Australia’s Government Guarantee scheme
Australia’s government bank guarantee = $250K per Person per Authorised Deposit-taking Instituion (ADI)
- How australian banks protect your money.
- Q&A about guarantee on deposits.
- Bank mergers who are part of 1 ADI: eg NAB & UBank are part of the same ADI
- Banks eligible for guarantee: here & here
Neobanks (digital banks)
A digital bank operates digitally, usually from an app, rather than from a physical branch or office. A digital bank is a fairly loose term; the correct industry name for these banks is a neobank.
A neobank is a completely digital bank that doesn’t use any existing legacy systems to operate. This means the bank doesn’t use any physical infrastructure or digital operating systems that are already being used by existing financial institutions in Australia.
Launching soon (20 Jan 19)
Updated 16 Jan 19
RBA’s cash rate = 1.5% & inflation = 1.9%
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- Is the institution covered by Aus Bank Guarantee? Is it owned by another ADI?
- What is the std var / total rate?
- How to qualify for bonus rate? Prefer allow withdrawals and no card purchases.
- Any fees? Does debit card have fee?
- What is credit rating?
|No||Institution||Name||Std var %||Bonus %||Total %pa||Credit rating||Conditions|
|1||BOQ||Fast track saver||0.5||2.5||3.0||S&P BBB+, Moody’s A3, Fitch A-||Bonus interest balance <= 250k. Deposit >= $1k / month. Bonus interest paid next month (end of month) where prior month conditions met. Eg month 1 (acc open), base rate applies, eligibility assessed end of month, if met, bonus rate will apply from month 2|
|2||Move bank||Bonus saver||1.7||1.2||2.9||Only available for railway employees. Bonus interest balance up to 250k. Deposit >= $200 & no withdrawals / month|
|3||UBank (part of NAB)||USaver Ultra||1.81||1.06||2.87||Bonus interest balance up to 200k. Deposit >= $200 / month & total balance of all accs < 200k. If balance > 200k, lose bonus interest. Bonus interest applied end of month|
|4||ME||Online savings||1.3||1.55||2.85||Bonus interest balance up to 250k. Weekly debit card purchase|
|5||RAMS (part of Westpac)||RAMS Saver||1.15||1.65||2.8||Bonus interest balance between $200 – $500k. Deposit >= $200 & no withdrawals / month & keep balance between $200 – $500k. Bonus interest applied end of month|
|6||ING||Savings maximiser||1||1.8||2.8||S&P A-, Moody’s Baa1, Fitch A+||Bonus interest balance up to 100k. Deposit >= $1k & 5+ card purchases / month. Bonus interest applied end of month|
|7||Up (neobank)||Up Savers||0.75||2||2.75||Bonus interest balance up to 50k. First 4 months, then 5+ card purchases / month|
|8||CUA||Regular saver||0.25||2.5||2.75||Bonus interest balance up to 500k. Deposit >= $250 & no withdrawals / month|
|9||Suncorp||Growth saver||0.2||2.4||2.6||S&P A+, Moody’s A1, Fitch A+||Deposit >= $200 & no withdrawals / month|
|10||BankWest (part of CBA)||Hero Saver||0.01||2.59||2.6||Balance up to 250k. Deposit >= $200 & no withdrawals / month|
|11||HSBC||Flexi saver||1.25||1.25||2.5||S&P A, Moody’s A2, Fitch AA-||Bonus interest balance up to 5 million. End balance >= $300 of start balance|
|12||NAB||Reward saver||0.5||1.9||2.4||S&P AA-, Moody’s Aa3, Fitch AA-||1 deposit & no withdrawals / month|
|13||ANZ||Progress saver||0.01||2.39||2.4||S&P AA-, Moody’s Aa3, Fitch AA-||Deposit >= $10 & no withdrawals / month|
|14||Westpac||Life||1||1.3||2.3||S&P AA-, Moody’s Aa3, Fitch AA-||Deposit > $0 & ensure account balance @ end > balance @ start. Balance > 0|
|15||CBA||GoalSaver||0.01||1.64 (< 50k) or 1.99 (50k-249k) or 2.29 (250k-299.99k) or 0.01 (>= 1 million)||1.65 or 2 or 2.3 or 0.01||S&P AA-, Moody’s Aa3, Fitch AA-||Deposit >= $200 & no withdrawals / month|
|No||Institution||Name||Std var %||Bonus %||Total %pa||Conditions|
|1||HSBC||Serious saver||1.4||1.7||3.1||First 4 months up to balance of $1 million, no withdrawals / month|
|2||RaboDirect||High interest savings||1.8||1.25||3.05||First 4 months up to balance of $250K|
|3||Citibank||Online saver||1.7||1.35||3.05||First 4 months up to balance of $500K|
|4||BankWest||TeleNet saver||1||1.7||2.7||First 4 months|
|5||NAB||iSaver||0.5||2.05||2.55||First 4 months up to balance of $20 million|
|6||CBA||Netbank saver||0.5||2.05||2.55||First 5 months|
|7||Westpac||eSaver||0.5||2.01||2.51||First 5 months|
|8||ANZ||Online saver||0.5||1.8||2.3||First 3 months|