Are there brokers to get the best deposit deals at banks?

westminster

westminster

I know it's not property related but .....
If you want to get banks to 'bid' for your $$ is there a type of broker who helps with that?
Eg you have a business with a mill and wanted to put it into a fixed term deposit but rather than ringing every single bank someone brokered it.
I imagine if there are brokers to take money out of banks there must be brokers to put money INTO banks.
 
I will pay 5 % pa, paid quarterly

My acct number is ...............................

Seriously : ) most mortgage brokers have access to a placement service for TDs, AND we get paid for it.

Im not aware of a business that targets TDs to place though without the owner of the $ being charged a placement fee.

Lets see what pops out

ta
rolf
 
westminster said:
I know it's not property related but .....
If you want to get banks to 'bid' for your $$ is there a type of broker who helps with that?
Eg you have a business with a mill and wanted to put it into a fixed term deposit but rather than ringing every single bank someone brokered it.
I imagine if there are brokers to take money out of banks there must be brokers to put money INTO banks.
Click to expand...

look at some of the comparison sites to get and idea about rates. Pick the best rate then go to your preferred bank and ask them to match it.
 
You're essentially asking for advice on where to invest money. That would be the realm of a financial planner. Mortgage brokers are qualified to advise on lending money, not investing it. A few lenders allow us to request savings accounts to be opened as part of the home loan process, but that's about as far as we can go.

I've heard that UBank and BankWest have reasonable interest rates, based on the fact that a lot of first home buyers have their savings with these financial institutions. I can't tell you what their rates are or how they meet your objectives. There are probably also term deposits out there with better returns.
 
I believe thru our planning arm we have access to a system that taps the banks for their deposit rates. So for example you have a TD with CBA, and then its getting ready to roll over and you want a 5-6 month TD and who has the best rates running and its all online. So you log into the system and can then transfer it from CBA to Westpac.

But its not a service they offer for non clients or the general public at the same time and really I'd figure they'd be chasing large cash

Then again you could invest it into some stock and probably get a higher dividend yield fully franked although you would get some volatility risk with this.

Although I'm not giving you advice to do this

Also they're not going to sit and ring all the banks for you either - its just an online thing
 
Last edited:
I didn't think it was part of a mortgage broking service but I was curious if there was a type of broker who does do it.

So it looks like it falls under financial advisor realm. I'm not looking for them to ring around I was assuming like with the mortgage broking system that there was an online system where you say "I have a client with $xx who wishes to TD or non TD account, what does your bank offer" and like with the mortgage system you then get a spreadsheet which says
Bank x TD 5.6% for 12mths, 5.5% for 6mths
Bank y TD 6.2% for 12mths, 6.0% for 6mth
Bank x blah blah blah
 
Pretty spot on, but its all online. So the client looks on line and can just do a rollover to the new bank online without having to run around.
 
You must log in or register to reply here.

Similar threads

ej89
Deposit bond/bank guarantee
Replies
6
Views
2K
tobe
tobe
S
Financing process - first purchase
Replies
19
Views
3K
tobe
tobe
R
Some problem with our Loan with AMP?
Replies
5
Views
2K
NPB
N
J
Question for mortgage brokers (victoria)
Replies
11
Views
2K
Jamie M
Jamie M
M
Increase Loan and then split
Replies
15
Views
3K
sting_bite
S
Back
Top