Banks offer online savings accounts to businesses (eg. company name) at a much lower rate then personal accounts. (eg. ING offer 0.1% after their promo period & I don't think Ubank offer accounts to businesses).
I realise these rates aren't much and the savings are going down as they are less than inflation, but a couple of thousand dollars of interest a year is better than nothing.
I am trying to find the best rate that is ideally not for a short promo period due to the trouble of changing later.
The best I can find for around $200,000 is:
- Bank of Sydney - 1.35% (but no good as I spoke to them and you can only apply in a branch, and I am not near a branch of theirs)
- Beyond Bank - 1.2/1.4% (1.2% under $200,000, 1.4% over $200,000)
Anything better? Thanks
Depending on your situation, you could directors loan to yourself and earn personal savings account rates. Transfer the loan back before EOFY. Profit!