# Highest Interest Savings Account



## The Red Baron (5 August 2006)

Hi All

With interest rates rising I have heard alot of talk regarding these Online no fees savings account.

The best I can seem to find is either Bankwest Telenet 6.6%(reverts back to 6% after first 12mths) or the HSBC Serious Saver 5.9%. I have also checked out ING, St George, Esanda but these are in the mid 5% range.

Does anyone know of any I may have overlooked?

cheers


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## Smurf1976 (5 August 2006)

You might want to check the rates again now that the RBA has increased interest rates. ING is now paying 5.85%, for example.


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## sam76 (5 August 2006)

I'm with Bankwest - Absolutely fantastic!

I really like the 24/7 help line (no waiting or talking to computers)

Credit Crads @ 8.99% as well


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## sam76 (5 August 2006)

check it out www.abetterdeal.com.au


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## laurie (5 August 2006)

Notice how quick they change your home loan to the new rate then compare the time it takes to increase term deposit accounts where they pay YOU   

cheers laurie


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## michael_selway (5 August 2006)

The Red Baron said:
			
		

> Hi All
> 
> With interest rates rising I have heard alot of talk regarding these Online no fees savings account.
> 
> ...




Is there such thing as a variable interest savings account? so we dont have to have so many bank accounts?












thx

MS


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## GreatPig (5 August 2006)

Is this for your own personal funds or the funds of some entity (company or family trust)? Many of the online high-interest accounts are for personal accounts only. ING has business accounts, but the interest rate is a bit lower.

Bankwest is currently 6% or 6.6% for the first 12 months. ING is 5.85% for personal accounts and 5.75% for business accounts.

Take a look at Cannex for other options, although they don't seem to be quite up-to-date, still showing 6.4% for Bankwest. Bankwest and HSBC are showing as having the highest rates, with ING and one or two others after that.

GP


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## GreatPig (5 August 2006)

Hmm... that Bankwest Business saver account looks good - better than ING's 5.75%. And it doesn't seem to be a first 12 months rate either. Have to take a closer look at that one.

Cheers,
GP


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## The Red Baron (6 August 2006)

Cheers thanks for that.

It's just for personal funds, trying to save as much as I can the next 12 months. Earning a bit of interest on my deposit and going pedal power to work are my first steps.

I'm still living with my parents so hopefully the Perth property market with cool down a bit by then.


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## TraderPro (7 August 2006)

All well and good to know that we can have money in high interest bearing accounts...

But I wonder what the real risks are of having money in that account? Is there any risk at all?

I know for a fact that in the US that if a bank goes kaput, there's a law that the US government will back up the "lost" money...


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## The Red Baron (7 August 2006)

Your right Smurf.

I just checked again and Esanda is up to 5.9% and Westpac at 6.05%.

Bankwest seems pretty good at 6.6%.


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## michael_selway (16 August 2006)

The Red Baron said:
			
		

> Your right Smurf.
> 
> I just checked again and Esanda is up to 5.9% and Westpac at 6.05%.
> 
> Bankwest seems pretty good at 6.6%.




Not bad but look at this now






thx

MS


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## shinobi346 (19 August 2006)

TraderPro said:
			
		

> All well and good to know that we can have money in high interest bearing accounts...
> 
> But I wonder what the real risks are of having money in that account? Is there any risk at all?
> 
> I know for a fact that in the US that if a bank goes kaput, there's a law that the US government will back up the "lost" money...




It works like any other savings account in that you only gain money and have no fees to pay. If you mean the stability of the company, it is owned by the Bank of Scotland, the fourth biggest bank in the UK.


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## TraderPro (20 August 2006)

shinobi346 said:
			
		

> It works like any other savings account in that you only gain money and have no fees to pay. If you mean the stability of the company, it is owned by the Bank of Scotland, the fourth biggest bank in the UK.




No I meant with regards to law. 

(The size of a bank or any company doesn't prove any security in my eyes - any one of them can collapse the next day - who really knows? But thank God we are confident about our companies otherwise our economy would be super-volatile)

I remember visiting the NY Fed vaults and the tourguide said something about the US law. I don't think Australia has an equivalent law...


