Hi
I've got 20K sitting in an account not gaining any interest, and I figure it's about time I put it somewhere more suitable!
I'm looking for the best option to deposit the majority of this cash.
Thanks for your help
Savings account with best interest?
LPoimandres on 28/07/2014 - 12:02
Comments
Rams & Ubank are about the same @ the moment. However both ask for $200.00 p.m. to gain the higher interest rate. Ubank has the added advantage of a debit card which is handy for those unexpected purchases or when on holiday - whereas with Rams you will lose interest on any withdrawal during a month.
from here you can clearly see ubank is better. no restriction on withdrawals.
$200 is just petty cash. you dont have to keep it. transfer now take it out two days later, transfer back next month.Ubank is scrapping the $200 from October, but have to get Ultra account.
Ubank get my vote, tho their system isn't that straight forward. They also have a wierd 'auto-transfer' process between accounts, keeping one topped up at $500 all the time.
You can lower this to $100 (to earn more interest)
You're right- "You can make adjustments to your Sweeps directly by going to Managing > Accounts > Select your Account > Manage Sweeps from your Online Banking."
Ubank sounds pretty good! I'll have no troubles keeping up the $200 per month.
you can "recycle' if you have trouble :D
Yeah definitely Ubank, I'm in the exact same situation as you and I get about $55-$60-ish a month in interest on 19-20k-ish (its always changing)
Mebank at 4.6% if you apply prior to 30/06/14 last month
Head over to http://betterbanking.choice.com.au/ditch-and-switch for top 10 standard rates and top 10 bonus rates. It looks all the fees, rates, period and limits. Good place to go and they update it regularly.
There aren't any. Inflation and taxes kill it unless you get something high like 6%+.
Tax only applies to interest earned. Inflation will kill it even quicker unless you invest it.
Ubank is a good option.