3 Comments - Write a Comment

  1. An interesting article albeit short on detail. Two examples come to mind. The first being Bankwest’s Regular saver. They insist on you linking it to an existing Bankwest account which in some cases will mean either paying fees of maintaining a minimum balance which in turn reduces the overall effect of the 5% interest on the Regular saver. I did my sums and came to the conclusion that this account in effect in ‘most’ cases ends up paying a combined interest below other comparible accounts and of course has more hassles maintaining it.

    The second is the AMP 1st account. Although it does indeed have all the features you mentioned, it also comes with a $5 monthly fee.

    I also find it interesting that there is never a mention of the one bank that is paying more than all of the other banks you have listed. I’m reluctant to mention this bank as in my experience once a bank becomes better known and grabs enough market share they seem to follow up by dropping the higher interest rate they used to get those customers. The bank I’m talking about already did this once and proceeded to drop their rate from the highest in the market to one of the lowest. I zeroed my account during this period and am only now in the process of transferring the bulk of my funds back to this acount as they have increased their rates from 3.85% to 4.1% and now 4.55% from 1st July. My biggest worry is that if enough people start using this bank it might decide to try to maximise its profits once again and slowly erode the 4.55% thus prompting me to once again do the bank shuffle.

    Besides, I’m sure you are aware of which bank I am talking about and have your own reasons for omitting them from your surveys.

    Cheers………

    Chris

    Reply
  2. We are savers and looking forward to the cash rate moving back into the 5 – 6 percent range.
    Being conservative over-the-counter people (no online banking) the “banks” mentioned in this article are of no interest to us. For good term deposit interest rates on the savings in our SMSF the only bank that meets our requirements with a branch at our local shopping is a regional one – Bendigo Bank.
    Cheers

    Reply

Post Comment