I need a high earning interest account for approximately 3-6 months. The money will be used to buy property when the right one comes along.
Just looking for recommendations on the best deals out there at the moment.
Cheers
Best Place to Invest $330,000 for 3-6 Months?
tranter on 07/11/2017 - 15:59
Comments
No, that is too risky! He should diversify the risk half on black, half on red!
… and then it lands on zero!
Oh well, no investment is guaranteed to yield profit ;-)
put it on a high interest savings account.
~3.00%pa
Our house loan is 3.84% p for about the same amount.
Good to know
Shop around with BIG Banks. ( not small banks ).no greedy.
Term deposit.
https://www.google.com.au/search?q=highest+6+month+term+depo…
Seems the best rate currently is 2.80%.
Ratesetter
You'd be better off with an online savings account, the rates are higher and you can draw your money out whenever you like. You could even take advantage of the introductory rates which typically expire after 4 months. Check out ING, ME Bank, Rabo direct.
Agreed. HSBC (3.00% for 4 months) seems like a good option for OP at the moment.
Thanks for the recommendations. HSBC looks good but there is a trap if you're not careful. When you withdraw you do not get paid any interest for that month. The month cycle goes from the 28th to the 27th of the next month so generally the best time to withdraw is on the 28th or soon after.
It might seem insignificant but on a large balance it could be a fair bit of money you are missing out on if you withdraw at the wrong time of the month cycle.
altomic
I was in the same position…with a similar amount of money
I gave my sister the money to reduce her mortgage by a significant amount.
and she halved what she saved in interest with me…not the best way to invest money… but I helped my sister a great deal for 12 months.
Respect. Stories like that restore my faith in humanity (I am serious).
Not everyone has trustworthy relos, otherwise, great idea. :)
Actually in today's market with interest rates what they are, depending on what she was paying that's not necessarily even a below average investment decision.
Lookup "double negatives" 0blivion, do you every find yourself misunderstood? There is a clearer way of saying what you were trying to say!
Ha! Point taken, but I did mean what I said, double negatives and all.
"Not a bad deal" != "a good deal". It could be just an average deal, which is what this sounds like. Half of prevailing home loan interest rates (~3.90%?) would be about 2.00%. Which isn't a great fixed term deposit return, BUT it's for a friend and it's obviously more flexible. So - average.
Ie it's an above average investment decision?
what about the poor tax man?
wow!! your sister is a keeper
…meanwhile the guy always responding "bikies" to anything (forgot his user name) just missed perfect opportunity.
No I didn't. Bikies.
Bitcoin.
In six months you'll either have $3,000,000 or $3,000Any of the companies mentioned in the Paradise Papers would no doubt be a good bet!
And you wouldn't pay any tax!
Buy bitcoins
Right before a fork?
Not likely. :0
serious question. Do you think its a bad time to buy/sell or is it best to hold atm?
BTC is going to crash after the fork, because there's no replay protection and it's contentious. Therefore, no free coins like with Bitcoin Cash (BCH) and Bitcoin Gold (BTG).
I've moved everything across to BCH instead, as the reasons behind their split were not borne out of self-interest, but scaling Bitcoin for long-term growth. It's got good prospects to rise (possibly overtake? in the long term) against BTC after this fork explodes, because users can't trade easily during network splits, fees are exorbitant, and confidence is eroded in the BTC/B2X chain regardless of who 'wins'.
IMO you'll see the BTC price retrace a fair bit as the money that is being diverted there to take advantage of the fork will flow back into the altcoins or out of the market. Selling at the top is goal of most investment after all. :) Long term, hard to say though I believe the future is rosy.
Australia to win rugby league World Cup
Ladbrokes
Brothel
RAMS saver offers 3.00% interest, thats where i parked my cash while waiting to buy a property. The money actually lives at Westpac behing the scenes.
Not an introductory offer, although you need to deposit $200/mo to keep the bonus interest coming. ME Bank have something similar although you need to use their debit card weekly.The catch with most of these high yield savings accounts is that generally there is a condition that you cant make any withdrawals at the risk of losing the bonus interest. So you'd have to time your withdrawal carefully just after an interest amount is paid.
Otherwise your interest falls to about half the amount.ME and ING you can draw money out whenever you like. With HSBC it used to cost you if making a withdrawal, I lost a whole month when I bought a car.
I'm with rams, 200 bucks a months forced saving is an easy goal to keep. Not being able to withdraw is annoying… Could keep more in there if I could withdraw…
4 x $80k investments with high yield. $10k on hookers and blow. Thank me in 6 months.
All on black.