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## Bomba (20 August 2006)

the esanda accounts are closing down.  They will be replaced with an ANZ online account.


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## shinobi346 (20 August 2006)

TraderPro said:
			
		

> No I meant with regards to law.
> 
> (The size of a bank or any company doesn't prove any security in my eyes - any one of them can collapse the next day - who really knows? But thank God we are confident about our companies otherwise our economy would be super-volatile)
> 
> I remember visiting the NY Fed vaults and the tourguide said something about the US law. I don't think Australia has an equivalent law...





alright so your question is to banks in general and not specific to Bankwest. Well, I've always held a bank account in Aust since grade 2. there were a string of bank collapses in the 80s but I havent really worried about my money in the bank especially with the amount of profits they pull in every quarter.


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## sam76 (20 August 2006)

Bomba said:
			
		

> the esanda accounts are closing down.  They will be replaced with an ANZ online account.





Yep, this is a stupid idea.  They now give people the perfect opportunity to move their money into a bank with higher interest.

why would you go to the trouble of opening another account with someone who has let the interest rate get away from them???

I joined ESANDA almost 2 years ago when it had one of the highest rates.

I'm now moving my "mojo" account to bankwest - that's for those barefoot investors out there!


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## bvbfan (21 August 2006)

shinobi346 said:
			
		

> I havent really worried about my money in the bank especially with the amount of profits they pull in every quarter.




Yes but remember NAB and how the options traders ate into the profits, if they had kept going like Nick Leeson there would be no bank.

People need to have faith in the internal controls and risk management employed by the banks, which in NAB's case weren't great but they were eventually picked up


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## shinobi346 (21 August 2006)

true , that incident was one of the things that crossed my mind when I wrote that. But the way I see it though is that despite that occuring the bank survived which shows their resilience to those things. the share price dropped dramatically after everyone found out but account holders were not affected. they still had their money in the bank and received their interest payments. I agree if it went on unknown the bank could have suffered a bigger blow but I still think banks are one of the least riskier places to invest (money not shares) in. For shareholders in the NAB, well it took years for the sp to recover so they wer the biggest losers from it. (and I don't mean that to be insulting to NAB shareholders.  )


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## rub92me (22 August 2006)

Well, your deposits in Australian Banks are protected (sort of). This is from the RBA website.

"Deposit-taking institutions are regulated by APRA under a single licensing regime. The Banking Act 1959 gives APRA power to authorise and revoke authorities of authorised deposit-taking institutions (ADIs), to make prudential standards or issue enforceable directions, and to inspect ADIs. In addition, ADIs which are permitted to accept retail deposits are covered by the ‘depositor protection’ provisions of the Banking Act 1959. These provisions provide APRA with the power to act in the interests of depositors, including the power to appoint a statutory manager to an ADI in difficulty to take control of the institution.

Under the depositor protection provisions of the Banking Act 1959, depositors in Australia have first claim to the assets of an ADI in Australia should an ADI be unable to meet its obligations or should it suspend payment. *To support depositors’ interests, ADIs which take retail deposits in Australia are required to hold assets in Australia at least equal to their deposit liabilities in Australia.* The depositor protection provisions, however, do not confer any form of guarantee of depositors’ funds, and depositors have no recourse to APRA or the Government."


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## TraderPro (22 August 2006)

rub92me said:
			
		

> Under the depositor protection provisions of the Banking Act 1959, depositors in Australia have first claim to the assets of an ADI in Australia should an ADI be unable to meet its obligations or should it suspend payment. *To support depositors’ interests, ADIs which take retail deposits in Australia are required to hold assets in Australia at least equal to their deposit liabilities in Australia.* The depositor protection provisions, however, do not confer any form of guarantee of depositors’ funds, and depositors have no recourse to APRA or the Government."




Thanks rub92me - the best response to my first question!

