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Overall rating: 8 / 10
Its great to finally have a product that does everything in the one account. I’m so sick of having to do transfers between an online and a linked account just to get the best possible interest. The AMP First is the second bank account I’ve found that does it all in the one account. Of course the catch is the $5 monthly fee. But it is offset with the superior % rate if you have a minimum of $16,500 in your account.
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Chris from Western Australia
Overall Rating
5Pricing
1Product Features
1Customer Service
4Convenience
8Trust
8The withdrawal fees on CBA's savings accounts are too excessive. – Danielle from Victoria Reviewed about 21 hours ago
Overall Rating
6Pricing
6Product Features
3Customer Service
7Convenience
5Trust
7I like the convenience and flexibility of Westpac's savings accounts. I dislike the low interest rates and high fees. They should make contacting your bank by phone less complicated with multiple selections required on phone pad to talk to someone. – Jarrod from Victoria Reviewed about 22 hours ago
Overall Rating
3Pricing
1Product Features
0Customer Service
6Convenience
1Trust
8What a difference a week can make. Last week I was espousing the values of the AMP First account. This week I've switched my allegiance. In a rapidly changing climate one must really do their homework and be continually checking each bank's web site looking for changes to the rates. In one week 3 notable changes have occurred to some of the banks I deal with. The Commonwealth Bank's 1.25% bonus rate ended on June 30 and surprise surprise, they decided to introduce a new bonus rate of 1% until the end of December. A nice surprise I must say. On the other hand OneDirect decided to gamble on their existing customer's apathy and reduced their standard rate from 4% to 3.75% while offering 'NEW' customers a bonus of 0.75% till Nov 30. Needless to say I fired off a stern email to them about this. To their credit they did write back offering to give me this bonus rate if I chose to bring my money back to them. A tempting thought but alas for them another contender has increased their rate from 4.1% to 4.55% from July 1st. Now in an effort to discourage apathy I feel its my duty to refrain from mentioning this other bank, thus encouraging people to become more active in their search for a better deal. I've noticed its not been listed in the top 5 but it is on the list of the banks you can choose to write about. My other reason of course is based on my opinion that these banks seem to only offer a better rate while they're chasing customers. It seems that once they fill their quota the rate drops and I find myself once again marching my money into yet another temporary 'better' rate. Cheers all! – Chris from Western Australia Reviewed about 23 hours ago
See all savings accounts reviewsSerious questions are being asked of Commonwealth Bank’s IT infrastructure after the bank conceded that it cannot say how long its NetBank customers will experience difficulty accessing their accounts.
Many older Australians are missing out on high-interest savings accounts because they prefer not to bank online.
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