Australian (ASX) Stock Market Forum

Highest Interest Savings Account

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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:confused:
Click to expand...

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.
 
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.
Click to expand...

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.
 
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.
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Hi Bill,
Who owns Rabo Bank?
 
Julia said:
Hi Bill,
Who owns Rabo Bank?
Click to expand...

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.
 
Julia said:
Hi Bill,
Who owns Rabo Bank?
Click to expand...

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.
-------------------------------------

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

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

AAA rated and covered by Government guarantee.
 
Hewus said:
RaboPlus: 4.00%
ING Direct: 4.50%
UBank: 5.11%

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

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
 
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
Click to expand...

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
 
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
 
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!
Click to expand...
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.
 
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
 
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.
 
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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