louie

We opened a Max-I direct account for our savings about 18 months or so ago. I've now found out that that type of account has been withdrawn so new accounts can't be opened. And not surprisingly, the interest rate is not as good as the account that replaced it (banks are the same the world over!).

Max-I direct rates are here - http://www.westpac.com.au/manage/pdf.nsf/BF0B1800558057E5CA2574950015D314/$File/NFSPersonalAccountsInterestRates.pdf?OpenElement

eSaver account (which seem to me to be the same as Max-I direct accounts) rates are here - http://www.westpac.com.au/internet/p...est+comparison

I enquired by email about changing to the new account and this is the reply I got - "Thank you for your email regarding changing your existing account to another eligible account. We welcome the opportunity to assist you.

We are unable to change your account type when requested to do so via email due to our identification procedures and to ensure the privacy and security of your information.

Please contact Telephone Banking on the number below and a Bank Representative will be happy to convert your account for you immediately over the phone.

Kindly note, a Maxi-i Direct account can be converted to a Westpac eSaver instantly while retaining the same BSB and account number.

Alternatively, you may write to your home branch to request the change. Kindly visit the Westpac website to retrieve the address details of your branch.
http://www.nowwhereroute.com/Westpac...a/default.aspx

We trust this information is of assistance. Should you have any further enquiries, please contact us via email or call Telephone Banking on + 61 2 9293 9270 from overseas (available 24 hours a day, 7 days a week) and one of our Banking Representatives will be happy to assist you."

So check which type of account you have; you could earn 70% more interest (if your balance is less than $20,000) just by making a quick phone call.

BAY

Yes I had a Westpac Max-I Direct that I opened 6 months ago. Fortunately I saw a leaflet in a Westpac branch that was advertising the new eSaver account with higher interest rates than the Max-I account. When I asked I was told 'Oh yes its replacing the Max-I account'. They were able to close my Max-I account and open the new eSaver account there and then. Fair enough. I then said why weren't Max-I account holders told about it my post or email ? They replied 'Its on our website' !! But how many people reguarly look on the website for this type of info.

The same thing happend in the UK with gas and electricity prices. Signed up with EON (Powergen) for what was at the time the cheapest deal. Some time later they created a new deal with cheaper rates but didn't tell existing customers about it. Got the same answer as Westpac .. Its on our website.

So much for customer service :curse:

crystal23

I got told about the change to this account a couple of days ago and have just been in to Westpac to change my Maxi-i to E-saver.

I got shown the current rates payable and the Maxi-i is 4% and the E-saver is 6.80% on any balance so well worth changing it over as new rate is effective immediately, but the girl did say the rates will more than likely go down because of the economy.

Also re changing over the phone. I asked about this as my husband will need to change his account too and as you have to sign a Product Switch Form got told he had to get the account changed in person in the bank so unless I was given the wrong info it might not be possible to change over via telephone banking.

MTPockets

I opened a max-i direct in may from the uk, but when I arrived here in july to produce all the official docs etc they told me they told me they were phasing in the esaver and transferred my account on the spot to the new account at 8% (and it’s still 8% until end Jan as that was a ‘special’ deal they were doing at the time).

So if you've had an existing max-i and weren't told about the changes I think you should complain - esp if they're now only offering 6.8%? That doesn't make sense (for other customers that already had a max-i)

Scubaemma

Yeah that's the same for us - when we arrived and went into Westpac to order our cards etc, the (very helpful) lady said the eSaver the newer better version of it (or something) and transfered our account there and then. I've actually found Westpac to be really helpful - have been in a few times for things and everyone really friendly and helpful. Can't say I noticed the same at Natwest in London!

crystal23

Argggh. NOT FAIR

I actually sat at the desk and the girl showed me the current rates on the screen and it was deffo 6.8%. Obviously I was happy with that as opposed to 4%. I did ask her why they didn't inform people of the obsolete accounts and she said it was on their website. At least it'll teach me to read the bloody site in future.

Glad for you that you got 8%. I'm looking at other accounts now anyway to see if there is a better deal anywhere. They all seemed to be about 7% or just under when I checked on Weds and I need easy access to the money as well.

So back to checking flipping tinternet

Machiavelli

We found out by accident this week. We called to query an amount on our credit card bill. Lady then told us about the new account, and changed it while we were on the phone.

Westpac do a good credit card too. We have two cards, one Mastercard, which earns 1 point for every $ spent, one American Express, which earns 2 points for every $ spent. We use the cards to pay for everything including bills, and pay card off every month. The cards cost $150 per year. We use the points to 'buy' gift cards for Myer and Bunnings. I've now lost count of how many gift cards we've 'bought' since getting the credit cards last October. At least $900 that I can think of. Card also gives free worldwide travel insurance.

M

MTPockets

Sorry I wasn't rubbing it in, just thought you could try arguing the point as I assumed all customers were given that account option.

Try this site - gives quick comparisons:

http://www.ratecity.com.au/savings-a...highest-rates/

There may be other not listed and I don't know about any charges etc but at least they're all guaranteed now so doesn't really matter who.

J

bcworld

All of these interest rates will be dropping sharply before Xmas. If you know you can lock away the funds consider a term deposit. NAB has just started a new savings arm Ubank.

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

8% for 3 month term
7.5% for 6 months
7.1% for 9 months

These rates were even higher last week...it was either 8.25% or 8.5% for 3 months.

By Xmas, those rates will be looking exceptional, that's for sure. From what I can gather you won't even be penalised for taking money out early as interest rates are likely to drop anyway.

crystal23

LOL I know you weren't rubbing it in. Glad a couple of you have got the 8% till January
I'll check out ratecity later.

Thanks bcworld. I'll check that info out. I know the interest rates will fall - shame we can't see by how much.

louie

Well I changed the account over on the phone last night so you definitely can, unless that's only available to those outside Oz.

And the rate is definitely 6.8% at the moment - see the link in my first post.

We weren't told about the change in accounts but I can't say I'm surprised. This is how the banks earn their money! Buyer beware and all that....

Evelin

Thanks for that. We have a mx-i account for years but I didn't know that there is another option.