Macquarie increasing their savings rate from 4.50% to 4.75%

[somethingon]

@pinkyrock I just load up a few hundred when it's about to run out. Woolies is flexible though. Loading at the time of payment would be a little time consuming and hold up the queue.

I've bought exact amounts for companies like JB when I know what I'm buying.

 

[resjudicata]

@somethingon Loading up a few hundred will lose you precious interest on that amount. Save cents where you can and the dollars will take care of themselves

 

[pinkyrock]

@resjudicata It would effectively “loose” you 1.75% as the gift card is a 4% saving. It’s also very rare for people to operate all of their spending funds from their HISA.

 

[resjudicata]

@pinkyrock Rare because you dont do it? Or have you ran an impartial study to determine the claim very rare. Are you loosening youre mind

 

[pinkyrock]

@resjudicata No, my mind is screwed on pretty tight I think!

 

[somethingon]

@pinkyrock With Macq the spending account gets same interest as their HISA

 

[somethingon]

@resjudicata True, but it's only 4 typical shops, and if I get it wrong I lose the discount on the balance.

Say I load $300 to cover about 2 weeks (so 1 week average outstanding ) . Interest (at 4.5%) is 26c compared to loading on the day when I spend. That is 17c after tax.

Now if I get it wrong (don't estimate what I will spend that day) and miss out on $10 of discounted spending just once that is 40c at risk.

Seems fair: plus less effort.

 

[queenofhearts1992]

@lrossin Can anyone give any insight on what they're like to deal with as a bank? Just got our mortgage with them.

 

[xsteved]

@queenofhearts1992 Never spoken to anyone to there, and have never had to either. I like it everything feels polished very subjective though. It was easier to move larger amounts than other banks with their authenticator app.

Recommended.

 

[angel898000]

@queenofhearts1992 I have my home loan with them too and I’m considering changing from ING.

I know ING has a higher rate but not worrying about all the hoops each month might be good.

ING also seem to be stripping the perks that made them good.

Seems their app is really strong too with lots of great features. Plus security which is always a plus.

 

[christian_girl_323]

@queenofhearts1992 They are great to deal with. Almost everything can be done online without speaking to a person.

I've been with them for almost 10 years with multiple mortgages. They were a little difficult in the early days because they had just entered consumer banking and the processes were still commercial-like. The last few years have seen a lot of improvement and they're fantastic now.

 

[resjudicata]

@queenofhearts1992 Easy peasy and they have a good app. Worth it

 

[januaryrose]

@lrossin Rabobank up to 5.75%

 

[clemenslee]

@januaryrose For 4 months on opening account as a new customer

 

[januaryrose]

@clemenslee Still worth mentioning. I’ve used mine up unfortunately.

Hoping ING or Ubank will bump up

 

[laurencesantos]

@januaryrose Yeah my introductory offer expires next month. Conveniently, that’s when my partner will be signing up

 

[esteven2nd]

@januaryrose ING have already announced.
uBank I haven't seen

 

[gbpolitical]

@esteven2nd Is it the same for ING? Can't see anything other than 5.5. Was hoping they'd increase.

 

[kay]

@lrossin How does the Macquarie card compare with the Citibank card? I loved my Citibank account, i could withdraw money in many countries in the world while travelling with no fee and great exchange rate. Sad that they decided to withdraw from Australian market

 

[lrossin]

@kay See the last sentence in my opening post. Zero issues using it overseas.