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PetAT

239 posts

Master Geek


#154402 27-Oct-2014 03:07
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I have mostly been with ANZ, Recently have opened a Kiwi Bank account a couple of years back.

I used to have an Online savings account with ANZ but recently moved the savings to Kiwibank's Notice Saver Scheme, it has around 4.3% Interest a year and at the time seemed like a good option, the down side is where I need to give them 90 day notice before I can take out my money. I recently thought of it and I dont think I like it much, Its Just under 20K and I rather have an account where I can access the funds if needed urgently..

I have spoken with the Kiwi bank rep over the phone about opening an Online savings account which has interest rates of around 3~% however there is a catch that when ever I widraw any funds even online, my interest rates will drop a bit. Which is quite different from what I think I had with ANZ. Do all you like online, Interest rates remain the same throughout and calculated everyday/how much you have by the end of the month. Basically doesn't drop when I transfer funds between my accounts.


Which brings me to the question,  Should I move back to ANZ next year or should I find a new Bank? Anybody got any suggestions to another Bank who has better interest rates and accounts that may suit me? If it helps, I recently applied to re join some education in uni next year and have been put on a tertiary package.

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afe66
2454 posts

Uber Geek

Lifetime subscriber

  #1162747 27-Oct-2014 08:17
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Before you run around checking banks (most of which are very similar), have a think about what you want to do with your money.

The best return will be term deposit where the money is locked away for what ever length of time you signed up. You can't access the funds but get best return.

On call accounts where you can get money back at short notice pay less interest. The kiwibank on call account pays a set percentage then a bonus interest rate if you font touch the money which is also pretty standard.

Usually get get higher interest rates you loose day to day access.

How likely is it that you need all the funds ?

One option wound be to split the money into different accounts, one for longer term savings and another for shorter terms. If your sure you won't need say 10k for next 6 months then put 10k into a term deposit and the rest in an on call account. Either way try to avoid arranging things do that all your savings are in one on call account if you think you will need to access money regularly. Ie having 19k in an on call account and drawing down $100 pay cost you 2% bonus interest in the whole 19k which is alot.



A.



surfisup1000
4854 posts

Uber Geek


  #1162750 27-Oct-2014 08:17
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Rabodirect Premium saver and ANZ serious saver account are the best interest rates without restricting access. 

Try this....

http://www.interest.co.nz/saving/bonus-savings-accounts




 
 
 
 


PetAT

239 posts

Master Geek


  #1163031 27-Oct-2014 16:13
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afe66: Before you run around checking banks (most of which are very similar), have a think about what you want to do with your money.

The best return will be term deposit where the money is locked away for what ever length of time you signed up. You can't access the funds but get best return.

On call accounts where you can get money back at short notice pay less interest. The kiwibank on call account pays a set percentage then a bonus interest rate if you font touch the money which is also pretty standard.

Usually get get higher interest rates you loose day to day access.

How likely is it that you need all the funds ?

One option wound be to split the money into different accounts, one for longer term savings and another for shorter terms. If your sure you won't need say 10k for next 6 months then put 10k into a term deposit and the rest in an on call account. Either way try to avoid arranging things do that all your savings are in one on call account if you think you will need to access money regularly. Ie having 19k in an on call account and drawing down $100 pay cost you 2% bonus interest in the whole 19k which is alot.



A.





I will be using the funds eventually after uni to leave for oz/eu so don't need it all at once.
Currently I have 2K on a basic savings Account that I can use when needed with and rest with Kiwibank Notice Saver,


surfisup1000: Rabodirect Premium saver and ANZ serious saver account are the best interest rates without restricting access. 

Try this....

http://www.interest.co.nz/saving/bonus-savings-accounts





But seems on Rabodirect Saver you have to deposit minimum $50 every month to keep the premium rates of 4.6%, otherwise it becomes 1%. Very Useless compared to other saving accounts where we just leave the funds.




nzkiwiman
2403 posts

Uber Geek

Subscriber

  #1163680 28-Oct-2014 16:05
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I have two ANZ Online Saver accounts, though one I have removed the ability to access from online

3% is fine for me, and the ability to throw money into my primary account when I please but also remove as I please is great
Being on monthly pay, I throw all of my pay into the savings and withdraw over the month when needed.

