Moved from ubank to Macquarie. That increasing savings is not worth. Macquarie gives you the 4.6% straight away
Only 4 months worth
How is this long running ? these rates are not available for another 2 days.
If you have a home loan, they pass it on earlier, so you're a happy camper.
If you only have savings, they also pass it on earlier, but you're not as happy a camper.
If you have a home loan, they pass it on earlier, so you're a happy camper.
I don't have a home loan, duh.
If you only have savings, they also pass it on earlier, but you're not as happy a camper.
I don't bank with Macquarie.
Anyway, your reply doesn't relate to what I asked: long running deal is same deal which has been on-going for a while. This is not a same deal, it has different rates. Otherwise all bank loans/saving deals are all long running !
You can’t edit titles so it generally expires the previous deal and a new one needs to be posted.
It will begin to be long running in two days' time.
Would you prefer it is not set to long running so the deal post auto-expires after 45 days, and then for the same deal to be reposted anew? (See duplicate exceptions: the original post is older than 1 month, and was marked as expired between then and now.)
It's as "long running" as the RBA (and other banks) make it, possibly as short as the end of Sept when they next meet.
Thanks OP, time to move my 2M to horse #7 this Saturday.
I'm putting mine all on black.
Let’s go
Quick way to end up in the red.
Might as well put it all on red then!
Will the introductory rate of 4.85% still be honoured for the three months for those that switched already? Or does it automatically drop due to rate cut?
The answer is in the word "variable".
Savings account
4.85% p.a. variable welcome rate for 4 months on balances up to $250k~
~Our Welcome rate offer is only available on your first savings account, on balances up to $250,000.00 for four months. The welcome rate is variable and may change during the four-month period. After the expiry of your Welcome rate and on additional savings accounts, our stepped variable rates apply based on your balance.
No deal, was 4.5% ongoing before.
just put the money from your savings into your mortgage redraw or offset
not everyone has a mortgage!
they should get one
will consider
Some of us have fully offset our home loans.
but have they read the fine print?
Getting less doesn't equal a bargain though…
Bargain for banks.
Anybody that has spare cash doing nothing might wanna look at Betashares.
App is the fastest with least bloat and their own etf's have no fees.
Probably dont want to have all beta shares and no savings.
Not all for sure but they charge no fees.
Unlike Vanguard say no but charge anyway,
Ishares with Blackrock backing go no app, boring.
The Greek chick tubing said buy COI but nobody bought them.
What is app?
Consider we have opened a savings account that has bonus interest for the first 4 months and then drop to ongoing interest rates. Now in the fifth month if we open one more savings account and move money from old savings to new savings do we get bonus savings for 4 more months (if yes can we keep repeating this pattern opening new savings account every 5th month and earn little extra while closing old savings account to keep it clean)?
The answer can ALWAYS be found in the terms and conditions of bonus rate offers, and often in comments on Ozbargain. I suggest you read both, especially the former. Generally speaking you have to be a NEW customer (or possibly a returning customer after X years???) to get an introductory rate. Even if you move from bank to bank you'll eventually run out of options and probably have your accounts flagged.
Got it, thank you 🙂
Abusing sim hopping may be fine with most mobile providers, but financial institutions will most probably not be happy with you abusing introductory offers in this manner. Don't mess with financial institutions because you'd be burning bridges and putting a good portion of your life savings on the line for nothing more than a few extra bucks.
Got it, thank you 🙂
Whens the best time to open and move the money in Macquarie from Ubank? Does it matter if i open towards end of month, or if i open right at the start?
Further to my comment below - obviously you shouldn't close your Ubk account until after the Sept interest is credited (usually 1 Oct) and any pending payments have cleared.
If I understand what you're asking ME, you should open your Macbk account asap.
From 1 October to get ANY Ubk interest you will have to grow your account/s (and meet the other req'ts) so you want it gone before that date. Interest is calculated daily so if you don't meet Ubk's new criteria you will seemingly get ZERO interest for the whole month (disclaimer: Ubk's wording is appallingly unclear, another reason to act NOW).
Given you are committed to moving THIS month, when you should transfer your money depends on the amount involved. Compare the interest rates relating to your situation. If Macbk is > Ubk interest (eg you're getting the Macbk intro bonus) then the sooner the better. If Ubk's is significantly better then wait until near the eom (not the last day, give yourself a day or so margin).
Also, again depending on the amounts involved, you should transfer your money early in the day via Osko (or other "instant" transfer systems). This means you won't (shouldn't) miss a day's interest - altho 1 day's interest is <$25 on a $200K balance. for example.
If you're wondering about the Macbk 4 month bonus rate, iirc some reports on Ozb suggest it doesn't matter when you join. Your 4 months intro will be from date to date eg 16 Sept to 16 Jan.
Maybe read this forum topic: https://www.ozbargain.com.au/node/915627/comments
Btw, make sure you meet Ubk's criteria to qualify for Sept's interest ($500 deposit).
Ive already met ubanks Sept criteria. If the bonus is date to date i guess i can do it anytime, thought if its like a start of month thing like ubank then it would be wasted. Thanks!
Wait does meeting Sept criteria qualify me for Bonus for September, or August? Iirc i think AMP was like the month before?
Ubk "bonus" interest (yet another marketing elaboration by Ubk - it's a single all or nothing rate) only applies from Oct1. If you've deposited your $500 then you should get Sept interest.
While they're not bad rates over all, how is a rate cut a bargain?