Author Topic: (Australia) best 'savings' account(s) presently available?  (Read 1781 times)

stripey

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(Australia) best 'savings' account(s) presently available?
« on: November 28, 2014, 06:48:56 PM »
Hi fellow Aussies,

Just wondering what's out there for savings accounts. I am not quite so interested for me but for a younger family member who I am helping with managing finances. He has been living independently from the parents for over five years now, and spends 12 month stretches overseas in remote locations, then needs to return to Australia. When he is overseas he tends to spend little money...in fact, although not an MMM reader, he has huge frugality muscles. I manage correspondence, bills, etc. when he is O/S.

Basically, saving money is not an issue. What is necessary, though, is that in the unlikely event that something goes badly wrong for him  money is immediately available without too long a waiting period, and without having to make lengthy phone calls. Although we have some money in term deposits, we are looking for the best interest rate for cash 'at hand'.

Currently he has an eSaver account with Credit Union Australia which has 3% interest, no minimum savings required, no penalties for withdrawal. What else isout there?

potm

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Re: (Australia) best 'savings' account(s) presently available?
« Reply #1 on: November 28, 2014, 07:11:07 PM »
For the highest interest rate open a ubank saver and ultra account.

If he goes overseas a lot the citibank plus account is good to avoid foreign exchange fees.

stripey

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Re: (Australia) best 'savings' account(s) presently available?
« Reply #2 on: November 29, 2014, 06:48:06 PM »
Thanks, I'll look into the both of those!

moestache

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Re: (Australia) best 'savings' account(s) presently available?
« Reply #3 on: November 29, 2014, 11:40:08 PM »
I use the Citibank Plus account when I go overseas, they're pretty good. Citibank also have an online savings account that you could link with the plus account, I think the online savings account has a rate of 4%.

ING have a savings account at a similar rate too.

dungoofed

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Re: (Australia) best 'savings' account(s) presently available?
« Reply #4 on: November 30, 2014, 05:27:31 PM »
Just for comparison, you might want to consider AAA on the ASX:

http://www.betashares.com.au/products/name/australian-high-interest-cash-etf/#each-keyFacts

Currently 3.22% after fees, before brokerage. YMMV.

The list of accounts they invest in forms a good starting point if you want to put together something yourself: Westpac, Bankwest (CBA), Bank of Queensland, Rabobank


stripey

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Re: (Australia) best 'savings' account(s) presently available?
« Reply #5 on: November 30, 2014, 09:53:07 PM »
@dungoofed, very good point, thanks!