GOLD WIN­NERS BANK ME NON-BANK CUA Bonus in­ter­est can help build up that all-im­por­tant fi­nan­cial buf­fer

Money Magazine Australia - - BANKING CASH ACCOUNTS -

Arecent ME Bank re­port found one in four house­holds have less than $1000 in cash sav­ings, leav­ing many Aus­tralians vul­ner­a­ble to un­ex­pected bills or emer­gen­cies. Clearly it’s time to get se­ri­ous about sav­ing, and plenty of ac­counts of­fer bonus in­ter­est as an in­cen­tive.

ME’s On­line Sav­ings Ac­count takes a dif­fer­ent ap­proach. The base rate is 1.30%; how­ever, by open­ing an ME Ev­ery­day Ac­count and us­ing the linked debit card to make at least one tap&go pay­ment each week, a bonus rate of 1.55% ap­plies, bring­ing the to­tal re­turn to 2.85%.

CUA’s eSaver Boost en­cour­pro­vide ages reg­u­lar de­posits by pay­ing a top rate of 2.75% in months when at least $250 is tucked away in the ac­count and no with­drawals are made. If these con­di­tions aren’t met, the rate drops to 0.25%. Un­like many sav­ings ac­counts, CUA pays bonus in­ter­est on sav­ings up to $500,000.

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