The Best Bank- Make 2.87% with the ability to withdraw
A stock? A combination of stocks? A term deposit? A bond? P2P lending? Crowdfunding?
No. A bank, more specifically a high-interest savings account with Ubank.
It is important to note as always, while all the information is provided in faith that it is accurate and reliable. It is to be noted I am NOT a financial adviser and information given is purely my opinion on discussed matters. It is always recommended you speak to a financial adviser before making any financial decisions you may not be sure of.
I have done the research and with the exception of introduction rate deals, Ubanks Ultra Saver savings account offers the highest return in a savings account without the need to refrain from withdrawing. Unsurprisingly It is an online bank that is a division of The National Australian Bank (NAB). It beats all term deposits in terms of interest and liquidity and bonds in terms of liquidity and often interest rate too. It is also a simple method without the high risk that comes with alternate investment instruments like stocks, P2P lending, etc.
You can see the conditions here:
\ To get the bonus rate, you must deposit at least $200 a month into your USaver Ultra transaction or USaver savings account from a non-UBank account (for example, your salary). Also, the total balance of all your accounts must not exceed $200,000.
Provided you meet the criteria in the current month, you’ll start earning the bonus interest on your linked USaver savings account from the 1st of the following month
The best part is you can withdraw as much as you like whenever you like and still get your 2.87% on whatever is left.
The only alternative to this that is worth it is RAMS Saver Account where you earn 3.00% for the trade-off of losing the (relatively) high interest if you decide you need to withdraw any amount of money. Otherwise, you’ll be left savings account hopping.
The conditions are as follows:
To earn the bonus 1.65% p.a. variable interest on top of the variable base rate, just:
Deposit at least $200 during the month Make no withdrawals during that month Keep your balance between $200 - $500,000 for the month*Earning bonus interest could help you save more for your next holiday
All other banks either offer an introductory rate, a lower rate or both.
EDIT: Since posting this, RAMS has lowered their rate to 2.80%. This means Ubank comes out on top for both the interest rate and for having the ability to withdraw.
*Disclaimer, there is obviously some risk such as market and platform risk however when compared to other means of achieving these returns (e.g. stocks) in the current market, the risk is insignificant.
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There is a video here.