Recently tried to put in 300k on a fixed term via their interface, got a text back saying they needed more personal info and to call their support line. Three attempted calls later of some 90 minutes duration in total and having to listen to the continuous roll out of their Covid 19 chestnut, I gave up and sent en email. Still no response and after a week in total went elsewhere. If you like dealing with automated software, an institution that has no facilities that doesn't employ sufficient people to man a support centre capable of dealing with anything other than a low median call rate then this is the Bank.
Setting up an online term deposit with MyState was a simple process. The interest rate on offer was competitive. For other banking needs the in-branch staff in Launceston were very helpful and competent.
Pros are that it's simple to use and understand. They do give loyalty interest rate bonus. However, interest rates are too low.
Online banking with easy to follow instructions, Secure log on. Always easy to contact if help is needed. Best interest rates I have found.
I had over $600,000 to invest in a term deposit so I spoke with Qudos. They told me I needed to provide information and it would be reviewed and the term deposit would be able to be opened in 24 - 48 hours. I continually called and was told it was not able to be opened as they had not received the back of my licence. I sent this 3 times and I could see each time it went through. Finally they told me it actually take 5 - 7 days to check my information. I was told by 3 different staff members they would escalate my situation and get back to me. Day 7 and I have hard nothing. What a joke this bank is. Obviously not interested in my money. Had they told me it could take this long I would have left it with ME bank, where I had NO ISSUE. UNLIKE QUDOS.
I don't think you could be happy with a bank that offers close to 0% interest on saved deposits. But they certainly win when it comes to the customer service department.
My review relates to Westpac/RAMS, the term deposit was quick to set up, however, the $250 minimum deposit without withdrawals seems a little excessive for the financial return. In saying that there is little in the market that betters their terms.
Put $5K in a term deposit and received a good rate of interest for my money, without having to put the usual $10K. Was pleased with service received from my local branch, near home.
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