I've been checking around to see what better savings accounts I might be able to use apart from my current Westpac.
Does anyone use this? It seems good.
http://www.hsbc.com.au/1/2/personal/savings/high-interest/serious-saver-faq
Try the arab bank
Thanks, I checked that out at http://www.arabbank.com.au. It seems the 'cash management account' is slightly lower at 6.50%. Though the 'term deposit' rate is up to 7.50% of amounts over $5k and for periods locked in around six months.
I'm looking to be able to withdraw the money at anytime.
Hi,
You need to check how they calc interest. eg some calc intrest based on lowest monthly amount (I think ING use to do that), others calculate it daily (and you would expect their rate to be slightly lower).I use NAB isaver. Its daily rate.
Mat
Right! That's interesting…can you explain with an example of $1000, used for one month how, "interest calculated daily and paid monthly" varies in dollar terms from the 7.25% paid monthly?
NAB $1000 One Month @6.80% = X?
HSBC $1000 One Month @7.25% = $1072.50cBy saying 'interest calculated daily' is that effectively compounding daily?
Kinda surprised nobody's mentioned Bankwest's TelNet account. http://abetterdeal.com.au/TeleNet_Saver/index.asp?promoCode=ABDTSMRIN
7.75%, drops to 7.25 after 12 months.
Go to ratecity.com.au
Suncorp is offering 8.2%Hi Jaffasoft,
No, NAB calcs interest on daily balance and applies to the account at the end of the month.If you had $500 to start at the month and was contributing say $200 a week, NAB looks at the balance at the end of each day to accumlate interest (ie APR / 365 – or what ever their rule is). Then pays at the end of the month.
Now the other scenario I was talking about would mean you would only get interest on $500 for that entire month (ie lowest balance in the month), then paid at the end of the month.
You need to look at your saving habbit vs APR to see which works best.
Mat
Mat
I found this site which is pretty good:
http://www.ratecity.com.au/savings-accounts/Sadly does not tell how it calculates the interest to pay. Note it was my bank manager who pointed out the issue of how interest is calculated that can have a huge impact the interest paid to you.
Here is a website I have found,
http://www.savingsaccountfinder.com.au
they do have calculator so it is better~The arab bank? are they in Australia?
What is the best savings account? I heard the best thing to do is put your money into your mortgage.
—
Queenbury InvestmentsI’ve found that our W.A. RAC (Royal Automobile Club) pays the highest interest.
I think there’s one in every state, with names varying just slightly.
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