Where to Put Your Day to Day Savings?

shortgum on 06/01/2021 - 00:28
Last edited 06/01/2021 - 11:06 by 1 other user

I placed most of my day to day savings at Ubank ultra saver account for most of my time. It has been slashing rates for ongoing months until 1.25%. I still keep it there because of the convenience of Ubank account combine with savings. But only on 1.1.21 the rate slash further down to 1.1%. Have to make a decision at that point savings almost no longer good.

In general want to know where you put your money now that is better than 1.1% right now? More so the title can be more like Which Online Savings account you put your savings?

I see INGDirect is still 1.35% but their condition is changing very soon anyway to a more difficult practice to meet their monthly criteria to keep 1.35% rate.

Will need to move but want to get some ideas. Not looking for investing but only keep an afloat savings account. Thanks

• 

  Hybroid on 06/01/2021 - 00:34

  +2

  Surely if you have enough savings that a 0.2% increase in interest is lucrative enough to spend time & effort moving it around, you would be investing those funds elsewhere and not a low interest savings account in the first place?

  • 

    peterpeterpumpkin on 06/01/2021 - 00:47

    +1

    Can your recommend an investment with a guaranteed "short-term" return? I know someone that's keeping quite a bit of money until next financial year where they'll also be paying people large chunks of money so they need to at least stay even.

    • 

      SF3 on 06/01/2021 - 00:50

      -1

      Ponzi inc.?

      • 

        Donaldhump on 06/01/2021 - 01:09

        -1

        Pyramid Ltd is much better

    • 

      Hybroid on 06/01/2021 - 00:59

      I'm not sure to be honest hence the question. I've also got a considerable amount of savings just depreciating away in a bank account but not brave enough to risk it somewhere and 1.00% plus or minus interest isn't worth fussing about.

      • 

        peterpeterpumpkin on 06/01/2021 - 01:09

        Fair enough. A retiree was telling me how strange it felt that a million in the bank now fetches less than the dole per annum, let alone the pension.

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  netjock on 06/01/2021 - 00:44

  Low interest rates are there to get you to spend your money + some more by taking on more debt. Little does the government realise the lower the interest rates and when there is nowhere to go people put it into assets and blow bubbles.

  If you have any debts pay them off or put it in an offset account for your money (you pay mortgage with after tax money and no deduction therefore best to pay your savings into there).

  Offset account / redraw facility is where I have it.

  Also if you partner is on a lower tax rate might be worthwhile having them hold it. Better paying 19% tax of your 1% than 40% tax.

• 

  fault on 06/01/2021 - 00:51

  +4

  Offset + Spaceship Voyager

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  avoidfullprice on 06/01/2021 - 00:58

  More so the title can be more like Which Online Savings account you put your savings?

  For day to day transactions/savings, check this thread and this link

  I miss the 7% days pre GFC.

  • 

    shortgum on 06/01/2021 - 01:24

    good sources. Mystate have equal rate at INGDirect at 1.35%. never heard of them. anyone tried Mystate saving account?

    • 

      tulip99 on 06/01/2021 - 08:28

      +1

      Just opened one before Xmas. You only need to deposit $20 per month into My State and do 5 eftposes to get the 1.35%. I did 5 x 0.01c card payments/eftposes at Woolies self serve machine yesterday (a tip I found on here a while ago) as I use my HSBC debit card for purchases as I get 2% cashback for purchases under $100.

      I'll be checking that my 0.01 eftposes qualify with My State.

    • 

      oldrocker on 07/07/2021 - 12:44

      I'm also looking for better returns, so far believe ING direct has the highest @ 1.35% on balances up to $100K only, plus have to meet T & C's like 5x transactions… Mystate is a Tasmanian instititution and their rate is 1.2%

      • 

        bluesky on 07/07/2021 - 15:09

        Just bear in mind with ING, to get the bonus, you must grow the balance.
        Not advocating for MyState either, although I do use it. From a convenience standpoint (higher limits, fewer hoops to jump through, etc) Ubank 1.1% is better. (MyState takes longer for standard transfers than other banks, such as Ubank, ING, etc).

        • 

          oldrocker on 08/07/2021 - 11:26

          @bluesky: Thanks, yes I'm aware of the requirement to grow the balance at ING.

• 

  Donaldhump on 06/01/2021 - 01:09

  +1

  Hsbc savings card, 2 percent rebate good for anything your going to spend.

• 

  watwatwat on 06/01/2021 - 01:32

  Stock market.

• 

  OzCheapo on 06/01/2021 - 02:49

  +1

  Booze and fast women. I squandered the rest.

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  Jimothy Wongingtons on 06/01/2021 - 07:40

  ETH

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  onetwothreefour on 06/01/2021 - 07:48

  Offset account.

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  Chuckles79 on 06/01/2021 - 08:47

  +1

  Recently opened with Macquarie savings, 1.35% first 4 months then 1.2% ongoing up to 250k. But yeh returns aren't fantasic but better than nothing and no risk.

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  perhaps on 06/01/2021 - 09:02

  +2

  Sportsbet😎

• 

  Fredfloresjr on 06/01/2021 - 09:13

  -1

  trifectas and quaddies. Focusing on NBA multis now but little goes to Cricket multis. Not to mention EPL multis.

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  pharkurnell on 06/01/2021 - 10:34

  Behind the cushions on the lounge.