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Where should I hoard my bank savings? (aussie.zone)
submitted 1 year ago* (last edited 1 year ago) by WaterWaiver@aussie.zone to c/ausfinance@aussie.zone
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The online lists of bank savings accounts I've looked at are now mostly out of date.

The guardians for my grandmother recently got control of her CBA bank account (don't worry this isn't a horror story) and discovered it was all in an almost 0% interest account, so they've moved it to a goalsaver (4.65% at time of writing).

I have a CBA account, but moved my savings around a few years back first to Bank Australia (they had good interest for a while) then Credit Union SA (currently at 3.65%). I feel like I might end up with an account with everyone at this rate.

ING seems to offer 5.5% right now but they have a longer list of requirements attached than I expected (I'll have to start using their cards if I join them).

Any thoughts or advice? EDIT: Also are fixed term deposits ever sane? I've always assumed that guessing the direction of interest rates is a gamble.

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[-] WaterWaiver@aussie.zone 1 points 1 year ago* (last edited 1 year ago)

Thankyou.

term deposits isn’t the wisest place to park your money. Unless they’re paying 10%, then maybe…

My best understanding is that term deposits are a gamble between you and the bank about which direction interest rates will go. I suspect their modelling (even if poor?) will always be better than mine, so I assume that on average it won't be in my favour. But compared to normal savings accounts I don't know.

this post was submitted on 07 Jul 2023
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