this post was submitted on 17 Jun 2024
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UBank just sent me an email. Apparently they're changing their savings rates. If you don't deposit at least $500 per month into any of your accounts, you get 0% interest on your savings.
I originally joined them because it was a 5% interest rate if you deposited at least $200 per month into any account, and was displeased when they upped that to $500. But now they're lowering their regular interest rate to 0%...
Look at Macquarie. They have 4 point something interest on all accounts (including transaction account) with no strings. You can have as many accounts as you like and can do everything with all the accounts - the only difference between transaction and savings account is whether it has a debit card, there is no requirement to move money to a transaction account so you can spend it like some banks have. It is an online only bank so you can't deposit cash, if you need to do that you have to put it into another bank and transfer.
Fuck that noise. Go with bankaustralia, they just upped my bonus interest payouts