![]() If enough savers start switching to market-leading accounts, then our largest banks will be forced to follow. “This account also puts extra pressure on the big four banks to keep their savings rates competitive. When it comes to savings rates, ING, in particular, isn’t used to playing second fiddle,” she said. “This highest rate could force the market leaders to reconsider their position. “Finally, we’ve got a bank offering its savers an interest rate that’s currently higher than inflation, with the latest CPI figures clocking in for the month of May at 5.6 per cent annually,” she said. With no currency conversion fees and no ATM fees from ME Bank, it’s a low-cost bank account option with a positive twist.” research director, Sally Tindall, said: “ME Bank’s new charity linked transaction accounts will appeal to many customers looking to provide extra support these fantastic organisations. Does not factor in extra deposits or withdrawals. Assumes Westpac customer is on ongoing rate. Source: Note: assumes monthly terms and conditions are met for max available interest on highest savings account. Interest saved on a balance of $50,000 for ME Bank HomeME vs Westpac eSaver ![]() research shows that a balance of $50,000 could potentially earn $2,350 more over the next year in a ME Bank HomeME account, as opposed to Westpac’s eSaver as an existing customer, provided they met the monthly terms and conditions. ![]() ME’s savings account puts another rung between the highest and lowest ongoing savings rates some of which are still sitting at 0.00 per cent, while the lowest ongoing savings rate from a big four bank is 1.10 per cent on Westpac’s eSaver account. Gap widening between the highest and lowest savings rates Monthly terms and conditions apply for max ongoing rate. Highest ongoing savings rates on Account However, the ATM provider may charge a fee. These cards are a low fee option with no monthly account keeping fees, no currency conversion fees and no domestic and international ATM withdrawal fees from ME Bank. Customers can choose to support either National Breast Cancer Foundation, Beyond Blue, Australian Wildlife Conservancy, Minus18 and Orange Sky with ME donating 1 cent to the charity every time customers tap their digital wallet. ME Bank is also launching a range of five charity linked Visa debit cards. To be eligible for the maximum rate customers need to deposit $2,000 into a linked transaction account each month and grow the balance of their HomeME savings account (excluding interest). Importantly, this rate is the only savings account that is currently higher than the monthly inflation rate of 5.6 per cent. ![]() The savings account, announced as part of a wider launch of new savings and transaction products, is available via the ME Go app and available for balances up to $100,000 for Australian residents aged 14 and over. The highest ongoing savings rate has hit 5.65 per cent, with ME Bank officially launching its HomeME savings account today. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |