best interest rates for savings accounts (1 Viewer)

[totallybord]

hi,
i didnt no where to post this question so i decided that i prob wld get the best help here..
anyway...just wanted to no which banks have the best interest rates for a savings accounts?
i have done research...a bit..and i think hsbc serious savers offers 6.2% pa BUT where are the accounts that have interest of 15% and stuff? is that just for home loans?
and...for the hsbc one, it goes 6.2% pa for every month u dont withdrawal...does that mean u only get 6.2% a yr if u dopnt withdraw for a yr? or they divide 6.2% into 12 months and calculate the interests only if u dont withdrawal?
i just want an accoutn so that i can make more money!! so if u have any suggestions/tips/info
please help meeee!!
thank you

 

[townie]

Any account with 15% interest is likely to be a high risk account, and i'm not aware of any banks that offer such interests rates (not even for term deposits)

for the HSBC thing just ask for a copy of the PDS, that information will be included in there somewhere

if your just looking to make money, u could try investing in the stockmarket where ur more likely to make this 15% (but also more likely to have risk involved)

 

[alby]

the average rate these days for bank accounts is around 6-6.2%pa...the 15% is more likely to be for loans, and therefore its 15% extra that you're paying, not recieving

most banks calculate daily, pay monthly

How is interested calculated?

Interest is calculated daily on you HSBC Serious Saver up to $1,000,000. Interest is payable monthly. Interest will not be payable in any month where you have either made a withdrawal or closed your account.

look at the serious saver account FAQ for more info

 

[totallybord]

hi,
thanks for the faq thingys, i didnt no there was one...
i was thinking abt using the serious saver for earning money and then using my normal bank account for withdrawals so i get more interest paid...that will work ritte?
but then on the faqs, it has something abt the nominated accounts...if i withdraw from nim accoutn, wil that affect the serious sver account/
just wanna make sure xD
thank you

 

[alby]

from what i can see, its linked to an external account (your normal transaction account, with whatever institution you want). if you transfer money from the smart saver to your external (nominated) account, you will not recieve any interest on your savings in the serious saver account that month. if you have money sitting in your external account and just pay for things with that money (not something you've transferred from the hsbc account) then you will still get the interest.

i guess you could get around it by taking money out during one month...and then only deposit for the next few months. i personally dont think that's such a good idea.


i'm with suncorp-metway, who're qld based but have some branches/atms in other states. with the account i've got, you dont pay fees for transactions, just $5 a month. there's high-interest sub accounts (just increased to 6.15% p.a.) linked to your regular transaction account (also with suncorp), with instant transactions of money between them.

the only thing i find is that there's no branch near me (closest is about 30mins drive away), but i get around that by asking my employers to put my pay straight into my account (i do babysitting too), and i'm keeping my old bank account open (no account keeping fees) so that i can use if i need to deposit anything (and can transfer it straight into my suncorp account)

much better option imo...but just an example of what other banks have to offer (and from what i can remember, if its anything like citibank's application process..its really hard to get your ID approved because you have to know one of these high-profile people for over 12mths)

 

[ari89]

A year or so ago i was looking at heaps of bank accounts and I settled with Suncorp...seemed the best for me

 

[almost done now]

unless youve got like ten billion dollars, a few per cent difference in interest rates is not going to be life changing

 

[pete_mate]

unless youve got like ten billion dollars, a few per cent difference in interest rates is not going to be life changing

idiot, so for 5 mins looking around for something you waste $50 mroe interest you could have had over a year. then your earning $600 an hour.


6.6%, now 6.8 or 6.9, at bank of western australia.

takes like 2 days to get your cash, same as ING prettymuch, but who cares

best there is. telechoice saver account or something

 

[hellomike]

I know people who have a commonwealth account as their everyday debit. Each month they put $100 or more into an ANZ Progress Saver account and you get good interest on that.

 

[stevedude56]

A good account is the Commonwealth Netsaver. There are no fees and you get interest even if you withdraw. To get money out you have to transfer online though but thats easy. For under $5000 it is 5.65% and above $5000 its 6%. Its paid monthly.

 

[alby]

idiot, so for 5 mins looking around for something you waste $50 mroe interest you could have had over a year. then your earning $600 an hour.


6.6%, now 6.8 or 6.9, at bank of western australia.

takes like 2 days to get your cash, same as ING prettymuch, but who cares

best there is. telechoice saver account or something

only thing with banks like suncorp and bankwest is that they dont have many branches outside the state. suncorp has quite a few in nsw, but bankwest on the otherhand has a total of 1 in the whole of nsw (sydney cbd).

anz - crap rates if you need to withdrawl, and not much in the way of fee-free transactions
commbank - crap rates...and there's not many accounts (with any banks) which dont pay interest monthly


despite the fact that suncorp doesnt have as many branches in nsw as banks like commonwealth or national or anz, they have good interest rates (6.15%pa), no transaction fees ($5/month account-keeping), and you can use any atm. depositing cash/cheques can be done through any bank (just need all of the acct details...takes a bit longer to get into the acct, but shouldnt have any charges), or you can open a simple acct with no account-keeping fees or netbanking fees from another bank (with a branch near you), and just transfer it over once its gone through

 

[totallybord]

wld an investment account have higher interest?...whats the difference between investment and savings?

 

[totallybord]

which suncorp metway account did alby use?

 

[namdog]

I have a NAB iSaver account for my savings. It is 6.1% pa with no fees at all, and a flat interest rate no matter how much money comes in or leaves the account. If I need to take money out, it's really easy.

I get all my money from work etc. paid into my "everyday" account, which is linked to my Eftpos card, and then transfer over, mostly through internet banking but you can do it on phone banking or in the branch.

Of the people I know from school etc. I seem to have the best deal...

 

[mr_brightside]

ING ftw

 

[totallybord]

why does it say for the nab isaver:
" " 5.45% p.a. variable interest rate, calculated daily, paid monthly"
and is there a site for the ING ftw thingy?
thanks

 

[jase_]

http://www.ingdirect.com.au/ for ING

 

[totallybord]

is there an investment account for ing?

 

[totallybord]

do you have to be over 18 to trade/sell/buy shares? such as the st george share trading thing?

 

[dodgyfilokid]

yep u have to be 18 coz its a risky thing...dey dont believe u understand all the basic rules of tradin if your 17 or 16...as for me im on a westpac youth account which is a westpac one account without any fees..my savings account which comes wit it earns 6.3%pa if i dont withdraw anythin within a month, deposit once a month and if d account stays on a positive balance