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Growing Money

Discussion in 'Finance & Banking' started by Ben, 25th Apr, 2010.

  1. Ben

    Ben New Member

    Joined:
    25th Apr, 2010
    Posts:
    1
    Location:
    Aus
    hi. I have $5000au in my savings account I want to "put away to grow" not sure if the correct term is long term investment? Noobie.

    I'm with Commonwealth bank. Do I just walk in my branch & ask? Is it a long process?

    some advice would be appreciated, thx.
     
  2. Superman

    Superman Well-Known Member

    Joined:
    6th Nov, 2007
    Posts:
    343
    Location:
    Gold Coast, QLD
    Hi Ben,

    Start with the end in mind.

    What is the purpose of the savings? What you are going to use it for will be one of the things which should determine how it should be invested.

    If you want access to the funds, then maybe an online saving account paying high interest.

    If it is the start of a long term savings plan (10 years plus), then maybe a managed investment where you start with $5k then add at least $100/month

    Hope this provides some direction.

    SM