Just received the following email:
Good news – our Everyday Bonus Rate is going up.
From 6 October 2026, you can earn up to 5.35% p.a. bonus interest on your total savings up to $1 million.
To earn your bonus interest, grow your combined savings balance by at least $1 by the end of the month*.
Referee: $30
Referrer: $30
after referee makes 5 settled card purchases within 30 days.
U hoops
What hoops?
Grow it by $1…
And not withdraw.
@timhn: I get that, but it feels minor compared to ING hoops:
• In prior month,increase your balance compared to the month before.
• Deposit at least $1,000 in the prior month.
• Complete at least 5 settled card transactions.
• Increase your statement/savings balance excluding current-month interest.
• Bonus only up to $100k
I'm enjoying the 6% with Westpac right now. Was previously with ubank. I love their UI but money is money
Westpac is age bracketed though I believe.
They don't want our "40 yr old fossil money".
Weird.
ING is the best (flat 6% for four months). But you get one crack in a lifetime.
According to Ai, that "Lifetime" should reset when you hit the 7yrs since deleting an account. I closed mine 26 years ago,
but didn't ask for it to be deleted.
Therefore I'm not eligible today.
I love their UI
Ubank UI (app) is shit since they did the merger.
They also loss a lot of their large loyal customers base to Macquarie Bank (since they did the required hoops crap to earn bonus interest).
Looks like they are trying to lure those loss customers back with this increase in interest rate but the hoops is still crap
-grow your combined savings balance by at least $1 by the end of the month*
vs MacQuarie Bank (ie how it was with Ubank before the hoops)
Even Up Bank afaik has a 5.35% interest rate that doesn’t require you to increase your balance to qualify.
Up Bank is 5.35% but requires 5 transaction and can't withdraw from the Savers account.
Judo Bank offer this with only a $300 deposit requirement yet you can also withdraw.
Do these usually have a minimum term like have to keep them money in for 1 year?
Nope
They usually have a minimum monthly deposit and a lot of them reset to 0% if you make a withdrawal.
Hoping some better introductory rates as well..
Is this the normal base rate (was 5.1% last night), with a bonus 0.75 bonus for first 4 months?
I was about to send it to the base Rabo saver (I already used my bonus at Rabo), which was 5.4%. requires $200 growth.
Macquarie is still in pit lane from back in the 5% days (but they know it's the best no catch rate).
Government bonds have similar or higher yields, but apparently lose value when rates go up… So no one would be buying bonds….hence they are going….to the mooooooon…
Sweet, sweet unserviced debt…
From 6 October 2026, our Everyday Bonus Rate will increase to 5.35% p.a. Customers receiving our Welcome Bonus Rate will earn 6.10% p.a. from that date.
Welcome Bonus Rate will be 6.10% p.a. for ubank.
To confirm, so as new customer introductory rate for 4 months will be 6.10?
Yep, bonus is 0.75% on top
So this 5.3 is the new 5.1.
I'll leave it where it is.
Just my 2 cents…with anthropic going ballistic….
I wouldn't be putting more than $250k anywhere now.
Only a matter of time until banking gets pinged. …
Just my 2 cents…with anthropic going ballistic….
I wouldn't be putting more than $250k anywhere now.
So where would you put it, under your mattress?
Only a matter of time until banking gets pinged. …
maybe already happen, recently we only found out medicare and some US gov agency got AI hacked.
@pinkybrain: I mean spread it across a few banks to have the gov guarantee of $250k max on each…..
A few 5% + options now.
Highly targeted advice for the 3 people who have more than $250k.
And yes, the Medicare "peekaboo" was the shot across the bow that made me take notice.
According to AI itself, it will target banking and power grids.
Enjoy!
I mean spread it across a few banks to have the gov guarantee of $250k max on each…..
sure you can try that but it has not actually been tested on mass scale / real world scenario,
if gov would actually give everyone affected back 250K
it just a nice placebo pill so everyone would not pull out their money and cause some mass bank panic like in some other countries..
Highly targeted advice for the 3 people who have more than $250k.
yes, very very niche target advice, since most people on ozbargain (ie cheapskates) unlikely would be in a situation to have multiple 250K savings account.
Anyone who has that much cash or more, would have financial advisors/agents and would have put it in some banks in Switzerland or invested it all in stocks etc
@pinkybrain: Government will guarantee all deposits regardless of amount otherwise there will be a massive run on banks and it will cost even more
Since the GFC, taxpayers have been bailing out everything
Government will guarantee all deposits regardless of amount otherwise there will be a massive run on banks and it will cost even more
yes, that is my point…
they just made that guarantee during the GFC because they didn't want massive panic and people taking out all of the banks (like in other countries)
so as result people think their money is safe cos of that guarantee… and so they don't do the run on the banks..
the problem is the guarantee has NOT actually been tested in the real scenario, where such a run did actually happened.
Since the GFC, taxpayers have been bailing out everything
From what I have seen happened in USA, the government has only bailed out the banks during the GFC subprime mortgage bubble.
The government didn't bailed out the people that lost their money.
@pinkybrain: Silicon Valley Bank was the most recent but asset sales meant no taxpayer money needed in the end
Only problem is you can't take the interest out and spend it to help prop up the economy.
Only problem is you can't take the interest out and spend it to help prop up the economy.
what the hell you talking about?
why you can't take it out ?
and the the economy don't give a shit if YOU prop it up.
also every time you spending (bills, groceries, petrol), you are already propping it up.
why you can't take it out ?
Then your balance will be lower and you won't get the bonus interest.
@pinkybrain: We all need to do our bit and spend extra to help the economy, everyday spending just doesn't cut it. Those with savings can help out even more now with the interest rate rise.
Currently with St George and current rate of 0.01% plus bonus rate of 5.14%. only hoop is that the balance must grow by $50+ every month not counting interest earned.
This will hopefully be updated to 5.4% total after the rate rise.
I think this is nice and easy and long term without needing to change regularly compared with short term bonuses
You can also open another saver account and transfer your entire balance at the start of the month, that way if you need to withdraw any money you can without losing any interest.
5.4 is wishful thinking from st.g
Well, it has been announced, starting 9th October, it will be 5.40% total
Rising interest rates are stimulating the economy. We're all gonna be rich.
Albo and Chalmers logic 101
Huh ?
https://www.rba.gov.au/media-releases/2026/mr-26-27.html - which part are you attributing to Albo and Chalmers decisions ??
Must be the AUSUcK subs or the canned subs from French, they just love giving our taxpayers money to boost their economic… remind me those are Albo and Chalmers.
Curious to see if the updated intro rates will apply to current people under it, like myself. 6.10% even for a month would be great.
more tax for albo
Judo Bank is already 5.35 without the growth requirement.
And hopefully they will raise their rates this time!
Just checked Judo Bank website, it says "Following the recent Reserve Bank of Australia cash rate announcement, Judo Bank will increase variable interest rates on its savings products by 0.25% p.a. for new and existing Savings Account customers, effective 7 October 2026."
Judo is moving to 5.60%
Nice!
It's not a bonus interest rate, let's not let the marketers destroy the English language . A bonus is something on top of what's already earned. If you don't increase your balance you get 0% for the month. You have to put more in each month to avoid the penalty of getting 0% interest.
U who