I specifically joined this bank for their High Interest Saving Account product. Since I joined the interest rate has decreased dramatically, which is disappointing. I understand that COVID is causing havoc; however, it would have been nice to receive an email or some sort of communication outlining the huge decrease in rate. The bank also uses a handheld digital pin formulator. This is very inconvenient, especially if you are away from home and need to transfer a large amount of money. Having this process transferred to an app would be much more relevant for today's society. Overall, my experience hasn't been unpleasant, simply disappointed in the lack of communication and difficult processes to transfer money.
I deposited a sum of money the day before they dropped the interest rate severely and without warning that is now locked in for 3 months and there is nothing I can do about it. Very unfair! This product should not meet Australian consumer rights. They can sell you something and trap you with something else!
Interest rates are great compared to other banks and my money was at call at a higher interest rate than term deposits that are locked in. Great customer service over the phone as banking is all on-line. Recommend this bank to others.
This had relatively good savings interests. But there's a really complex process to log in. There's a separate remote you have to use. I understand security is important, but when I couldn't find my customer number, there was no process set up to recover the information, and no relevant contact information provided. I'm glad I found it, because I think it might have been difficult to recover that information with no email recovery etc, or even an online messanger or virtual assistant.
Competive interest rate and great customer service
Excellent interest rate compared to others. Easy to use mobile app with quick sign in. Logging on to the internet banking through the website is a bit of a hassle with the digipass but it does have a secure feature I guess.
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Savings account comparisons on Mozo - rates updated daily
18-29 years old
3.00% p.a.(for $0 to $30,000)
standard interest rate
0.40% p.a.(for $0 and over)
Govt Deposit Guarantee
Yesup to $250,000
Make 5 transactions/month on linked Westpac Choice account and min 1 deposit and higher balance than at the beginning of the month in Life savings account.
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