Tooterelli

Any good ones out there? The ads I see in the bank windows offering good rates aren't so good when I read the small print and the rate is reduced after 2 months!

Any recommendations?

ABCDiamond

http://www.madetomeasuremattresses.com.au/



But, yes, a good question at the moment.
Mine used to be good, but it is now down to 1%, so I have started looking around again.


Looking at these at the moment:
Rabo Bank 4.00% pa
St George Direct Saver 3.45% p.a.
AMP eASYSaver 3.05% p.a.

spottydog

Check out www.infochoice.com.au for details on available rates for savings & loans.

ABCDiamond

Some of their info is out of date, or shows only those promo rates mentioned.

eg: They quote:
AMP eASYSaver 5.00% p.a but that is only a short term for 6 weeks, after that it is 3.05%

St George Direct Saver is 4.75% for eligible new accounts opened before 28 February 2009. It has gone past that date, so it is now 3.45%.

Rabo Bank.. they have correct at 4.00% pa

bcworld

If you fill out the online form before the end of today you can get a 1 month term deposit from Ubank at 5.01% while you make up your mind.

http://www.ubank.com.au/home/index.html

You lose a few days interest transferring money to them / getting it back so you need to consider that too.

caliburn

Just opened a savings account with Commonwealth Bank - at the moment, 4.5% till June 30, 2009 and 3% afterwards. However, the 3% base rate is variable but 1.5% bonus is fixed till 30th June. ING Direct is offering 4.75% with similar structure.

Wol

We've a big chunk of super money with RABO in Sydney and have to say that they have been very straightforward and efficient - a rare thing indeed in Australian banking circles. They also have a doubly secure gizmo to log onto their site.

Contrast this with - just one example - another super account with a local bank here: we put a chunk in a 91 day term deposit to mature today, with specific instructions NOT to roll it over on maturity. Last week we checked and they said it was going to be rolled over. We said "oh no, it's not" and signed a form to prevent it. I just checked online and - guess what....................... Now leaving to see the manager.

Welcome to Australian banking. (Feel free to substitute the "B")

scrubbedexpat020

http://ninemsn.ratecity.com.au/savings-accounts/

I don't like bonus interest rates so applied to OneDirect (4.5%). Savings acount is for wife and OneDirect said we could not use our joint current account for transactions. Either I joined wife on OneDirect or she got her own current account.

Rang MembersEquity who said no worries so she is going with them (4.25%).

Ian

Burbage

Don't forget you are taxed on income from savings, so the real rate is probably about 3%, which is below or near the rate of inflation. Which mean that your money will technically lose value in a savings account. Why do you think interest rates have dropped? It's to force people to spend their savings.

Tooterelli

Ha ha I don't think people are THAT stupid. Savings is savings is savings.

Burbage

Is it stupid to leave money in the bank that decreases in value every year? When I said "spend", the intention is to force investment through the reduction of savings accounts as a valid method of protecting your wealth. Obviously you need your rainy day money, but after that what do you invest in? Yourself? Your house? Another property? Stocks? the Casino?

Of course, rates will rise again, so don't get locked into any long term deposits.

MartinH

Westpac have some good rates on term deposits but you need to select your period carefully i.e. on either 3-4 months or 3-4 years you can get 4.2%. The rates for longer or short periods are not as good. Weird huh?

http://www.westpac.com.au/internet/p...osit+rates+tab

You can get better variable rates, try:

www.ratecity.com.au

But depends on how long you want to lock in for.