Thursday, April 23, 2009

What accounts the major banks are offering...

What the banks are currently offering. Rates as of 23rd of April 09:

ANZ
link here
Access Advantage was the account I used to have. Great product for unlimited transactions.
Online saver: 3.75%

Westpac
The Choice account seem like good value...
Online eSaver: 4.3%

NAB (National)
Nice website if you're after account information. Many products and they offer the "minimum balance trap" for no account fees. If you have a bit of money to keep in there, this is not a bad option. 
Online iSaver: 4.25%

CBA (Commonwealth)
Some good accounts there, but virtually the same run-of-the-mill. Not much on offer really to persuade me to go with these accounts. 
Online Netbank Saver: 2.75%

Suncorp
I like the look of the everyday basics account. Only $2.50/month fees. Also, I just found a great product which looks like a term deposit and an online saver in one!
Online eOptions Saver: 3.5% with "term deposit like" options to 4.5%

Summary 
So much choice! The major five are quite competitive and it will be hard for anyone to choose. I like the NAB "balance trap" accounts, and, apart from the superior Suncorp "term deposit in an online saver disguise" product, has the second highest online saver rate. 

Which one do I recommend? Don't be silly now, I am not going to recommend any of them, I'll just say go through a satanic ritual where you throw all their pamphlets on a bonfire and the one that survives the longest should be the one you go for.

Good luck...don't get burned. 



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