Noticed this as well. I was thinking about switching to ME Bank but will stick with them for the time being. Maybe they were losing customers?
UBank has risen from 4.66% to 4.91% (with savings bonus), making it higher than any other accounts I know of, although they may rise soon as well.
Seems these accounts are always changing places as they fiddle with the rates. I'm happy to stay with UBank because of the no withdrawal conditions and the high rates don't expire.
That's just an obvious means for the banks to attract new customers. They have to continue to seek growth.
Perhaps consider loyalty to a bank over some years and you might get some benefits back.
I know that will be an unpopular view as most people make it their mission to hate banks, but it has worked for me.
Just a reminder to people to regularly check their interest rate on at call accounts. Mine which was at 4.75% has abruptly dropped down to 3%, which is apparently ANZ's standard variable rate. Infochoice is showing ANZ offering 4.6% at call. Better rates around but most of them seem unavailable to SMSFs.
Has anyone used ING? They have a "Business Optimiser" for SMSFs offering 4.75% for six months and a few other banks offering 5%. Who owns RAMS?
Any recommendations?
ANZ have reduced the bonus from 1.75% to 1.6%. This might become a trend depending on how confident the banks are with their sources of funding and interest margins going forward.Just a reminder to people to regularly check their interest rate on at call accounts. Mine which was at 4.75% has abruptly dropped down to 3%, which is apparently ANZ's standard variable rate. Infochoice is showing ANZ offering 4.6% at call. Better rates around but most of them seem unavailable to SMSFs.
Just a reminder to people to regularly check their interest rate on at call accounts. Mine which was at 4.75% has abruptly dropped down to 3%, which is apparently ANZ's standard variable rate. Infochoice is showing ANZ offering 4.6% at call. Better rates around but most of them seem unavailable to SMSFs.
Has anyone used ING? They have a "Business Optimiser" for SMSFs offering 4.75% for six months and a few other banks offering 5%. Who owns RAMS?
Any recommendations?
I've been with ING for about 15 years - at call account, while it pays 0% interest there are also zero fees, so long as you withdraw $200 or more at an ATM (any ATM in Australia) - if there is a fee, accept it and the fee is reimbursed by ING same day. Also if you withdraw $200+ at a supermarket EFTPOS they credit you 50c. Another gimmick they have at the moment is if you pay by pay and wave (Visa Debit) they rebate you 5% of the value. That ends in July I think. Not a lot of money but sure beats paying fees IMO.
Not with ING for Super, but considering switching. It looks good for SMSF, as well as a "regular" super fund.
ING's online saver isn't bad - 3.25% - 4% (200 deposit/month, no withdrawals), I use this one to put share trading money aside since ComSec ditched the 4% account.
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And as a result do they adjust your rate up to best rate that is currently being offered?I take note of when the bonus rate is due to expire and contact the bank before it does.
Yes, and more, but few are available to SMSFs.Several banks have 4.75% variable at the moment.
Why would you use an at call account which pays no interest when there are plenty that do pay quite reasonable interest?I've been with ING for about 15 years - at call account, while it pays 0% interest there are also zero fees,
Why would you use an at call account which pays no interest when there are plenty that do pay quite reasonable interest?
They adjust it to their current bonus rate on offer, without argument.And as a result do they adjust your rate up to best rate that is currently being offered?
Yep, my experience also, at least so far.They adjust it to their current bonus rate on offer, without argument.
I've only ever asked for what's being currently offered via Infochoice. Would be very interested to know if you're able to push it further.Given that they've recently reduced the bonus margin (I'm still currently getting 4.75%), I might try and push them a little harder next time, depending on what else is on offer.
Yes, some a/cs require eg $200 to be added every month etc.One thing about the ANZ account is that it is unrestricted in terms of deposits and withdrawals whereas some of the others that offer the slightly higher rates have punitive restrictions on the above.
I think rates will drop here soon, business is on its knees and the RBA has already said they will act in those circumstances.
I think rates will drop here soon, business is on its knees and the RBA has already said they will act in those circumstances.
We do live in the lucky country.
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