Hi Guys,
We have around $30k saved up in UBANK and wanted to know if there are any better options out there to earn more interest.
We are looking for a safe investment and guess thinks like Shares/FX trading is out of scope. I have burnt heaps money in the past with shares and fx, i.e burnt $600 in a minute whilst fx trading and don't want to do that again.
Thanks,
Vin
Thanks, will look into RAMS..
"Any nondeductible debts to pay off?" No
No
Looking good then.
put that in an offset account if you have a mortgage,or you can pay off any credit cards,cars or any other debt with high intrest.
+1 to the mortgage option (if you have one). You save whatever your home loan rate is (eg 5-6%) which amazing the government hasn't worked out how to tax you on, so much better than 3.6% less tax (income).
Saving accounts yield are average once you consider inflation. A Term deposit could get you a few extra basis points if you don't mind locking the money away for a few years. Shares are dangerous if you don't know what you are doing (so are financial advisor's that think they are analysts). Excessive leverage in FX is a great way to burn cash!
What I tell my parents = 20% Domestic Shares, 30% International Shares, 30% Bonds, 10% Gold, 10% Real Estate
All through low cost ETF's, rebalanced yearly to be tax effective, volatility and historical drawdowns are low
(just general advice - see a professional)
My bank account, unless you mean safe for you 😀
Hmmm, with investment it's best not to have all of your eggs in one basket…I propose half in yours Rocky, half in mine; textbook diversification! :)
This honestly gave me a good giggle as I've been crying over my finance exams
I might get a rude shock one day, but I go for company bonds. Have had some pay up to 10% eg MYOB until they listed. Best I've found recently are about 6%, eg CWNHB - a little better than that coz there's selling under par value.
I wouldn't lock it up in a term deposit, rates are so low it isn't really worth it, but if rates go up you'll want access to your money. Then again, with low rates I guess it would cost peanuts to renege.
ING Direct - pays 3.5%pa currently (used to be 4%) on up to 100k for money you just leave in an online no fee account with them. On top of that you get 2% rebate on any visa pay wave spendings (up to $100) which is better than trading in usual credit card frequent flyer points for cash or petrol cards! If you don't have a mortgage then this strategy is perfect and like the reverse of having a mortgage offset account where your pay goes in and credit card expenses come out (as the credit card bill falls due).
Alternatively, if you could gather 50k.. there are companies that would borrow your money to lend to companies on secured short terms of around 3 months and pay about 9%pa (interest paid monthly). Theres even better returns available if you have 100k or more laying around also.
Any reputable secure short term loan companies to lend to?
Very interested in these 9% loans. Even more so in the even better. Seems too good to be true?? Dodgy or reasonably safe??
http://www.infochoice.com.au/banking/savings-account/high-in…
3.60% seems to be maximum with RAMS. A few others are higher than UBank, some just for a short term.
Any nondeductible debts to pay off?