jery_wang

Hi,

Any advice on banks in Australia that could give highest interest rate. HSBC has Serious Saver that gives 5.7% p.a. The catch is that if there is withdrawal in any month, the interest is not paid for that month. That's why I guess it's called 'serious saver'. Compared to normal term deposit we only loose the interest since the day of last maturity, if we withdraw a day after the maturity, and put back the remainding, we don't get the interest only for a day and not for a month.


Any idea on other banks that has interest rate comparable to that of HSBC but without the catch?

Thanks
Kind Regards,
Jerry

OzSheila

Try www.ingdirect.com.au

bramptonbrian

Check out the Commomwealth Banks Netsaver and combined with the Streamline and CIA accounts.
To avoid any fees you need to keep 50k active (so keep a bit in the Streamline and the balance upto 50k in the CIA, the bulk in Netsaver).
Funnily enough it seems works out about the same whichever high streetbank you plump for.
Cheers Brian

jery_wang

Exactly to what you said. What makes different is customer's behaviour. If I really never withdraw from HSBC serious saver, it gives higher interest than that of other banks but I only need to withdraw once in a whole year and it gives interest like other bank.

I'll take a look at your pointer.

jad n rich

We went through this a few of months ago, couldnt find higher than 5.7 fixed term or 5.5 account.

If anyone knows of any better please post I cant face doing it all again

jery_wang

NAB iSaver is not bad considering that it gives 5.40% p.a. daily interest paid monthly and no catch like HSBC.
But of course I sent email to them asking more questions. Sometimes the fine print is more important than any other info.

CornishPasty

Something I didnt think about initially but have recently done, if you have a mortgage, instead of putting savings in a savings account, consider an offset account where the money in your account offsets your interest payments on a daily calculated basis. I have an mortgage interest rate of 6.72% which you then effectively make on you money, but the beauty is you dont pay tax on that which you would with making interest outright, so its the equivelant of about 13% in the top tax bracket, or 9.6% in the 30% tax bracket.

gedge

If you have a look at that infochoice website I put in your other bank thread you'll see a tool to list suitable bank accounts...
http://www.infochoice.com.au/banking...gs/default.asp

My search came up with Bankwest at 6%, the next best being the HSBC one at 5.7% - depending on requirements of course.

jery_wang

Hi,

Thanks for your info. Do you have experience or what do you say about Bankwest? We plan to live in Melbourne. Sorry if I ask too much, I am unfamiliar with Ozzie banks.

Kind Regards,
Jerry