Where should I hoard my bank savings? (aussie.zone)

submitted 1 year ago* (last edited 1 year ago) by [email protected] to c/[email protected]

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The online lists of bank savings accounts I've looked at are now mostly out of date.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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[-] [email protected] 3 points 1 year ago

That spreadsheet is very regularly updated by the community. The longest I've seen it being behind was by 2 days.

Depending on how much money OP's grandmother has, note that the majority of them have a limit on the amount of money earning interest.

Also at a time where interest rates are this fluid, term deposits isn't the wisest place to park your money. Unless they're paying 10%, then maybe...

this post was submitted on 07 Jul 2023

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