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Thread: Regular Savings Accounts - Rams and UBank

  1. #1
    Gav
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    Regular Savings Accounts - Rams and UBank

    User jm47 over at OzBargain quite rightly pointed out that I didn't have UBank or Rams on the instant access comparison table: Compare the best interest rates for instant access cash savings | Money | Saver Scene Australia - there's 2 major ones on offer that give a good interest rate and I really have to rectify this. I'll start by adding this post to give more information about them.

    There's a new page: Regular Savings - high interest savings accounts | Money | Saver Scene Australia to see the regular savings accounts compared.

    RAMS Saver account

    RAMS
    Interest rate 4.51%
    To get the top interest rate: deposit at least $200 per month and no withdrawals.

    High Interest Savings Account

    UBank - A good place for money - Backed by NAB.
    Interest rate 4.41%
    To get the top interest rate: deposit at least $200 per month and no withdrawals.


    If you know of other regular savings accounts that I should be comparing please do let me know and I'll add them.
    Last edited by Gav; 26-09-2013 at 06:09 PM. Reason: updated interest rates



  2. #2
    Senior Member DealDude's Avatar
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    great update and good idea, they're very helpful to add to the other resources.

  3. #3
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    Hi there.
    Nice updates and this post is very helpful for new users like me. Well, I had a look on the government savings guarantee site and it doesn't say if the 250k guarantee is for per person or per bank institution, can anyone confirm this?
    Be Happy

  4. #4
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    @Gav you need to update this thread as the interest rates you have are not up to date with your page Regular Savings - high interest savings accounts | Money | Saver Scene Australia

    @emily66013 from the way I read it, it's per person / per institution so you can have $1,000,000 split into $250,000 in four different banks and be protected. I can't find anything about joint accounts and if you can have $500,000 in savings in a joint account and be protected. Be grateful if anyone has this information.

    3. What are the new arrangements from 1 February 2012?

    A new permanent cap of $250,000 per person per institution on deposits guaranteed under the Financial Claims Scheme took effect from 1 February 2012. This new cap was announced by the Treasurer on 11 September 2011.

    from: Australian Government Guarantee Scheme: Questions & Answers about the Guarantee of Deposits


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