So here in Australia it is slightly riskier to have your cash in a bank compared to having cash in a bank in the USA (since they have a law saying the government will reimburse any losses from any bank collapse). 

It's nice to know that the banks that do take deposits in Australia are required to keep assets that are of at least equal to the value of deopsits.

Cheers!


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## toc_bat (23 August 2006)

am wondering how one accesses their money with these no fees online accounts? do you get a debit card? or do you need to maintain another account and transfer money in and out of that other account?

bye

j


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## Smurf1976 (23 August 2006)

With ING (not sure about the others) you just keep your ordinary transaction account with a regular bank. Using the ING website, you transfer funds in either direction when you wish. It does take a couple of days though - if you put in a withdrawal request right now you won't get the money in your "ordinary" account for a couple of days. 

With the Commonwealth high interest account you can link directly to an ordinary account also with the Commonwealth that has a card. You can then transfer money immediately either way (though I think it still has to be done online).

If you have a large enough balance, the interest on cash deposits in an E*Trade share trading account isn't too bad so that's another option for those also trading stocks.


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## GreatPig (23 August 2006)

toc_bat said:
			
		

> do you need to maintain another account and transfer money in and out of that other account?



That's how the ones I've used work (ING, BankWest, and ANZ).

The Etrade account in ANZ uses that method for taking funds out but for some reason doesn't support that method for putting funds in. To get funds in you have to use BPay, direct credit, cheque, etc.

GP


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## Bomba (23 August 2006)

> am wondering how one accesses their money with these no fees online accounts? do you get a debit card? or do you need to maintain another account and transfer money in and out of that other account?




I use th ANZ account, formerly an ESANDA acct.  Tranfer funds via the net.  Its better for me now that it has become an ANZ account as i bank with ANZ.  So any transfers from my online account are received the same day into my everyday key card acct, meaning i can withdraw the money stratight away.


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## nioka (23 August 2006)

TraderPro said:
			
		

> All well and good to know that we can have money in high interest bearing accounts...
> 
> But I wonder what the real risks are of having money in that account? Is there any risk at all?
> 
> I know for a fact that in the US that if a bank goes kaput, there's a law that the US government will back up the "lost" money...



Banks are low risk but definitely there is some risk. For every dollar of deposit they lend that dollar out many times over. In the event or a big recession they could run out of cash. The next time that happens it won't be the first. There is always inflation to take into account and this seems to follow interest closely.The big question to be answered is where te government is taking us. Consider this:

The dog sits on the tucker box,he's getting pretty mad!
"The country's gone to OTHER dogs,it's getting flamin bad
It makes you wonder why, 
the tucker box is foreign-owned
Said the dog from Gundagai.

"They're selling farms and factories,
A million out of work,
From Sydney town to Adelaide
And way out back of bourke!
It's time that true blue aussies-
and that means you and I-
Stand up and guard the tucker box"
Says the dog from Gundagai.

"In ten years time what happens
If we dont make a stand?
Who'll own those jolly jumbucks
across our native land
Who'llrun our mines and factories?
Who'll pay our kids the dole?
Which bank will own your mortgage?
Who'll own you- heart and soul?

Who'll pay your flamin wages?
Who'll make you pay the rent?
Who'll tell you kids what happened?
-and where your freedom went

Or can that digger spirit
A bit of do-or-die
Get back that flamin tucker box"
Asks the dog from Gundagai.

( by an anonymous author years ago.)

"As safe as a bank" ??? I wonder.!!!


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## zam (24 August 2006)

Hi,

I was recommended the HSBC serious saver and applied for this yesterday.
Seems like a good plan. i will let you all know how it goes

Regards
Zam


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## Rainmaker (4 June 2008)

What is everyones opinion of the bankwest telenet saver, offering 8.25% on call rates ?

http://www.bankwest.com.au/Personal/Savings_and_Investment/TeleNet_Saver/index.aspx

How are they able to offer rates much higher than most other banks? Higher credit risk ?


