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?
