Hi there! I'm looking to invest my money.
I have $5400, and am most likely looking for a term deposit (2 years or less.)
I'm stumbling through it a bit, because I'm not really sure what I'm doing, what a good rate is or whether some lesser known banks should be avoided.
Any information that might help me, be it good deals that you know of, or any comparison websites, would be greatly appreciated.
Thanks for reading!
im using common bank gold saver, about 6% and it's not term deposit
It has been a very long time since any bank in Australia has suffered a catastrophic failure. All of our banks whether the GFC and deposits were guaranteed by the Federal Government during that period.
Actually, looks like the scheme is still running with a $250,000 cap per person per institution;
http://www.guaranteescheme.gov.au/qa/deposits.html#3
So you should be pretty safe.
Independant advice on all things financial can be had at Cannex. http://www.canstar.com.au/
Personally I use the online high interest accounts with access merely 24 hours away.
If you have a mortgage it would be best to put the money into that & save quite a substantial amount on interest charges 9much more than you will get from depositing into a savings account). Only do this if you have a redraw or offset facility attached to your mortgage.
http://www.infochoice.com.au/banking/savings-account/list.as…
This is from the ozbargain wiki:
http://www.ozbargain.com.au/wiki/list_of_price_comparison_si…
Even though interest rate is going down, term deposit probably isn't a good idea. Their rates are consistently lower than those offered by the top online saving accounts. The top few choices are all fine, lot of people have used them.