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## prawn_86 (4 June 2008)

Rainmaker said:


> What is everyones opinion of the bankwest telenet saver, offering 8.25% on call rates ?
> 
> http://www.bankwest.com.au/Personal/Savings_and_Investment/TeleNet_Saver/index.aspx
> 
> How are they able to offer rates much higher than most other banks? Higher credit risk ?




I use it myself Rainmaker.

never had any problems with it.

Although the bears here would probably argue that if their rate is higher their risk is too, so they will go under soon 

Perhaps they are just making smaller margins? Who knows, but im happy with them


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## sam76 (4 June 2008)

prawn_86 said:


> I use it myself Rainmaker.
> 
> never had any problems with it.
> 
> ...





Me too, Prawn.

been with them a couple of years and am very happy


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## Atma (4 June 2008)

i wouldn't trust bankwest. it is owned by HBOS a UK mortgage lender. we know what is happening in UK. the only banks i have TD's in are CBA, ING and Suncorp.


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## Temjin (6 June 2008)

Atma said:


> i wouldn't trust bankwest. it is owned by HBOS a UK mortgage lender. we know what is happening in UK. the only banks i have TD's in are CBA, ING and Suncorp.




Yep, Bankwest is in a bit of trouble right now.

I have worked with one of our senior commercial lawyer in my firm and he said that if one of our supplier has made loan from Bankwest, it usually mean trouble because they are usually regarded as a lender of last resort. 

This is the reason why they offer such a high interest saving account because they lend money to "high risk" businesses. (albeit at a higher rate) Another banker I talked to last night told me Bankwest is DESPERATELY looking for more deposit. 

So I smell trouble.


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## prawn_86 (6 June 2008)

prawn_86 said:


> Although the bears here would probably argue that if their rate is higher their risk is too, so they will go under soon




Right on cue guys 

Higher reward generally = higher risk.

If you want risk free buy government bonds


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## Rainmaker (7 June 2008)

RaboPlus recently lifted their on call rates to 8%, and apparently they sport a AAA credit rating. Thoughts about them?

They seem to be a lot "safer" yet still offer decent rates. Are they backed by any UK/US mortgage institutions hehe ?


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## So_Cynical (8 June 2008)

Ive got a Raboplus online account

Rabobank currently holds the highest AAA/Aaa credit ratings from both Moody's and Standard & Poor's.

http://www.rabobank.com.au/inside_rabobank/about_rabobank/ratings_reports/index.asp

They just uped the interest to 8%....for a limited time.


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## white_crane (12 August 2009)

I've just been looking over the rates for these online, high interest accounts and have come across one from UBank (part of the NAB Group)

Currently they have a USaver account offering 5.11%, no fees, an automatic savings plan that pays bonus interest, a $20,000 daily transfer limit (unlimited over the phone to your linked account), balance up to $1m are govt guaranteed.

It's a savings only account - so no bpay etc and you need to have a linked account.

My question is basically if anyone has any experience with them and if so, how do you find their service etc.


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## jono1887 (13 August 2009)

i was looking at the rates mentioned in this forum... was getting excited, til I saw that they were from 2 years ago


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## ck13488 (31 August 2009)

white_crane said:


> I've just been looking over the rates for these online, high interest accounts and have come across one from UBank (part of the NAB Group)
> 
> Currently they have a USaver account offering 5.11%, no fees, an automatic savings plan that pays bonus interest, a $20,000 daily transfer limit (unlimited over the phone to your linked account), balance up to $1m are govt guaranteed.
> 
> ...



UBank link
anyone signed up to this? currently only earning 3.75% on my savings and looking to move to this. no fees that i can find, only limiting feature is no bpay and need a linked account as stated above. 
is the NAB just desperate for cash? hence the high rate


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## So_Cynical (31 August 2009)

ck13488 said:


> UBank link
> anyone signed up to this? currently only earning 3.75% on my savings and looking to move to this. no fees that i can find, only limiting feature is no bpay and need a linked account as stated above.
> is the NAB just desperate for cash? hence the high rate




Just put your money in the market....jezz u can make 2% a week just throwing darts.


