My mum needs to put $10000 away out of reach from her everyday funds. The best her bank can offer is in a 6month term deposit for 2.2% - any better suggestions ? We are aware that interest rates are no good at the moment for savings but still would like to persist with this. It also needs to be a bank that has branches she's not into online banking .
Best term deposit rate for 6 months?
ELH05 on 19/07/2015 - 11:40
Last edited 19/07/2015 - 11:42
Last edited 19/07/2015 - 11:42
Comments
Bankwest has branches all over the place. 2.7% for 6 months.
EDIT: Sorry, that rate is only available online.
Okay..what about Credit Union Australia (CUA)? They have 2.9% (paid on maturity) for 6 months.
You don't mention where your Mum lives but there are branches all over Melbourne.
I'd just use whatever bank she banks with, as with such a small amount it makes hardly any difference whatsoever.
Example:
CUA 2.9% p.a for 6 months is $145 interest
BankWest 2.7% p.a for 6 months is $135 interestSo trying to find the 'best' rate will yield an extra $10
Keep in mind that her bank offers only 2.2% which is $110 interest
its barely worth the effort when the rates are this low.
she's not into online banking
All the more reason to get an online account -> out of her reach
Sorry guys Perth. She still wants to be independent but that does not include using a computer
Think she will try bank west
Try UBank. They have an a better rate @ 2.96%. Have been with them before and can recommend them 100% if you are happy with online banking and management. Otherwise your options will be fairly limited.
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