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High Interest Bank accounts

Discussion in 'Finance & Banking' started by gedditoffme, 12th Jun, 2008.

  1. gedditoffme

    gedditoffme New Member

    12th Jun, 2008
    Adelaide, SA
    G'day all,
    I am trying to reconsider my money at this point. I have 25k in a net banking account with a local Credit Union (Satisfac), at 6.8%. I'm trying to see if there are better things I can do with my money.

    I haven't made any withdrawals since I started, and would probably want to keep my primary account with Satisfac (Visa debit card, easy to access office, no fees, pretty much all I'd want for a transaction account). Is it worth moving to different accounts?

    I've just been googling for about 2 hours looking around, and most of the ones I've found are very gimmicky: stuff like 8.5% for the next month, then down to lower than I'm getting now (perhaps an exaggeration, but +2% for one month is worth nothing).

    I probably shouldn't consider shares, since I'm saving for a house so probably want my money in the next few years.

    So what can I do?
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

    9th Jun, 2005
    Sydney, Australia
    There seems to be a few accounts around offering a genuine 7.5% ... Members Equity Bank is one, I think the HSBC Serious saver is another.


    I think you are right to keep your money in the bank if you plan on using it to buy a house in the next year or two. If it is likely to be longer than this before you buy - then a relatively conservative investment strategy may still help you earn more like 10%+ ... but naturally there is a risk of going backwards. Tough call.