5
Where should I hoard my bank savings?
(aussie.zone)
Do we not have a wall street bets lemmy community?
Put it in an exchange traded fund. It's essentially buying shares in a diversified portfolio. You can choose how much risk you'd like to take ranging from foreign growth markets to govt bonds.
The following sheet which is shared around other similar sub... communities seems reasonably up to date.
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--eFJQq_Au7Z_BA4_CwkYwu2DI/htmlview
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...
I set up a transaction and savings accounts with ING some years ago, reimbursing atm and foreign exchange fees was a good draw and it became easy enough to hit the requirements for the bonus rate.
I've since got a home loan and offset account but still keep the ING savings as a holiday fund account and i now have my personal savings (separate from my and my partners joint savings) in a Citi bank account for the introductory rate as you can only have one bonus rate saving account with ING.
I think ING is limiting the (overseas?) ATM fee reimbursement now, my boss was complaining about this recently.
Yeah it's like 5 a month or something. I haven't hit the limit yet.
Yotta, because its decent and scratches the lottery itch.
I dig what Yotta is trying to do, but this is AusFinance, and they're US only right?
Wow. That's what I get for browsing 'new' and not paying attention. Thanks for being observant!
Ha, all good! I only noticed because I'd heard about Yotta a few years back and it just seemed like an interesting concept.
Looks like a gambling company. Smells like a gambling company. Says it uses "Gaming Labs" random number generators. Claims it's not a bank.
No thankyou, by definition for them to be profitable I have to put in more money than I get out.
This is all a little irrelevant because Yotta isn't in Australia, but anyway...
I totally get the ick factor when looking at Yotta, because it is definitely using the same hooks as gambling. But it's sometimes been referred to as a "No-Lose Lottery":
You get paid interest, but less than a traditional savings account. The trade-off is that the more you save into your account, the more "tickets" you get to win a larger amount.
The key is they're targetting a market that isn't choosing between Yotta and a traditional savings account, they're trying to encourage people who would spend on straight gambling to put their money in an incentivised account.
Some more detail from the founders
It's definitely not as good as a proper savings account, but if it's a way of redirecting money away from gambling and into savings then I figure it's a net win for society.
So it's less a pyramid, more a trapezoid?
this post was submitted on 07 Jul 2023
5 points (100.0% liked)
AusFinance
985 readers
1 users here now
founded 1 year ago
MODERATORS