I Want to Move from ME Bank - Where to Invest?

FrenchFrie on 01/11/2024 - 12:42
Last edited 01/11/2024 - 15:14 by 1 other user

Hi there! I've had a savings account with ME Bank for over a year now, and they've done me the dirty for the third and last time, and I also read they are dropping the interest rate again.

What are the best options at the moment to invest my money? I have about 40k, I know it ain't much, but I want to grow them enough, so I'll be able to have a nice deposit to buy a house by myself (and a loan) in a few years time.

Are any other banks worth it? I've read that quite a few of them make you jump crazy hoops and I'd rather avoid that, there weren't much of them with ME Bank but I still manage to lose interest during 5 months.
Or is it better to invest elsewhere? Please no crypto, I lost too much on them already.

Thank you for your knowledge and feedback.

Financial Bank Account Savings Account

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Comments

  • RichardL on 01/11/2024 - 12:47
    +1

    Are any other banks worth it? I've read that quite a few of them make you jump crazy hoops and I'd rather avoid that,

    You can try ubank. Currently 5.5% up to $100k and only hoop is $500 deposit per month.

    Or refer to Savings Account Leaderboard spreadsheet

    • FrenchFrie on 01/11/2024 - 13:10

      Beautiful thank you!
      Would you happen to know if there's any referral bonus going on with ubank at the moment?

      • RichardL on 01/11/2024 - 13:13

        Would you happen to know if there's any referral bonus going on with ubank at the moment?

        Current referral offered by ubank - you can use the referral system located at the bottom of the description for a referral code.

        • FrenchFrie on 01/11/2024 - 13:17

          Thank you kindly, appreciate your help!

          • MaccasAU on 01/11/2024 - 18:11

            @FrenchFrie: I doubt this is an issue but also do know that the balance doesn't have to increase, it's just that a deposit must be made (ie you can transfer 500 to another bank account, and back, once a month). It is pretty chill which is nice

  • daydream on 01/11/2024 - 13:07

    We can thank Bank of Queensland (BOQ) for any adverse changes at ME Bank since their takeover :-( otherwise ME Bank's savings interest rates were some of the best.

    • FrenchFrie on 01/11/2024 - 13:12

      It was really good when I first joined. Then rate dropped literally the following month :/

  • Duckie2hh on 01/11/2024 - 13:17

    I have about 40k

    nice flex

    • FrenchFrie on 01/11/2024 - 13:23
      +1

      Ha? Took me 4 years to get there.
      I'm not from here, and feel like it's not much for Ozzie standards… But maybe I'm wrong?

      • Duckie2hh on 01/11/2024 - 13:26

        feel like it's not much

        Matter of perspective.

      • Caped Baldy on 01/11/2024 - 13:49

        Comparison is the thief of joy! You've done well.

        Consider looking at the passive investing Australia website. ETFs are a reasonable safe investment.

        At your current rate it might take some time to get a deposit.

        • FrenchFrie on 01/11/2024 - 13:54
          +1

          Thanks!
          I must say it grew quicker in the last year, since I found out about savings accounts here. I had no idea they could have such high interest rates, in my country we're used to interests under 1% so I never really bothered.
          I don't know that website nor what EFTs are, I will look into it, thanks for your knowledge and kind words!

    • JIMB0 on 01/11/2024 - 15:02
      -1

      That's chump change around here.

  • CyberMurning on 01/11/2024 - 13:26

    Dupe

  • Seraphin7 on 01/11/2024 - 13:46

    You'll get up to about 5.5% at the moment (as noted), with expectations of that coming down in the foreseeable future.

    Depending on your needs and outlook (and the accuracy of any crystal ball), you may wish to consider having some of your cash in a TD. Based on a quick look, you can get up to 5.05% on a 12 month term. This may have some use to you.

  • FrenchFrie on 01/11/2024 - 13:48

    Hi Seraphin7, please, can you clarify what is "TD"?
    I'm open to any suggestions about investment.

    • Caped Baldy on 01/11/2024 - 13:49

      term deposit

      • FrenchFrie on 01/11/2024 - 13:54

        Ha, idk what that is, will look it up. Thank you!

        • Caped Baldy on 01/11/2024 - 14:05

          Basically the same thing but your money will be locked into a certain timeframe at a set rate. Usually this is higher than the savings account. There is protection if rates go down but if rates go up you can't change the rate until the term period finishes. It's difficult to get money out if there's an emergency.

          • FrenchFrie on 01/11/2024 - 15:54

            @Caped Baldy: Ha, beautiful! Sounds pretty good to have a bit of cash there then, but not everything in case of life happening… Like today I have to withdraw 3k from savings to pay for my cair repairs.
            I'll defo look into it if any rates are higher than 6%, otherwise if it's less than ubank interest rates on a saving account, I feel like it's not really worth it

  • brad1-8tsi on 01/11/2024 - 16:17

    placing money with a bank isn't investing, it's called saving.

    • FrenchFrie on 01/11/2024 - 16:26

      Hey, what would you suggest me to invest my money in that has a higher interest rate than 6%?

      • brad1-8tsi on 01/11/2024 - 16:38

        I can't recommend anything with a guaranteed 6% return.

        If you have a high appetite for risk and can accept daily volatility then IVV or DHHF. You need to consider the risk vs reward and whether you can accept your $40k moving backwards $700 in a day or $2000 over a week and not get cold feet & sell at a loss.

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