For those in Perth always looking for a better, faster, cheaper way

Monday, May 17, 2010

The best online savings account - 6.21% Ubank & 6.4% Rabobank

We talked in an earlier post about how banks offer introductory rates for their savings accounts and hope that your inertia will allow them to apply a rate lower than you really should be getting.

One offer which looks as good as an introductory rate but is not just introductory, is Ubank, who announced today that they are offering 6.21% to USaver account holders. To get this rate, you will need to sign up to the Automatic Savings Plan which requires you to transfer at least $200 every month to the USaver account to receive the extra 0.26%! This offer was definitely worthy of bringing up here and hope someone out there benefits from this post!

If you do not sign up to the Automatic Savings Plan, your rate will be at 5.85%.

Rabobank is now offering 6.4% until the end of 2010 for new and existing customers who top up their accounts. You also have a chance to win an iPad if you deposit $1000 or more before 4th June. The extra interest will only apply for any amount over and above the existing amount in the account. That is fine if you do not have much in Rabobank but if you have a lot, you may be better off transferring your money out to UBank. 

Bankwest is trying to stay in the game with an introductory 6.15% for Telenet saver customers as well.

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