As Einstein supposedly quoted, “Compound interest is the most powerful thing in the world”, Ahead of the theory of relativity, How do I get a hand on a compound interest account?
All accounts are compound if you let the interest ride in the account.
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
If you want compound interest on your savings, then go to the ING Direct website. They are the best, for what you would be looking at.
Regards,
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Why are they the best and what is techhowse looking for?
Cheers,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I’m looking for a compound interest bank account so I add a % of my savings in there to generate alot of money in the future.
1) ING Direct are pretty good and easy to use.
2) I don’t recall the theory of relativity making reference to compound interest.[biggrin]
3) Did Einstein really say this?
4) If he did indeed say it I’m confident it was prior to the discovery of nuclear fusion.
5) In matters of finance, I believe inflation is more powerful!
Cheers, F.[cowboy2]As Simon says, all savings accounts are compounded! Rather small interst rates mind you, but compounded nonetheless. As Foundation says, inflation can be higher![biggrin]
I am assuming though the question is more along the lines of which gives you the best return through a higher interest rate. There are a number of “bonus saver” accounts out there which have a higher rate of return but payback is dependant on staying for longer terms. Of course with any compounding, this is how it works anyway.
Hi techhowse,
Easy Street Financial Services has an online savings account paying 5.65%p.a. paid monthly, with no risk & ready access to your cash. Only need $1,000 minimum balance. Being paid monthly means it compounds 12 times per year (as opposed to say a term deposit that only pays interest on maturity). This account has won awards for best online account for 2-3 years in a row.
Hope this helps.
cheers,
Jason.
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