Have most of my cash in home offset, but I just opened a Macquarie as a backup savings account. Lower interest for sure but no hassles as a transaction account too :)
Helpful video and info as always, thanks. I'll put in another option that I don't see any Aussie content creators ever suggesting. I'm getting 5.2% in my Westpac savings account. While it's marginally lower than the accounts talked about in your video, the advantage over all of them (in my opinion) is you only have to grow the account each month by at least once cent. So you could have a monthly auto transfer of a dollar into the account and just set and forget. Also have heaps of branches everywhere so if you do feel like speaking to someone in person you have that option, although I've had no trouble handing all my account stuff online with them. Anyway I think the simplicity of those conditions plus still having a competitive rate makes it a worthy contender. Very little hassle and stuff to remember compared to some lf these guys.
Agree with you that the majority of the savings accounts mentioned in the video require a bit of work if you don't want to "lock" the excessive cash in as the base to grow for the next month.
Given thst you pay tax on the interest earned, 5.5% barely matches (or does worse than) inflation if your income is above 45K/year as you're paying 30% (or more) tax. :(
It can be confusing. From what I’ve read, though, a few stand out-Macquarie Savings, ING Savings Maximiser, and UBank. They’ve been offering pretty competitive rates lately.
Don’t forget about Bank of Queensland and AMP Saver. They’ve got solid options too. But you have to look at the fine print, like how often you need to deposit money or if there are conditions to get those higher rates.
I’ve been using UBank, and it’s been good so far. They have no fees and the app is super easy to use. Plus, their interest rate has been pretty consistent, even with all the fluctuations in the market.
Irene, do you think you could do a vid on safely parking a bonus sum, say an inheritance, that doesn’t involve the ongoing minimums of additional deposits or minimum transactions. I mean, term deposits sure, but are their other readily accessible options?
Hi Rob, If the deposit requirements for MeBank (5.55% p.a. with $2k monthly) or ING (5.5% p.a. with $1k monthly) seem like too much hassle, you might want to consider UBank’s 5.5% p.a. for balances between $100k and $250k, which only requires a $500 monthly deposit. You can easily set up an automatic transfer from another bank to meet this.Alternatively, Rabobank offers 5.45% p.a. for balances up to $250k with just a $200 monthly top-up, or Macquarie provides 4.75% p.a. for balances up to $1 million with no deposit requirement. All of these options are covered by the Australian Financial Claims Scheme, offering $250k protection.
Hi Irene! :) With the ME Bank option, will I get the bonus interest rate if I deposit the money directly to my HomeME account from an external bank account, or do I need to deposit it to the SpendME account first/instead? If it is the latter, will I still get the bonus interest rate if I transfer the deposit from my SpendME account to my HomeME account or if in case I decide to use the money in my SpendME account? Thank you!❤
Hello! The monthly requirements to get the bonus interest are as follows: 1. Deposit $2k+ into your SpendME account (it has to hit this transaction account first; after that, it doesn't matter as long as you meet the 2nd criteria) 2. End of the month balance in the HomeMe account is higher than the balance of the previous month before the interest received) The mobile app doesn't tell you if the criteria has been met, but recently they introduced online banking (web login), which does tell you.
Non of those conditions interest me and if I’m giving them my money has to be no conditions. ING held my family members money with no interest and refused to give me the sign up moneys had to go to aftca for pain and suffering compensation.
Sorry save in physical Gold 55 now started 35 years ago ! And silver 3rd generation jeweler ! DONT TRUST ANY MIDDLE MEN OR THIEVES ! I HOLD IT ,I OWN IT AND 2 HOUSES banks and digital is crap ! Cash stashed ready to drop for assets ,Gold ! Made more on Gold ! But ,I will take these banks into account just to keep the bill money in !
Earn $125 to sign up with ING Savings Maximiser campaigns.ing.com.au/refer?code=Ifk710&p=d
Have most of my cash in home offset, but I just opened a Macquarie as a backup savings account. Lower interest for sure but no hassles as a transaction account too :)
Helpful video and info as always, thanks. I'll put in another option that I don't see any Aussie content creators ever suggesting. I'm getting 5.2% in my Westpac savings account. While it's marginally lower than the accounts talked about in your video, the advantage over all of them (in my opinion) is you only have to grow the account each month by at least once cent. So you could have a monthly auto transfer of a dollar into the account and just set and forget. Also have heaps of branches everywhere so if you do feel like speaking to someone in person you have that option, although I've had no trouble handing all my account stuff online with them. Anyway I think the simplicity of those conditions plus still having a competitive rate makes it a worthy contender. Very little hassle and stuff to remember compared to some lf these guys.
