Up bank joining the HISA race with 5.35% interest on their grow rate and essential savers rate up from 5.10%
Grow rate balance up to 250k
Essential savers balance up to 5k
Need to make 5 transactions each month
Up & Essential Accounts: Savers Grow Rate 5.35% p.a. (Must Make 5 Monthly Card Transactions & No Withdrawal on Saver) @ Up Bank
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There’s an essentials account they also offer supposedly, but I’ve yet to see it materialise outside of (the now defunct) Up High.
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They don’t (you can just leave it alone, no need to deposit) but you can’t withdraw.
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Downvoted as you arent required to grow the balance, the requirement is you arent allowed to withdraw.
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Fair enough, but I'd argue that no withdrawals is worse than grow the balance.
- 1
I think you can have multiple accounts and move the remaining money between them when you withdraw. If you do it on the 1st of a month you won't miss any interest.
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No withdrawal? Thats the worst requirement, almost as bad as a term deposit
- 12
The withdrawl thing is annoying but have been largely mitigating it by doing the thing - having 30ish savers with mostly smallish amounts in each and transferring to the spending account from one of those when needed (leaving the rest in grow mode), and doing any bigger withdraws on the 1st of the month (transferring the remainder to a new saver)
- 7
Ha, and here I thought I was the only one doing this!
- 1
Sorry, what's with the 1st of the month thing? If I withdraw from a savers on the 1st, won't that savers account be ineligible for the whole month?
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yeah exactly right, so say you have 1k in a saver and you withdraw $400 from it on the 1st, you would transfer the remaining $600 into a brand new saver and then still get a months worth of grow rate on it
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feels like way too much effort. Just open a Macquarie account
- 2
Small hack on how to keep some interest when withdrawing from saver
When you withdraw from a saver, it's going to be calculated at the lower interest rate for the whole month. This means, if you wanted to withdraw say $500 from a saver that has $2000 in it, you will lose the high interest on the remaining $1500. The balance is still recorded daily though.
Small workaround:
You can create a second saver and transfer the remaining $1500 into it. This new saver will only record your balance from today, but it will give you the bigger interest rate for the remainder of the month. What you lose is the difference between the different interest rates up to this point in the month (rather than the whole month).Better yet, but more work:
Split all your savings into many savers (I have about 10).
Whenever you need some cash, get the money from one of the savers, without touching the rest. They will all continue earning high interest.- 3
Am I understanding this correctly, that if I kept my $2k in the account for the first 10 days of the month and THEN withdrew $500, the interest rate for the 1st-10th is retroactively reduced to the lower rate?
I thought I'd get the higher interest on saver 1 @ $2k for 1st-10th, then higher interest on saver 2 @ $1.5k for 10th-30th. It sounds like from your comment this isn't the case?
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From the Up docs:
If a Saver rate changes from Grow to Flow, that rate applies for the entire month.
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lol - Jumping hoops on your own cash that benefits the bank.
Talk about a one-sided bias.
No thanks - other options without the hoops exist.- 3
What's the benefit in this vs Judo which has virtually no hoops?
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What if your judo is full? also Judo is janky for transferring in and out compared to up, money wont move at all late friday and over the weekend. Up might be more useful to keep more liquid savings you might possibly need quickly.
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Or Bankwest? Or Ubank ($1 growth) ..
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Was this announced in the app? I don't see it mentioned on the website.
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Yeah, it was an in-app announcement
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How is this (“no withdrawals”) better than term deposit? You get slightly better rates and don’t need to micromanage monthly transactions eg if you otherwise have a rewards CC for daily transactions. Of course the best option is offset/ redraw.
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Any update from ING?
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Not yet. Per banner message on their website:
Changes to other products, including variable savings accounts, are still under review.
- 0
If only they didn't have the grow the balance requirement.