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## tminus (1 September 2009)

NAB have an introductory offer for 4 months @ 4.4% but after that it drops to 2.75%. But you are are allowed to open a new account to go back on the higher rate. They are making money from people forgetting to re-create an account.


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## white_crane (1 September 2009)

ck13488 said:


> UBank link
> anyone signed up to this? currently only earning 3.75% on my savings and looking to move to this. no fees that i can find, only limiting feature is no bpay and need a linked account as stated above.
> is the NAB just desperate for cash? hence the high rate




It's an online only bank, ie no bricks and mortar branches, therefore their cost are reduced and hence they pay the customer a higher interest rate.  This account is basically somewhere to park your cash for high interest savings, no frills, bells or whistles.  It's not a transaction account.  There are no fees or charges.  The one thing I would say is that their website is a tad slow.


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## Bill M (2 September 2009)

white_crane said:


> It's an online only bank, ie no bricks and mortar branches, therefore their cost are reduced and hence they pay the customer a higher interest rate.  This account is basically somewhere to park your cash for high interest savings, no frills, bells or whistles.  It's not a transaction account.  There are no fees or charges.  The one thing I would say is that their website is a tad slow.




Quite frankly I think UBank is not that good at all. I had a term deposit with them for a while and it really isn't that user friendly. In this day and age you should be able to do all your term deposits online but on maturity they do the "send the letter" to you. Why can't you just log on, look at your TD and then renew it online for a period and rate suitable to you? I said this to the CSO when I rang up for my withdrawal. So far Rabo Bank has the easiest online term deposits going. You just log in, look at your balance and then decide there and then how long and what rate you want for your TD (and no forms if already have an account). Then on maturity you can just have the whole amount rolled over into your ordinary online savings account without any letters or phone calls, very handy indeed.


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## waza1960 (2 September 2009)

commsecs investment account is hard to beat ,3.75% atm and few restrictions


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## Julia (2 September 2009)

Bill M said:


> Quite frankly I think UBank is not that good at all. I had a term deposit with them for a while and it really isn't that user friendly. In this day and age you should be able to do all your term deposits online but on maturity they do the "send the letter" to you. Why can't you just log on, look at your TD and then renew it online for a period and rate suitable to you? I said this to the CSO when I rang up for my withdrawal. So far Rabo Bank has the easiest online term deposits going. You just log in, look at your balance and then decide there and then how long and what rate you want for your TD (and no forms if already have an account). Then on maturity you can just have the whole amount rolled over into your ordinary online savings account without any letters or phone calls, very handy indeed.



Hi Bill,
Who owns Rabo Bank?


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## So_Cynical (2 September 2009)

Julia said:


> Hi Bill,
> Who owns Rabo Bank?




Rabo Bank owns Rabo Bank http://www.rabobank.com/content/about_us/

Aussie Rabo Bank is a fully owned subsidiary of Rabo Bank of The Netherlands.

Triple A rated



waza1960 said:


> commsecs investment account is hard to beat ,3.75% atm and few restrictions




Did anyone even look at the Ubank link?....there paying 5.11% that's pretty impressive for almost instant access to your money.


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## sjx (2 September 2009)

Julia said:


> Hi Bill,
> Who owns Rabo Bank?




Nobody owns them as such. They are a AAA rated based in the Netherlands I think.. they're roots are traditionally agribusiness related apparently. 

I have an account with them and am impressed thus far. I've also had a FX trading account with them as well which was also quite good actually.


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## Bill M (2 September 2009)

Julia said:


> Hi Bill,
> Who owns Rabo Bank?