Agree with you that the majority of the savings accounts mentioned in the video require a bit of work if you don't want to "lock" the excessive cash in as the base to grow for the next month.
Given thst you pay tax on the interest earned, 5.5% barely matches (or does worse than) inflation if your income is above 45K/year as you're paying 30% (or more) tax. :(
suck but 100% true
Have to feed the poor 😂
That's true, but this account is mainly for Emergency, which should aim for the liquidity not returns.
Yep, I keep about 6 months of expenses in ING savings maximiser, it's just a sad opportunity cost at best and a realized cost at worst
ING is a hassle in the ass'le
How so? I have banked with them for 10 years and never had an issue.
Yep same no issues ever. Anytime there was a concern they have been spot on.
Hi Irene, which one is the best saving account for international students?
Thanks
Hi Harry, I believe International students can open an account on ING or Ubank.
@IreneZhu thank you
Interest rates on savings accounts vary so much, and it’s hard to know what’s going to give you the best return.
It can be confusing. From what I’ve read, though, a few stand out-Macquarie Savings, ING Savings Maximiser, and UBank. They’ve been offering pretty competitive rates lately.
Don’t forget about Bank of Queensland and AMP Saver. They’ve got solid options too. But you have to look at the fine print, like how often you need to deposit money or if there are conditions to get those higher rates.
I’ve been using UBank, and it’s been good so far. They have no fees and the app is super easy to use. Plus, their interest rate has been pretty consistent, even with all the fluctuations in the market.
Irene, do you think you could do a vid on safely parking a bonus sum, say an inheritance, that doesn’t involve the ongoing minimums of additional deposits or minimum transactions. I mean, term deposits sure, but are their other readily accessible options?
Hi Rob, If the deposit requirements for MeBank (5.55% p.a. with $2k monthly) or ING (5.5% p.a. with $1k monthly) seem like too much hassle, you might want to consider UBank’s 5.5% p.a. for balances between $100k and $250k, which only requires a $500 monthly deposit. You can easily set up an automatic transfer from another bank to meet this.Alternatively, Rabobank offers 5.45% p.a. for balances up to $250k with just a $200 monthly top-up, or Macquarie provides 4.75% p.a. for balances up to $1 million with no deposit requirement.
All of these options are covered by the Australian Financial Claims Scheme, offering $250k protection.
Hi Irene! :)
With the ME Bank option, will I get the bonus interest rate if I deposit the money directly to my HomeME account from an external bank account, or do I need to deposit it to the SpendME account first/instead?
If it is the latter, will I still get the bonus interest rate if I transfer the deposit from my SpendME account to my HomeME account or if in case I decide to use the money in my SpendME account?
Thank you!❤
Hello! The monthly requirements to get the bonus interest are as follows: 1. Deposit $2k+ into your SpendME account (it has to hit this transaction account first; after that, it doesn't matter as long as you meet the 2nd criteria) 2. End of the month balance in the HomeMe account is higher than the balance of the previous month before the interest received) The mobile app doesn't tell you if the criteria has been met, but recently they introduced online banking (web login), which does tell you.
@@IreneZhu Thank you for replying! Very helpful 😊 All the best!🫶🏻
@@kayesacayan9756 You are very welcome 🙂
Macquarie offers 5% base rate without any requirements, so no hassle at all like other banks😂
Non of those conditions interest me and if I’m giving them my money has to be no conditions. ING held my family members money with no interest and refused to give me the sign up moneys had to go to aftca for pain and suffering compensation.
Every year?? Wow I been missing out 🤔
What about myBOQ, 5.5 as well.
Thanks for your comment. BOQ's Future Saver Account is for 14 to 35-year-olds.
Sorry save in physical Gold 55 now started 35 years ago ! And silver 3rd generation jeweler ! DONT TRUST ANY MIDDLE MEN OR THIEVES ! I HOLD IT ,I OWN IT AND 2 HOUSES banks and digital is crap ! Cash stashed ready to drop for assets ,Gold ! Made more on Gold ! But ,I will take these banks into account just to keep the bill money in !