Holy moly high interest rate I know. It's a fabulous product, but given that an average 2 bedroom home here will set you back $300 000.00 it's kind of needed. There are all kinds of conditions (must deposit a minimum of $1000 a year for four years, must have the account for over four years, you can only spend it on a home deposit) that mean it's not for everyone but if you're in my situation it's great.
ING direct is fantastic. They're what I have been using--it's just with that extra percent of interest for the same amount, it's worthwhile for me. But I can and will (and have! What I love about it is that the Financial Obudsman charges the bank to investigate the complaint, whether it's found justified or not. And if it's found to be justified, which it has been every time for me, the bank not only refunds my money but gets hit with a fine) complain to the authorities if a bank screws me over. uBank is new, but they are backed by one of the Big 4 who essentially hold a monopoly on the banking market here. :S I'll keep a close eye on my balance and see how it goes.
I had a quick look at the other bank accounts the link you gave linked to. IMO, they wouldn't be suitable for other reasons--limited to 6 financial transactions per statement before they start charging fees? Or a minimum balance of $1500? >:( I find that I have to transfer expenses out the day before they occur. That way I leave the money where it's earning interest for longest and I can't spend it on other things. You may find that things are different for you, though.
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Date: 2010-01-27 02:17 am (UTC)I know. It's a fabulous product, but given that an average 2 bedroom home here will set you back $300 000.00 it's kind of needed. There are all kinds of conditions (must deposit a minimum of $1000 a year for four years, must have the account for over four years, you can only spend it on a home deposit) that mean it's not for everyone but if you're in my situation it's great.
ING direct is fantastic. They're what I have been using--it's just with that extra percent of interest for the same amount, it's worthwhile for me. But I can and will (and have! What I love about it is that the Financial Obudsman charges the bank to investigate the complaint, whether it's found justified or not. And if it's found to be justified, which it has been every time for me, the bank not only refunds my money but gets hit with a fine) complain to the authorities if a bank screws me over. uBank is new, but they are backed by one of the Big 4 who essentially hold a monopoly on the banking market here. :S I'll keep a close eye on my balance and see how it goes.
I had a quick look at the other bank accounts the link you gave linked to. IMO, they wouldn't be suitable for other reasons--limited to 6 financial transactions per statement before they start charging fees? Or a minimum balance of $1500? >:( I find that I have to transfer expenses out the day before they occur. That way I leave the money where it's earning interest for longest and I can't spend it on other things. You may find that things are different for you, though.