bank deposit % rate!

[EDManual]

I have some thousands, and rather than buy a new Porsche Boxster (haha), will put it in the bank for a few months before I start drawing on it for stages of a new house, maybe 2 to 5 montsh before I need to start. Am with Commbank, and they give you 2.5% interest! I am not wanting to do a term deposit, but found Bankwest give you 4.2% for the first 6 months and you can take it back out whenever you want it. So will do that.

The dumb thing is though, Commbank owns BankWest, and I am with Commbank, so I asked can you just match it rather than having me have to open more accounts and then scrap them after 6 months or so and they wont...

Any other ok rates anyone has with banks that seem 100% not going to go broke?

[Lotte]

Rams is good if you put $200 in and don't withdraw anything each month. Gives me somewhat an incentive to save anyway. Can't remember what I get, I think it's around 4%

[Yellow_Festiva]

Originally Posted by EDManual

I have some thousands, and rather than buy a new Porsche Boxster (haha), will put it in the bank for a few months before I start drawing on it for stages of a new house, maybe 2 to 5 montsh before I need to start. Am with Commbank, and they give you 2.5% interest! I am not wanting to do a term deposit, but found Bankwest give you 4.2% for the first 6 months and you can take it back out whenever you want it. So will do that.

The dumb thing is though, Commbank owns BankWest, and I am with Commbank, so I asked can you just match it rather than having me have to open more accounts and then scrap them after 6 months or so and they wont...

Any other ok rates anyone has with banks that seem 100% not going to go broke?

Not needed.... I think deposits up to $250k are covered by the Government (or something similar).. been a while since I looked into it.

Use www.ratecity.com.au to find a great rate. Heaps of accounts hovering around the 4% mark if you leave your cash in there for a few months minimum.

Some banks will match, some don't bother. Depends on the size of the business and the customer's history. Same with mortgages, many of the discount providers are owned by the 'big 4' but they are separate business models so they are not 'apples for apples', even though they may be owned by the same mob at the top.

[OLD BALDY]

Try Rabo, seem to give good rates and Gov Guarantee.

[Dash_XR]

Originally Posted by EDManual

I have some thousands, and rather than buy a new Porsche Boxster (haha), will put it in the bank for a few months before I start drawing on it for stages of a new house, maybe 2 to 5 montsh before I need to start. Am with Commbank, and they give you 2.5% interest! I am not wanting to do a term deposit, but found Bankwest give you 4.2% for the first 6 months and you can take it back out whenever you want it. So will do that.

The dumb thing is though, Commbank owns BankWest, and I am with Commbank, so I asked can you just match it rather than having me have to open more accounts and then scrap them after 6 months or so and they wont...

Any other ok rates anyone has with banks that seem 100% not going to go broke?

Went over the same debate with CBA not long ago, result was closing all my accounts and going somewhere else. They seem to prefer getting new customers then looking after the old ones regardless of how long you've been with them. Have you looked into an offset account for your new house?

Any bank can go broke, they're all underpinned by the same system.

[adumb]

https://www.commbank.com.au/personal...oal-saver.html

Assuming you want to stay with comm bank, 3.91% with a goal saver

[cheap]

ING, BoQ and others offer +4% for the first 6 months. I have opened and closed accounts every 6 months for the past 3 years chasing good safe returns for my SMSF. I'm running out of banks

[motomk]

The Bank of U ? www.ubank.com.au
They are owned by NAB.
More or less an online bank.

[Yellow_Festiva]

Savers set to score
8th of April 2014 | by RateCity Staff

Last week’s Reserve Bank of Australia cash rate freeze announcement was good news for variable borrowers, with repayments on hold for at least the rest of the month. But new research has revealed there is even better news for Aussie savers, with saving interest rates on the rise – some almost twice as high as the current cash rate.

The research, by RateCity, shows stiff competition in the savings sector with some interest rates listed as high as 4.6 percent (at the time of writing), that’s 2.10 percentage points above the cash rate.

It found that one in five online savings accounts has a maximum rate of 4 percent or higher, and ranging up to 4.6 percent. That is 0.11 percentage points above the lowest variable home loan rate of 4.49 percent.

With some saving interest rates now higher than some variable home loan rates, money savvy Australians can start taking advantage of the competitive savings space and start earning real rewards for every dollar they put away.

