Best use of my money whilst I search for a property?

[Achimy]

Hi all,

Currently I have about 30k sitting in a savings account doing nothing but earning a meagre 4% interest....

Obviously the whole point of investing is to make sure my money is working hard for me. But 4% is pretty bad. Is there a better use or better place the money can be placed to earn a better return in the immediate short term until I find a suitable investment property (I don't think I'll have enough time to learn about share trading and don't want to put any of it in shares in case, come settlement time, I would have to liquidate at the best price - and it might have gone down - if bad part of the cycle...)

Any suggestions would be good.

 

[Rixter]

Offset it against a PPOR firstly or IP second.

 

[Jamie M]

Agree with Rixter - if you've got a PPOR loan just park it against the offset.

If not - I'd prob just leave it in a high interest account for the time being.

Cheers

Jamie

 

[willair]

Hi all,

Currently I have about 30k sitting in a savings account doing nothing but earning a meagre 4% interest....
.

Just interested to know which Bank is paying 4% for a simple savings account?,the best I can get is 3.80% fixed terms per month..

 

[JPS25]

Ubank Ultra Account has 4.02% need X amount in account and deposit $200 a month can withdraw without penalties Bank West Hero 4% deposit $200 a month but if you make a withdrawal you are penalised with only 0.01% for that month. There are a few others too that do 4% all with varying rules. I find Ubank is usually the top one of them all due to flexibility to be able to withdraw without penalty plus as it is connected to a transaction account you receive a debit card and can Bpay directly out of the account.

 

[Achimy]

Ubank Ultra Account has 4.02% need X amount in account and deposit $200 a month can withdraw without penalties Bank West Hero 4% deposit $200 a month but if you make a withdrawal you are penalised with only 0.01% for that month. There are a few others too that do 4% all with varying rules. I find Ubank is usually the top one of them all due to flexibility to be able to withdraw without penalty plus as it is connected to a transaction account you receive a debit card and can Bpay directly out of the account.

Yes exactly, UBank.


Well I guess, savings it stays...Don't have a PPOR or IP so ya :S

 

[andystkilda]

Maybe try Ratesetter - new peer-to-peer lender just approved to operate in Australia.
You can stick it in there by the month at around 6% I believe.
Some risks involved, obviously.

 

[roypropertyinv]

Maybe try Ratesetter - new peer-to-peer lender just approved to operate in Australia.
You can stick it in there by the month at around 6% I believe.
Some risks involved, obviously.

Anyone on here used ratesetter or any other p2p lender?