I was wondering if anyone knows of any high interest cash options for Super that would pay a similar rate to a high interest savings account like ING or Ubank? Thanks.
Looking for High Interest Cash Option for Super
BluebirdV on 08/05/2022 - 09:43
Comments
Must be 💨 🌿.
There's bound to be a Ponzi scheme operating somewhere in the world. The trick is to get in early and get out before it falls apart.
That trick really is a trick though. To know ahead of time and profit you pretty much have to find about such things through unorthodox channels. By the time the normies know about it, the scheme is already wrapping up, and everyone knows they have a hot potato and they're all bailing (hence why the normies were invited to the party in the first place: the MSM shilling was specifically to get that last round of suckers in so that the big boys can liquidate and get out).
Recent examples: Bitcoin, Dogecoin, NFTs, any stocks in Cybersecurity companies after 2021, any stocks in Lithium/Wheat futures after April 2022, etc.
“High interest”, “Cash option”.
Those things do not really go together at the moment, even if interest rates look like rising.
Super is a long term investment and depending on your life stage, cash might not be the best option.
Knowing nothing about the context of your question, it’s impossible to answer.
Of course you really shouldn’t be taking advice from random OzBargain members anyway.
Pull out all your super and put it all into Afterpay three years ago and sell it all six months ago.
But what happens if you did the same thing with ZIP but at $6?
It blows not to be able to get đź’µ out of the fund when you want to. It's stuck there for 40Y.
Why aren't you running a smsf? Crypto is fine under ato rules.
Pension funds have too many rules. The worst is I don't control the funds.
Sure, but if you are employed, you get 10% of your pay sent into super, so you would do well to invest it in the assets you favour.
Different story if you are self employed, I guess.
The idea is to fund your retirement. Believe me when you get older you will be, very, happy you had the chance for it to accumulate over the time. Once you turn 60 you can start pulling an income from it tax free. Look at it as enforced saving so you don’t blow all your money now.
I already have hard assets set aside as savings for when I stop working.
They're under my control and I can do with them as I please, when I want and where I want.
I can borrow fiat đź’µ against them and accumulate more assets which is something many pension funds won't allow.
Post as a deal whrn you find it please.
Keep looking….
Looks like nobody knows of anything. How about a self managed super fund? Could you put it in a high interest savings account via ING? Just a short term strategy.
People that keep fiat đź’µ in legacy banks get negative net returns on their savings.
Perhaps if you had an SMSF but then the fees would kill you. You are better off looking at diversified investments and letting it eve out over time.
Could you put it in a high-interest savings account via ING? Just a short-term strategy.
Unfortunately no. If you are opening an account for SMSF in ING, it needs to be the Business Optimiser account. The welcome rate is reasonable - 1% for 6 months, and then it reverts to practically nothing (0.1%). They have also just implemented a condition whereby you need to keep at least 50K in the account.
Another SMSF account option - still not great but better than some others - is Rabobank SMSF accounts . The main account offers a 4-mth intro rate of 1.25%. Thereafter, their other account types offer rates, currently up to 0.7%. The NoticeSaver accounts lock the funds for up to 1,2 or 3 months. The PremiumSaver provides 0.55% as long as you increase the balance by $200 - and you can access the funds anytime.
If your strategy is short-term, perhaps the higher intro period rates are all you need. Open with one bank, take advantage of the intro rate, at the end of that, open with another bank with an intro rate.
👆
What is this 'high interest' you speak of?