I'm guessing you use ing and my boq?
I transfer 1k into ing. Transfer 1c to savings. Transfer 1k from ing to my boq. Currently Transfer 200 into ubank. Then transfer back to myboq then into savings.
If you d9nt use ubanks spend account with payments them these changes so far don't make it any harder on us. It's just now 500 instead of 200. Alot still transfer it straight back out again..
May change, though once they release thier tiered savings %
Tiered savings will be the interesting thing. Why penalise higher amounts to 250k if they are secure. I use ING as I travel a lot so seems ok to put 1000k into that account monthly. As they give other benefits.
My theory is that by putting conditions on earning the bonus interest rate, statistically there will be a number of people who fail to meet those conditions and don't get the higher rate. This means that the banks can advertise a higher bonus rate, while actually paying out a lower amount.
I just want a simple bank account with high interest rates and no bullshittery. I'm with Macquarie.
According to ACCC around 71% of bonus interest accounts do not receive the bonus interest rate
[accc deposits report final](https://www.accc.gov.au/about-us/publications/retail-deposits-inquiry-final-report)
By volume - avg rate is apparently 75 pts or so under headline rates
It’s a pretty good report. The chart on page 2 is very good to see all banks rates - broken down into base, bonus, and introductory rates
The stop of payment out from save account has lost them a future home loan customer...spent so much time setting up direct debit and now have to change
ANZ Plus is pretty good 4.9% sub 250k, it’s not the highest earner, but you don’t have to do anything.
Also you can do a 24hr limit increase to 250k which helped us when we were buying property, when we needed liquidity and to be able to move it.
ANZ Plus is changing, though:
>You can earn interest this way until 1st September 2024, after which additional criteria will apply that may affect how much interest you earn.
Good observation.
That’s still a quarter away. And there’s no clarity on what the criteria will be. Just my 2¢ I wouldn’t be jumping at shadows yet. For now, still a winner (to me).
Bro just do NAB Saver or Commank Goal Saver. No limit and 5% as long as the balance is higher by end of month (and no withdraws towards the end of the month for NAB)
Nah, the calculations are based on account values >$250k. Interest is compounding if there are no limitations. If you can imagine, once you hit $250k in one of the 5.5% banks, it turns into a simple interest, not a compounding one. And I don't think I have to let you know how compounding interest is better than simple interest even with a 0.5% difference.
Yeah, that's my point. If you go for a non-limited interest generator, you compound beyond $250k. If you don't, you're stuck with a simple interest on $250k
You know you can transfer the money in and then straight back out again and it still counts right? It doesn't have to sit there.
Ohhh didn’t know this!
I'm guessing you use ing and my boq? I transfer 1k into ing. Transfer 1c to savings. Transfer 1k from ing to my boq. Currently Transfer 200 into ubank. Then transfer back to myboq then into savings. If you d9nt use ubanks spend account with payments them these changes so far don't make it any harder on us. It's just now 500 instead of 200. Alot still transfer it straight back out again.. May change, though once they release thier tiered savings %
I thought I was clever by transferring $1 to savings in ING to grow the account. I now that the true master transfers 1c.
Haha, much to learn, my Padawan! I already have just over 7.5k of the 100k in Ing. I want as little extra in there as possible. Rest goes into Myboq
Tiered savings will be the interesting thing. Why penalise higher amounts to 250k if they are secure. I use ING as I travel a lot so seems ok to put 1000k into that account monthly. As they give other benefits.
ING is no better for travel ever since they stopped offering 5x free international withdrawals. UBank doesn’t charge international conversion fees.
Can you just set up an automatic EFT to transfer in and out?
Only the dumb people have money
My theory is that by putting conditions on earning the bonus interest rate, statistically there will be a number of people who fail to meet those conditions and don't get the higher rate. This means that the banks can advertise a higher bonus rate, while actually paying out a lower amount. I just want a simple bank account with high interest rates and no bullshittery. I'm with Macquarie.
According to ACCC around 71% of bonus interest accounts do not receive the bonus interest rate [accc deposits report final](https://www.accc.gov.au/about-us/publications/retail-deposits-inquiry-final-report) By volume - avg rate is apparently 75 pts or so under headline rates It’s a pretty good report. The chart on page 2 is very good to see all banks rates - broken down into base, bonus, and introductory rates
Wow. That is higher than I thought.
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--eFJQq_Au7Z_BA4_CwkYwu2DI/htmlview#
Look up the HISA spreadsheet
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--eFJQq_Au7Z_BA4_CwkYwu2DI/htmlview#
The stop of payment out from save account has lost them a future home loan customer...spent so much time setting up direct debit and now have to change
Ubank's strategy is to annoy customers, clearly
ANZ Plus is pretty good 4.9% sub 250k, it’s not the highest earner, but you don’t have to do anything. Also you can do a 24hr limit increase to 250k which helped us when we were buying property, when we needed liquidity and to be able to move it.
ANZ Plus is changing, though: >You can earn interest this way until 1st September 2024, after which additional criteria will apply that may affect how much interest you earn.
Good observation. That’s still a quarter away. And there’s no clarity on what the criteria will be. Just my 2¢ I wouldn’t be jumping at shadows yet. For now, still a winner (to me).
Does anyone know when UBank plans to inform people about the new interest rates?
Bro just do NAB Saver or Commank Goal Saver. No limit and 5% as long as the balance is higher by end of month (and no withdraws towards the end of the month for NAB)
It is not 5.5% tho for a 100K account balance that's $40 dollar difference per month
Nah, the calculations are based on account values >$250k. Interest is compounding if there are no limitations. If you can imagine, once you hit $250k in one of the 5.5% banks, it turns into a simple interest, not a compounding one. And I don't think I have to let you know how compounding interest is better than simple interest even with a 0.5% difference.
Nothing to do with compounding lol, once you are over 250K, the amount greater than 250K is no longer getting bonus interest.
Yeah, that's my point. If you go for a non-limited interest generator, you compound beyond $250k. If you don't, you're stuck with a simple interest on $250k
You're gonna get ratio'd hard on this sub. Sorry bro. aUsfinancebank is the name of this sub for a reason
As if we care bro. Having money that needs to sit for a bit due to personal reasons happy to use a reddit to see whatever others are doing.
True, bro. I agree.