Rather than me use my own words I quote from the website. I might add that they are covered by the Government guarantee and are AAA rated, higher than the Aussie big 4.
-------------------------------------

CoÃ¶peratieve Centrale Raiffeisen-Boerenleenbank BA (commonly known as Rabobank) began as a rural credit cooperative in the Netherlands in 1898, when farmers united to overcome rural poverty by providing finance to help build and support each other's businesses. 

and

Today the Rabobank Group serves more than 9 million private individuals and corporate clients in the Netherlands and overseas. It employs over 60,000 staff and is represented in 45 countries.The Rabobank Group has the highest credit rating (AAA), awarded by the well-known international rating agencies Moody's and Standard & Poor's. In terms of Tier 1 capital, the organisation ranks among the world's fifteen largest financial institutions. 

source: http://www.raboplus.com.au/about/about_rabobank_group.aspx


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## jono1887 (2 September 2009)

So_Cynical said:


> Just put your money in the market....jezz u can make 2% a week just throwing darts.




you probably would have lost more than 2% in a day today!:


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## Hewus (3 September 2009)

RaboPlus: 4.00%
ING Direct: 4.50%
UBank: 5.11%

These are all good choices imo. Follow the highest rate!


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## jono1887 (3 September 2009)

netbank saver 4.25% (call up for bonus 1.5% on top of 2.75% base rate)


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## gooner (8 October 2009)

Rabo have just introduced a new savings product - you get 5% if the balance at end of the month is more than at the beginning by $200 (excluding interest). Otherwise interest rate is 3%. So if you have core cash savings, a good place to put them.

If you need the money, just take it out on the 1st day of the month and put the whole balance in the normal rabo savings account at 4% and that way you can avoid the lowish 3% minimum rate.

AAA rated and covered by Government guarantee.


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## ck13488 (8 October 2009)

Hewus said:


> RaboPlus: 4.00%
> ING Direct: 4.50%
> UBank: 5.11%
> 
> These are all good choices imo. Follow the highest rate!




Ubank is 5.21% if you setup a direct-debit of at least $100 a month

edit: just noticed 5.32% for 12 month term deposit

working a treat for me ATM as i only have limited savings so not much else i can do with it


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## gooner (8 October 2009)

ck13488 said:


> Ubank is 5.21% if you setup a direct-debit of at least $100 a month
> 
> edit: just noticed 5.32% for 12 month term deposit
> 
> working a treat for me ATM as i only have limited savings so not much else i can do with it




ck

Ubank sounds good - I have Bankwest, Rabo and Westpac online accounts an move funds to best rate. Just can't be bothered to open another account (Ubank) for what will no doubt be a shortish special offer. Interesting to see if rates go up given 25 bps increase in cash rate


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## ojm (8 October 2009)

ING Direct is now 4.75%. Not too bad.


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## Gordon Gekko (8 October 2009)

I have a St.George account which has been paying 4.75%
3.2% standard and 1.70% bonus interest.
This month they dropped it back to 3.2% with no notice or phone call. I called them and asked why it had changed and that it was not a competitive rate as other banks were much higher. They said they would look into it and today they called and said they would be pleased to put it back up to 4.7% for four months.
So it pays to call them and tell them you will move your deposit if they will not negotiate. In 4 months I will do the same!

Best

G


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## drsmith (9 October 2009)

Gordon Gekko said:


> So it pays to call them and tell them you will move your deposit if they will not negotiate. In 4 months I will do the same!



ANZ too will put you back onto their bonus rate if you call them. I've done it a few times with them now.

Their bonus rate however is 4.25% so I tried to sting them for a higher rate arguing StGeorge 4.75% and Ubank (NAB) 5.11%. Much to my suprise they wouldn't budge.


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## Bill M (15 October 2009)

RaboPlus has now introduced a 5% cash account. The only catch is that you have to put in at least $200 per Month to get that rate. Might be worth checking out.

------------------------------

Interest calculated daily, paid monthly.

Unlimited withdrawals – access your money whenever you need it.

No minimum opening balance.

http://www.raboplus.com.au/savings/premiumsaver/default.aspx


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## boofhead (15 October 2009)

I expect these accounts to increase the rate a little in the next few weeks. CBA has increased the NetSaver account from 2.75% to 3.00% and you can get the 1.50% bonus although that is still behind the others.


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## esolano (15 October 2009)

http://www.infochoice.com.au/banking/savings-account/online-savings.aspx


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## gooner (16 July 2010)

Ubank is paying 6.51% at call on balances below $200k where you set up an automatic savings plan of at least $200 a month.

