Best Everyday Transaction / Savings Accounts

[exceladdict]

Have been asked to provide advice on everyday/savings accounts for a couple who are newly mortgage-free and ready to ditch the shackles of their current bank.

Criteria are broadly:

• Generally as non-complex as possible
• No fees (feel like this should be a standard this day and age, hate that it needs to be written down)
• Free or rebated ATM withdrawals in Australia
• Ideally, interest paid on everyday account, and also on the linked savings account
• From a registered institution so as to be eligible for the $250k ADI government coverage
• All the standard online banking etc
• Ignoring welcome rates as hopefully this will be a long term setup.

My initial google has revealed:

• The macquarie everyday account to probably be the leading candidate I've found so far, with 2.75% on up to 250k. Savings account has an additional $250k at 2.75% and then 2.35% to $1m
• Savings wise, uBank seems to stand out at 3.35% (from Oct 1) up to 250k again, with a deposit requirement but not the 5 transactions that ING requires (noting ING also has a 100k limit).
• BOQ's smart saver at 3.1% but also requires a linked everyday account with 5 transactions and deposit
• Rabobank PremiumSaver at 3.15% up to $250k as long as the balance grows by $200/month

Is anyone aware of or would recommend other candidates? Will be coupling the above with general advice to churn credit cards to avoid fees / earn sign on bonuses.

 

[SYD]

UBank is pretty straight forward.

Between that and ING, you’re getting some of the better savings interest rates. The ING hurdles for bonus interest and fee free os ATM fee rebates isn’t that onerous.

I have both, as well as my primary NAB Private Bank accounts.

 

[exceladdict]

UBank is pretty straight forward.

Between that and ING, your getting some of the better savings interest rates. The ING hurdles for bonus interest and fee free os ATM fee rebates isn’t that onerous.

I have both, as well as my primary NAB Private Bank accounts.

Yes, I like the ING personally for that benefit, can be significant for some of those large ATM fees in Thailand for example! And it's easy enough to split a woolies transaction into 5

 

[SYD]

Bumping this thread (given general topic).

UBank didn’t waste anytime increasing their Savings rate from 4.90% to 5.00% from 1 July (still just need to deposit $200 ea mth). Bonus interest on balances up to $250k).

ING is currently 5.25% (on balances up to $100k) but I expect them to to follow suit based on previous performance.

Plus both still provide Int FX fee free debit and ATM transactions*.

*ING monthly hoops and jumps apply for both Bonus Interest and OS Fee Free transactions (and OS ATM fee rebates - until they get enhanced in August).