jad n rich

Does anyone use this bank?

They are offering 6.4% interest on savings accounts for 12 months, after that 5.75%. No fees

Whats the catch Well lets be honest there usually is one

Its an internet only account, to open it its linked to an your existing account with another bank.

Any opinions

gedge

It's the real deal, worth a look even at 5.75% though there are no options such as ATM/cheque/BPay/DD as with the HSBC online savings account. It is exactly what it says on the tin, a savings account, for saving your money.
Take a look through http://www.infochoice.com.au/banking/ if you want to compare others.

Vash the Stampede

Sounds fantastic.

Unusual for you to start a positive thread on some aspect of Australian life. What's the catch? (Well, let's be honest; there usually is one.)

walaj

do you have a link to the account, as I can only seem to find 6.4% on 60mths plus on $20k plus here ??

jad n rich

I really own the bank of west australia and am trying to con people into investing their billions with me

BTW are you EVER offline :scared:

jad n rich

Will try and find it again. Have the phone no tho 131720, no minimum deposit.

walaj

thanks, as the exchange rate is getting a bit tempting

jad n rich

Heres the link,

http://www.abetterdeal.com.au/


Vashs bride in the picture, patiently waiting for him to get off the internet

wavy_davy

Thanks for this! We've just opened one so we'll let you know if we find any catches!! Kayt

walaj

ok from what I have read

• min $1k, max $1m (max unfortunately no issue for us) - states no min on headlines but does in Prod disclosure stmt
• rate is fixed for period - IMO don't think bank interest rates will go down, but after last weeks tax cuts likely to go up, so the rate will not be as attractive as it is now
• rate varies upon length of term 3mths=6.25% 6mth=6.35% 12mth=6.5%
• need to ensure you don't want money before end of term, otherwise interest due is cut dramatically
• can not add further amounts once opened

gedge

That sounds more like a term deposit than a savings account.
If you sign up for a 'term' where you agree not to touch the cash then you'll get a better rate at most banks. You can't then compare this against other savings accounts.

shauninoz

If you live outside of QLD then Suncorp has the best Current and linked Savings account deal:

- FREE ATM withdrawals at ANY bank
- 5.55% interest on savings account
- Up to 3 linked savings account
- Visa Debit Card

All for $6 a month

Why people still bank with the Stolenwealth Bank I have absolutely no idea. Mugs.

gedge

You pay for that?
You shouldn't have to pay the bank robbers for holding your moolah...
http://www.infochoice.com.au/banking/default.asp

shauninoz

I agree but at what other bank can I get an account which allows me to make withdrawals at any other bank's ATMS and get a 5.55% interest rate savings account for $6?

gedge

How about the ING Direct Savings Maximiser at 5.4% with no fees?
Or the Citibank Plus Linked Savings at 5.75%?
Does the extra interest you earn cover the $6?