With ING reducing its rate on its savings maximiser three months ago to 2.8% from 3%. What is the best rate you can get on the market?
And does ING seem to be loosing it's OzBargain followers now that all the banks have got rid off ATM fees?
Best Savings Account for $2,500 Per Month?
jstar168 on 27/09/2017 - 10:24
Last edited 27/09/2017 - 10:47 by 1 other user
Last edited 27/09/2017 - 10:47 by 1 other user
Comments
Almost sounds too good to be true ;)
I'm not sure if it's the best, but the Rams saver at 3% is pretty good if you don't need to make withdrawals: https://www.rams.com.au/savings-and-transactions/rams-saver/
Check out whirlpool. The thread is here https://forums.whirlpool.net.au/forum-replies.cfm?t=2558805
and comparison spreadsheet is here: https://goo.gl/FufTQP
3% is the best rate.
ING has lost half of my business to rams because rams usually offer a better rate. Though the 50cent cash back from eftpos withdrawals is a good reason to stay.
An offset account to your mortgage (if you have) is the best savings account you could ever find. Equivalent interest rate at say 4%(assumed mortgage interest rate) / (1 - applicable personal tax rate assume 22.5%) = 5.16%
1) Put against debt in offset
2) If you're SAVING $2.5k a month, I assume you have a bit already too. Look at buying some shares, most likely an ETF if you're inexperiencedI was thinking about shares and heard about ETF too. Any reading/suggestions you can recommend for me to start with?
Thank you!! :)
Invest in tech companies.
Look up Nvidia share price, Netflix share price, blizzard entertainment share price, Facebook share price, Google share price, Samsung share price for starters.. these seem to be booming atm and with good reason.
Find which one you are most comfortable or confident in and invest.
Apart from some private companies like Xiaomi and others most tech companies are publicly traded and so are able for common folk like you and me to invest in and reap the rewards.
Always do a quick Google or stock history search before you buy of course but the quick ones I listed above should give you some nice returns over the following years bar no unforeseen major developments or competitors.
Nvidia for example is currently killing it and have been doing so for years unperturbed same with Netflix and Facebook with no end in sight.
If you have any other sixth sense with other industries check them out too. Generally if a company is doing really well or is in the spotlight a lot then give them a lookout also if a company is doing poorly then check their main competitors.
I am riding a shaky cryptocurrency wave atm because it is personally more fun and interesting to me and more chance of risk and reward.
But if I wanted to get serious about making money and not just muck around I would probably invest in a mixture of the above that I see or pick one major one (nvidia or Netflix for me) and stick with it to save on trading fees.
But um yeah I am a novice trader at best so please don't take my word as gospel I am sure there are much more experienced and knowledgeable investors and financial experts out there I am just good at sometimes spotting trends and winners from afar because usually I never act on it and regret it years later haha lol.
Superannuation, Instant return of at least 19% if on 34% tax bracket, and taxed at 15 percent for life. Downside is you may never see it, but some relative will like you.
Or
Offset
If none of them choice go with me bank, no issue with withdrawal, just use me card twice a week to be sure. Worrying about a little diff in rates is pointless, as they change non stop
For the record, ing is going backwards
$2500 a month will hit the concessional contribution limit pretty quick, assuming OP has employer contributions too.
and taxed at 15 percent for life
I'm a fan of super, but its worth remembering 'life' in this context might mean the life of the next parliament! The investment pool is getting big, and gov tax incomes are below expenditure…
Agree, if the super age rises to 65 anytime soon, I'll be pi$$ed
They should just limit withdrawals to. 5% per annum till 67 or so
Get ready to be pi$$ed.
Anyone used the amp one?
What's the rate?
3.00% p.a. but you need to deposit $2000/mo and have 3 AMP accounts linked together to get that rate.
Ummm I'm not sure if it worths, given that you gotta have 3 accounts & the $2000/month deposit. RAMS is easer - only $200/m with no withdrawals.
RAMS 3%
Rabodirect 3.05% for first 4 months if you're a new customerThanks guys, I don't have a mortgage and I am not going to maximise my super just yet, I'm only 30 but i have just set up a rams account.
Thanks for the tips.
No to research the best ETFsonline savings accounts are poor options. you be much better off putting money into a managed fund.
bank of altomic offers 9%.
just wire/western union the money to: account #4858425, Bank of Nigeria