Pretty good rates - lot of press about Aussie banks having large funding tasks so they are fighting for your money.

WBC are offering 6% on new money in the esaver product until October


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## BELFORT (16 July 2010)

sjx said:


> Nobody owns them as such. They are a AAA rated based in the Netherlands I think.. they're roots are traditionally agribusiness related apparently.
> 
> I have an account with them and am impressed thus far. I've also had a FX trading account with them as well which was also quite good actually.




Provided the gov deposit guarantee scheme is still in place, rabo deposits are not covered as they are a foreign bank. 

Unlikely it would ever be called on , but just food for thought! 

I have a usaver account set up, so easy to use - just have an auto drawing on my wages - gives you the bonus interest no problems!


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## bellenuit (16 July 2010)

gooner said:


> WBC are offering 6% on new money in the esaver product until October




..... and they just lost my money because they refused to extend the honeymoon offer to existing customers. I am p***** off with all the banks that offer higher interest to new clients than to their existing customers. Are they assuming that the existing customers are too lethargic to move or that they will eventually run out of banks to move to as new customers. I have gone through BOQ, Bankwest, ING and now Westpac. My cash funds are currently with CommSec's Cash Investment Account which offers a decent 5.25% for all customers. Westpac eSaver is just 4.25%.


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## drsmith (16 July 2010)

bellenuit said:


> ..... and they just lost my money because they refused to extend the honeymoon offer to existing customers.



You could not just open a new eSaver account through their online application process ?


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## RazzaDazzla (16 July 2010)

bellenuit said:


> ..... and they just lost my money because they refused to extend the honeymoon offer to existing customers. I am p***** off with all the banks that offer higher interest to new clients than to their existing customers. Are they assuming that the existing customers are too lethargic to move or that they will eventually run out of banks to move to as new customers. I have gone through BOQ, Bankwest, ING and now Westpac. My cash funds are currently with CommSec's Cash Investment Account which offers a decent 5.25% for all customers. Westpac eSaver is just 4.25%.




+1!

I too am sick of banks and other businesses who make fantastic offers for their new customers, yet when an existing customer of some 10+ years inquires, they tell them no way!

I understand it is marketing to attract new business, but at least have the decency to extend it to your existing customers when they come cap in hand and politely ask for the same appreciation.


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## alphaman (16 July 2010)

BELFORT said:


> Provided the gov deposit guarantee scheme is still in place, rabo deposits are not covered as they are a foreign bank.



Rabobank Australia is an Australian bank and therefore covered.


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## bellenuit (16 July 2010)

drsmith said:


> You could not just open a new eSaver account through their online application process ?




I don't know if Westpac would offer it if they know it is the same customer (linked through my customer ID). You need to have a normal transaction account to move money into and out of the eSaver, so I would need a new transaction account too if I were to try and hide my identity. It is not worth the hassle.

Several years ago I had a high interest online account with Citibank (that's one I left off my list above). They then offered a higher interest for new customers and refused to give that to me when I asked for it. I said what would happen if I closed my account and opened a new one. They still said they would not offer it to me as I would not be regarded as a new customer, just a returning customer. I closed the account and moved my money elsewhere anyway on principle.


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## drsmith (16 July 2010)

bellenuit said:


> I don't know if Westpac would offer it if they know it is the same customer (linked through my customer ID).



It might be worth a try then. You never know.


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## Julia (16 July 2010)

BELFORT said:


> Provided the gov deposit guarantee scheme is still in place, rabo deposits are not covered as they are a foreign bank.






alphaman said:


> Rabobank Australia is an Australian bank and therefore covered.



Belfort, as alphaman has said, Rabobank is completely covered by the government guarantee.  You only needed to look at their website's home page to see this.
It might be a good idea to check your facts before you post misinformation.



