Hi all,
I just wanted to ask about different ways I could potentially invest $30,000
I currently have it in a low interest saving accounts, but I don't know where to put my money, e.g. different banks, accounts, whats fees, etc.
I'm not sure what I should be looking for when it comes to changing banks, etc.
So in a nutshell:
- Best Bank
- Fees involved
- T&C I should know about
- pros
- Cons
Cheers!
What's your Savings goal? (Property Deposit, etc.)
What's the investment term you expect?
Do you own your first home yet? Any plans to buy in the near future? If yes, it may be best to hold off investing in anything else other than a high interest (relative) saving account.
If no plans to buy your own place then consider shares.
Understand how much risk you can accept first and that should pretty much give you a fairly good idea what's suitable.
Little to no risk: 4.62% UBank Usaver with Ultra
https://www.ubank.com.au/ubank/web/products/savings-account
Invest in a stock market index or bonds, both good, reasonable return, low risk investments compared to term deposits which tend to be safer, but at the same time, much lower return.