A high interest account to dump our cash?

[Elke]

Hi there
We may have a gap between selling our unit n buying our next PPOR where we need to park our cash. We were thinking of a high interest account ... Any recommendations welcome, it's a jungle out there n there's always some clever person who's unearthed a bank offring a fantastic interest rate. Our best so far we've found is offering 6.5% interest.

 

[joeExpat]

Be careful of banks offering fantastic rates, they are usually the ones making the riskiest loans also. In any case don´t put more than 250K in one bank, the deposit guarantee maximum.

 

[TingTong]

Where are you getting 6.5% and how long is this term deposit ?

 

[Terry_w]

An ideal time to consider gifting the cash to a discretionary trust and implementing some asset protection strategies.

 

[Elke]

Ah ... advice please on how to maximise interest but also have access to funds immediately if need be. We are looking for our family home.. Could be next weekend or months til we find it, so want the money from sale of our existing place deposited somewhere better than under the bed.

A trust? A deposit? A cash savings account?

We r renting elsewhere so not forced to buy quickly n I'm a perfectionist, so it cd be ages til we find something!! o I want the cash stored where we don't have easy access to spend impulsively living luxuries , but can get it when we need it for the new home.

Thanks so much!

 

[Gremlin]

I would go for a high interst online savings account. Where are you seeing 6.5%? What risks are attached? I'd be considering ING, uBank etc for reasonable rates.

 

[MaxwellSmart]

ME Bank - 5.1% - No fees.

 

[Richard Feynman]

Looks like ME Bank is a winner at 5.1% (Incl. 1.60% p.a. bonus interest for 12 months).

A fallback option might be Rams who are offering 5.01% (Incl. 0.8% p.a. variable bonus if each month you deposit $200 and make no withdrawals).

 

[EN710]

RAMS is at 5.01% with 0.8% bonus rate - but you can't take the money out if youw ant the bonus.

 

[nomadic]

Ah ... advice please on how to maximise interest but also have access to funds immediately if need be. We are looking for our family home.. Could be next weekend or months til we find it, so want the money from sale of our existing place deposited somewhere better than under the bed.

A trust? A deposit? A cash savings account?

We r renting elsewhere so not forced to buy quickly n I'm a perfectionist, so it cd be ages til we find something!! o I want the cash stored where we don't have easy access to spend impulsively living luxuries , but can get it when we need it for the new home.

Thanks so much!

Lol, you were the one bragging about finding some fantasy bank paying 6.5%

 

[Aaron_C]

Lol, you were the one bragging about finding some fantasy bank paying 6.5%

There were. It's called Banksia

 

[Elke]

Oh, my info was a bit out of date, with the 6.5% interest. It USED to be that when I last had a saver account with Victoria Teachers Mutual Bank a few years ago, just assumed it would be the same, but after reading these comments I checked and its only 3.50%.

So thanks, I will look at ME bank...5.1% is now sounding good.

 

[Fox89]

UBANK backed by NAB and ME bank

 

[gottabespotless]

Don't forget to declare the interest come tax time .