- Simple no frills 1% interest for your first $50k. Not a lot, but better than 0.05%.
- No extra conditions needed e.g. salary crediting, credit card expenditure etc except you need min. $1000, making it one of the better options if you don't draw salary.
- No fall below fees or lock in period which is great!
- Purely online through ibanking which makes it quite simple to settle (don't have to head down to the bank)
- If you really need to go the bank, it's quite inconvenient.
- You'll be charged fees if you wish to withdraw over the counter/ATM, (but no fees if doing ibank transfer).
- Online interface isn't user-friendly! A little troublesome if you aren't IT savvy and takes a bit of experimenting to learn how to use it.
Good account to use if you don't draw salary or just to park your cash after you've hit the max amount in other salary crediting accounts. Inconvenient online interface to learn, but all you really need to know is how to transfer money out (for me at least).