Australia - why do you have the savings account you have?

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Topic Author
BaronRouge
Posts: 15
Joined: Fri May 10, 2019 3:45 am

Australia - why do you have the savings account you have?

Post by BaronRouge » Fri Aug 16, 2019 3:30 am

Hi there,

I am getting clued up on my personal finances and wanted to start by asking what are the things you have to think around in terms of selection and what are some of the better choices of bank savings accounts offered?

Thanks.

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asset_chaos
Posts: 1579
Joined: Tue Feb 27, 2007 6:13 pm
Location: Melbourne

Re: Australia - why do you have the savings account you have?

Post by asset_chaos » Fri Aug 16, 2019 6:18 pm

If you have a mortgage, the best savings account, by far, is the 100% offset account. That way your savings effectively gets the after tax return of your loan rate.
Regards, | | Guy

Topic Author
BaronRouge
Posts: 15
Joined: Fri May 10, 2019 3:45 am

Re: Australia - why do you have the savings account you have?

Post by BaronRouge » Sat Aug 17, 2019 4:35 am

I'm a renter.

andrew99999
Posts: 456
Joined: Fri Jul 13, 2018 8:14 pm

Re: Australia - why do you have the savings account you have?

Post by andrew99999 » Sat Aug 17, 2019 5:09 am

RAMS bonus saver has 2.55%
ING savings maximiser 2.30%
UBank is 2.41%

Topic Author
BaronRouge
Posts: 15
Joined: Fri May 10, 2019 3:45 am

Re: Australia - why do you have the savings account you have?

Post by BaronRouge » Sat Aug 17, 2019 9:59 pm

Great thanks. I have the ING Savings Maximiser already so that's good.

andrew99999
Posts: 456
Joined: Fri Jul 13, 2018 8:14 pm

Re: Australia - why do you have the savings account you have?

Post by andrew99999 » Sun Aug 18, 2019 7:23 am

Forgot to mention, if you have more than the government guaranteed amount, you should split it it between different banks so that you don't have over the government guaranteed amount in any single bank.
If you have more than can fit in multiple banks, that is a reason to use other methods. I'm not sure if cash ETFs have the same level of safety of government bonds or not, you would have to check into that to be sure if that is your situation.

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