“If your savings account doesn’t have a ‘4’ in front then it’s time to shop around and get a better deal,” Alex Parsons, CEO of RateCity.com.au, said.

“Interest rates haven’t favoured savers in recent years, and even now the average online savings rate is just 3.14 percent, while the top 12 month term deposit rate is 3.9 percent on $50,000 deposits. Yet there is competition at the pointy end of the market.”

Parsons recommends shopping around and comparing a range of online savings accounts, outside of just the big top four banks.

“It’s not just the big four banks that offer attractive rates for online savings accounts – smaller banks like UBank, ME Bank RaboDirect and ING Direct all offer great rates now,” he said.

Australian Bureau of Statistics (ABS) figures show a rising trend in cash deposits Australia-wide, which could be the result of people saving to get into the competitive housing market while low home loan rates continue to hold.

“We know there is strong demand for high deposit rates from households, which have a record $831 billion in cash and term deposits, according to latest ABS figures,” Parsons said.

“ABS data shows deposits represented 22.1 percent of household financial assets in the December quarter, compared with the decade average of 20 percent.”

With saving interest rates attractively high and households now more engaged in regular saving, it’s a great opportunity for Australians to shop around for a competitive deposit account that is going to allow individuals and families to achieve their saving goals.

“Not surprisingly, the first thing most people look at to compare savings accounts is the interest rate,” he said. “It’s a good place to start, but you need to go one step further and look at the bonus or promotional rate.”

“Deposit accounts is one area of the banking and finance market that’s incredibly competitive, where ‘switching costs’ are low, and information is plentiful. There’s no reason to be stuck with a low-interest account, so compare online savings accounts and start generating more interest income today.”

http://www.ratecity.com.au/savings-a..._savings_rates

LOL @ the ABS info

[Lotte]

I like how that fails to mention that most of those tatts are introductory offers to new customers only. After six months, you're just going back down again unless you have an account that does bonus interest if you deposit a set amount and don't withdraw anything.

[Ben73]

Im with commbank and get 3.91% on my savings. I'm not a new customer, had this account for 3 years now.

[FoxtrotGolfXray 5.0]

If you are a member of an eligible super fund, you could always give ME Bank a go. Not the best rate out there, but their fee structure is very reasonable.

Super Members Term Deposit
and Standard Term Deposit Term Interest rate
1 month 3.50% p.a.
2 months 3.60% p.a.
3 months 3.70% p.a.
4 months 3.80% p.a.
5 months 4.00% p.a.
6 months 3.80% p.a.
7 months 3.80% p.a.
8 months 3.80% p.a.
9 months 3.80% p.a.
10 months 3.80% p.a.
11 months 3.80% p.a.
12 months 3.90% p.a.
13 months 3.90% p.a.
14 months 3.90% p.a.
15 months 3.90% p.a.
16 months 3.90% p.a.
17 months 3.90% p.a.
18 months 3.90% p.a.
19 months 3.90% p.a.
20 months 3.90% p.a.
21 months 3.90% p.a.
22 months 3.90% p.a.
23 months 3.90% p.a.
24 months 4.10% p.a.

mebank.com.au for more info......

Craig H

[zilo]

4% with anz online account at the moment.

[buggerlugs]

Suncorp at 3.8%. I feel for the self funded retiree's out there......

[zabatron]

Looks like you are doing well if you can get @ 4% at the moment.Best to shop around for best rate whether investing money or borrowing,and don't be afraid to walk if bank wont match the best rate.There will always be winners and losers when interest rates are low,just as there are winners and losers when they are high.I worked for NAB many years ago,and I can honestly say I witnessed some self funded retirees complain even when rates were at 17% plus.

[GASWAGON]

You also need to be careful if the 'deposit' is garuntee'd by the goverment or not.

You may earn a bit less for this but knowing it is governement backed makes you feel alot safer.

[Olbucko]

Originally Posted by adumb

https://www.commbank.com.au/personal...oal-saver.html

Assuming you want to stay with comm bank, 3.91% with a goal saver

Only as long as you put in an additional $200 each month, otherwise you get almost nothing, just 0.01% pa on the previous months balance. The balance above $100,000 gets only 0.01% pa as well.
Requires discipline and a spare $200 every month. I think with these strict conditions the CBA would be well in front with most customers.