Buckscoop > Deals > Everything Else > Members Equity Online Savings Account: A MASSIVE 7.50% everyday variable interest rate!

Members Equity Online Savings Account: A MASSIVE 7.50% everyday variable interest rate!

Posted By: leny, posted 2008/02/28 08:24
The rate on the Online Savings Account (with Members Equity Bank) has risen to a huge variable interest rate of 7.50% per annum! This is NOT a promotional rate, it is their everyday rate. It doesn't get any better than this. I'd say this is the best offer by any institution on an online savings account in the past several years. The fact that the rate is not promotional, applies to every dollar every day, and that it's here to stay plays a big part.

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ME's explanation & info:

Earn a competitive 7.50% p.a. on every dollar in your account with interest calculated daily
No bank fees
No minimum opening deposit or balance required
No set term - deposit and withdraw without penalty at any time
Convenient 24/7 access to your account via internet and phone banking
Free phone and internet banking services
Whether your sights are set on saving for a dream holiday, new car or a wedding to remember, an Online Savings Account does everything possible to help you grow your balance to reach your goals sooner. It rewards you with a competitive 7.50%p.a. calculated daily on every dollar from the moment you deposit it; and better still, allows you to set up special accounts which are earmarked for specific savings goals. All free of bank fees.

You have the flexibility to link this account to any other account you nominate from any financial institution in Australia; plus the modern convenience of being able to access your nominated account to withdraw or deposit at any time via phone or internet banking ~ again without any charge.
62°-+
  • admin2008/02/28 08:28:34
    your avatar makes me laugh leny.

    I thought we had across the board 7.5+ interest rates around (not that I am speaking from any position of knowledge or authority)
  • leny2008/02/28 08:29:48
    Actually, I just changed my avatar just then. :(

    There are only 2 very high interest rates (ie: above RaboPlus' 7.15%) and they are from StGeorge for 7.25-7.30% and BankWest for 7.50% BUT not everyone is eligible and they are only promotional rates.
  • trevorf2008/02/28 08:53:12
    Quite a few of the higher rates have been promo rates or have had conditions attached to them.

    Nonetheless still quite interesting.
  • nod2008/02/28 10:49:45
    Well it may be a non promotional rate but it is of course still variable so it will be interesting to see what happens with the rate over the next few weeks/months

    Thanks for the heads up Leny :)
  • leny2008/02/28 18:54:38
    I doubt this rate will go down, this hasn't happened in a while. If a variable rate goes DOWN, people pull their money OUT. I'd like to see someone point out a rate, any rate that is NOT variable..?!?! All rates are variable, nothing is forever.
  • leny2008/02/28 19:22:41
    Anyone? Isn't that the way it is??
  • trevorf2008/02/28 22:47:01
    Well all relative to the RBA anyway, and well rising interest rates isn't really that a good of a thing.

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