Interest Saver Accounts.. Anyone used them?

[gerryonline]

I spotted a tweet from Brendan earlier today about interest saver accounts, paying 5.5% the link is here St George - Direct Saver $50.00 Cashback Deals, Coupon Codes - Get Paid To Shop Online


I have never really been into interest accounts personally but this one caught my eye, supposedly if you sign up in the next week, st george bank pays you $30 and gives you 5.5% per annum?

I think I might sign up but was wondering if anyone had any feedback on st george bank and whether or not interest saver accounts are worth it?

[one]

The rate isn't bad, but you can get 5.62% with Bankwest and UBank (NAB), or 5.60% with ING. You'd have to check out the fees and charges first though.

Why were you not into interest bearing accounts?

[justinsigns]

I had an ANZ V2 for a while, but decided to hold my money in the offset account and save 6.5% interest on my mortgage instead of earning 5% then pay tax on that interest.

This is my view, it could be wrong but suits our situation.

[one]

For sure - if you have a mortgage with an offset facility, they are definitely the best way to go. As you said, you're effectively 'earning' a rate of interest equal to your mortgage rate (which will always be better than the best savings account rate) and you don't pay any tax on it. Fantastic.

A word of warning though - make sure it's a proper 100% offset account, because there are still a few offset accounts out there that don't provide a full offset.

[gerryonline]

I had just never thought of using them, main thing I use is the same as what justin says an offset against my mortgage and that seems to work fine.

Maybe I have never had enough money in my accounts to benefit from an interest saver account!