> Federal Government Deposit Guarantee
> 
> Rabobank Australia Limited, the issuer of RaboDirect, is covered by the Australian Federal Government guarantee of deposits. This includes deposits made with RaboDirect subject to the terms of the Government Guarantee which was announced on 12 October 2008. The guarantee covers all combined deposits up to $1 million per account holder in RaboDirect at call savings accounts and term deposits for a period of 3 years from 12 October 2008.
> 
> ...




I recently moved my at call cash to RaboDirect at 6.4% after - as several of you above - finding that ANZ would not extend their current offer to my existing a/c.  They used to do this with no problem, but apparently the policy has been discontinued.  

Rabobank are great to deal with:  quick, efficient, helpful and courteous.  They leave the big four for dead in every way.


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## Sean K (17 July 2010)

Julia said:


> I recently moved my at call cash to RaboDirect at 6.4% after - as several of you above - finding that ANZ would not extend their current offer to my existing a/c.  They used to do this with no problem, but apparently the policy has been discontinued.
> 
> Rabobank are great to deal with:  quick, efficient, helpful and courteous.  They leave the big four for dead in every way.



Sounds good Julia. I have some cash with ANZ coming out of term in August (6.15%) and if they don't give me a better rate, I'll be moving it around. Will be checking this mob.


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## hmmm (17 July 2010)

bellenuit said:


> ..... and they just lost my money because they refused to extend the honeymoon offer to existing customers. I am p***** off with all the banks that offer higher interest to new clients than to their existing customers. Are they assuming that the existing customers are too lethargic to move or that they will eventually run out of banks to move to as new customers. I have gone through BOQ, Bankwest, ING and now Westpac. My cash funds are currently with CommSec's Cash Investment Account which offers a decent 5.25% for all customers. Westpac eSaver is just 4.25%.




That is poor customer service! i used to work for westpac myself and ALWAYS closed the E-saver accounts and opened new ones for the customer to get them the bonus interest, and when people were inquiring about short term term deposits i always told them about this option because the E-saver would always return a higher interest rate than the term deposit and you could credit and debit the account at your desire without any fees. What surprises me is that the person didn't do it when if they had it would've counted towards their targets (which i hated). Even I used to close my own accounts and open the new ones so I would get that bonus interest. I wish i still worked there because i would do it for you...


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## hmmm (17 July 2010)

bellenuit said:


> I don't know if Westpac would offer it if they know it is the same customer (linked through my customer ID). You need to have a normal transaction account to move money into and out of the eSaver, so I would need a new transaction account too if I were to try and hide my identity. It is not worth the hassle.
> 
> Several years ago I had a high interest online account with Citibank (that's one I left off my list above). They then offered a higher interest for new customers and refused to give that to me when I asked for it. I said what would happen if I closed my account and opened a new one. They still said they would not offer it to me as I would not be regarded as a new customer, just a returning customer. I closed the account and moved my money elsewhere anyway on principle.




You don't need a new transaction account, just close E-saver, open new one, that was my process, new customer or old customer. My suggestion is to go into a different branch and ask another person or speak to the bank manager directly, they are (mostly) very happy to keep your money when you tell them you're going to another bank, they might even show some discretion and give you extra interest which they have the power to do, just ask them. best of luck.


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## robusta (27 August 2010)

We have our personal savings in UBANK 6.51% thankyou very much.
The trouble is for our SMSF they only accept term deposit and we are looking to park some money at call when it is not in equities. Does anyone know of any at call accounts that will accept an account for my SMSF with a decent interest rate? ANZ only offers about 4.5%


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## Julia (27 August 2010)

robusta said:


> We have our personal savings in UBANK 6.51% thankyou very much.
> The trouble is for our SMSF they only accept term deposit and we are looking to park some money at call when it is not in equities. Does anyone know of any at call accounts that will accept an account for my SMSF with a decent interest rate? ANZ only offers about 4.5%



I have my SMSF cash at call online a/c with Rabodirect at 6.4%.
Have found them extremely easy to deal with and they have a great website where you can see your earnings updated daily.


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## robusta (28 August 2010)

Thankyou very much Julia I will look into Rabo Direct. Have a great weekend


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