True savings go into the second account and not having it linked to online banking means a trip to the branch to access but that means I REALLY need the money opposed to "need money"

In one year with only deposits, I've managed roughly $150 in interest.

MaxLV
656 posts

Ultimate Geek


  #1164056 29-Oct-2014 00:32
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surfisup1000: Rabodirect Premium saver and ANZ serious saver account are the best interest rates without restricting access. 

Try this....

http://www.interest.co.nz/saving/bonus-savings-accounts





If you make any withdrawals from the ANZ Serious Saver during the month you dont get premium interest (currently 4.40%p.a.) for the month, just standard interest of 0.10%p.a. You get one free withdrawal during the month, after that all withdrawals made during the month are charged a $5 transaction fee.

It's a good account if you dont want to touch the money, but dont want it locked in a term deposit.  

Month=calender month.

BTW what prompted Westpac to change their term deposit withdrawal T&C to make you give 32 days notice when you want to withdraw funds from a term deposit before it matures? 

tardtasticx
3027 posts

Uber Geek


  #1164060 29-Oct-2014 01:23
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PetAT:
afe66: Before you run around checking banks (most of which are very similar), have a think about what you want to do with your money.

The best return will be term deposit where the money is locked away for what ever length of time you signed up. You can't access the funds but get best return.

On call accounts where you can get money back at short notice pay less interest. The kiwibank on call account pays a set percentage then a bonus interest rate if you font touch the money which is also pretty standard.

Usually get get higher interest rates you loose day to day access.

How likely is it that you need all the funds ?

One option wound be to split the money into different accounts, one for longer term savings and another for shorter terms. If your sure you won't need say 10k for next 6 months then put 10k into a term deposit and the rest in an on call account. Either way try to avoid arranging things do that all your savings are in one on call account if you think you will need to access money regularly. Ie having 19k in an on call account and drawing down $100 pay cost you 2% bonus interest in the whole 19k which is alot.



A.





I will be using the funds eventually after uni to leave for oz/eu so don't need it all at once.
Currently I have 2K on a basic savings Account that I can use when needed with and rest with Kiwibank Notice Saver,


surfisup1000: Rabodirect Premium saver and ANZ serious saver account are the best interest rates without restricting access. 

Try this....

http://www.interest.co.nz/saving/bonus-savings-accounts





But seems on Rabodirect Saver you have to deposit minimum $50 every month to keep the premium rates of 4.6%, otherwise it becomes 1%. Very Useless compared to other saving accounts where we just leave the funds.





Easy to go around though. $50 x 12 months = $600, so keep that in a savings account with your main bank and chuck the rest in the Rabodirect account. Then setup an AP to put $50 into that rabo account each month, maintain top interest easily. Even there normal savings account is 3.4% IIRC so you could even keep that $600 in a separate suffix with the same account if you wanted.

Edit:
I would probably put it with Rabo, since it just takes one business night to get the funds out but can be done same day with a fee. The staff are super friendly at their contact centre. But it is kind of annoying not having physical branches or cards to access your accounts. But not a biggie since the money you'd give them wouldn't be stuff you'd touch on a daily basis anyway.

And for daily banking needs I highly recommend ASB. Their tertiary package is stella and most uni mates are with them too because of it. $2500 interest free overdraft certainly helps quite often, and nice to have. And who doesn't want free fries at Maccas with the tertiary debit card :P 




Bachelor of Computing Systems (2015)

 

--

 

Late 2013 MacBook Pro with Retina Display (4GB/2.4GHz i5/128GB SSD) - HP DV6 (8GB/2.8GHz i7/120GB SSD + 750GB HDD)
iPhone 6S + (64GB/Gold/Vodafone NZ) - Xperia Z C6603 (16GB/White/Spark NZ)

Sam, Auckland 


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