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Term deposits

Discussion in 'Finance & Banking' started by 13109990, 11th Feb, 2010.

  1. 13109990

    13109990 Member

    Joined:
    23rd Jun, 2009
    Posts:
    8
    Location:
    Perth, WA
    Hey guys

    I'm thinking of dropping some cash into a term deposit soon. After checking around i've managed to find a pretty good one in RBonline (rural bank online). The interest rate is healthy and was just wondering whether anyone else has used this bank before?

    They dont seem to be mainstream and i'm a bit reluctant to use them without first checking out their credentials.

    Cheers
     
  2. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
    Posts:
    703
    Location:
    SE Queensland
    Hi 13109990

    Why are you keen on RBonline? The term deposit market is hotly contested. The major banks will offer special rates if pushed. They won't fold. Remember, the govt guarantee is finished. What rates are RBO offering?




    Johny.
     
  3. Mark88

    Mark88 Active Member

    Joined:
    7th Feb, 2010
    Posts:
    31
    Location:
    Sydney, NSW
    I am always a bit cautious with the lesser known banks. Commonwealth bank is currently offering an 8 month term deposit at 6.3%. So unless, RBO are offering a term deposit significantly above that, then I probably wouldn't go with them.
     
  4. 13109990

    13109990 Member

    Joined:
    23rd Jun, 2009
    Posts:
    8
    Location:
    Perth, WA
    Hey guys

    Cheers for the input. Rb online is offering 6.8% for 12 months. Im not too fussed on which institution I use as im just shopping for the best rate. I would rather use a more reputable bank for peace of mind.

    Johnny: when you say "push the banks", how exactly do i go about doing this?

    Mark: yeah, that looks pretty good. I've been exclusively using google to do my research to this point. The websites which compare deposits are quite useful but probably dont list all the information available. Whats the best place to source comparisons?
     
  5. Johny_come_lately

    Johny_come_lately Well-Known Member

    Joined:
    1st Jul, 2009
    Posts:
    703
    Location:
    SE Queensland
    The Banks want your custom. If you have significant $$$'s to invest, you just ask "What rates can you give me, if I use your bank." Even a .25% increase is worth it.

    If you live in a built up area, pounding the beat is better than google.




    Johny.
     
  6. 13109990

    13109990 Member

    Joined:
    23rd Jun, 2009
    Posts:
    8
    Location:
    Perth, WA
    Yeah, makes sense. I'll try going to my current bank (NAB) and flex my financial muscle a little.

    Cheers for that