All Topics / Finance / Cash Management Accounts???

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  • Profile photo of DraconisVDraconisV
    Participant
    @draconisv
    Join Date: 2006
    Post Count: 319

    I know that these tend to have interest rate around 5%, which is insane compared to the crap savings account.
    And seeing now that i’m 18, i would like to open a savings account. Um, i dont know much about them. So how do they work? And which would be best?
    the info is desperately needed for me to make ‘A’ decision.

    Profile photo of voigtstrvoigtstr
    Member
    @voigtstr
    Join Date: 2005
    Post Count: 176
    Profile photo of DraconisVDraconisV
    Participant
    @draconisv
    Join Date: 2006
    Post Count: 319

    Ok, i just went to that ING website, and looked at the savings maximiser account with a 5.85% interest rate.
    Um, what fees do we pay, if this place has no fees how does it run.
    Are there any catches, what are they?

    Ive also just got them to post out an information pack to me, so i will be getting that on i think monday.

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Yu can do a lot better than ING check out http://www.cannex.com.au
    No really disadvantage other than you do everything over the internet and sometime may have to give a period of notice on your funds and they might be tied up for a period of time.

    Of course if you have a mortgage you can park them in a 100% offset account and get the same rate as you are paying on your home loan Tax free.

    Cheers

    Richard Taylor
    Residential & Commercial Finance Broker
    100% Finance on selected properties in the USA.
    Email us to be added to our mailing list.
    [email protected]
    Ph: 07-3720 1888

    Richard Taylor | Australia's leading private lender

    Profile photo of oziozi
    Member
    @ozi
    Join Date: 2004
    Post Count: 262

    BankWest TelenetSaver is 6.60% for the first 12 months:

    http://www.abetterdeal.com.au

    Regards,
    Ozi

    Profile photo of RealEstateQueenRealEstateQueen
    Member
    @realestatequeen
    Join Date: 2005
    Post Count: 69

    CBA has an account called the netbank saver account. It gets you 5.65, the difference between this and all the other accounts, is on other accounts, you generally need to leave your money there, and you only get interest on money above a certain amount. With this account, you get interest on any amount above $1000. Until your 25 that is, once you turn 25, its on balances over 5000, but youve still got years to worry about that!
    You get paid interest monthly too, and you can take your money at any time, no hassles, the only thing is, like its name, it only works over the internet, you dont go into the branch for anything, expcept to set it up and put money in.

    Profile photo of DraconisVDraconisV
    Participant
    @draconisv
    Join Date: 2006
    Post Count: 319

    Well. I’ve looked through all the available savings accounts and decided on a savings maximiser ING DIRECT account. I recieved the infopack today and have read through it all(including the product disclosure statement). I’m going to fill it out and send it in very soon and then my good financial decisions of my life will have begun.(except that 8K i saved from working at maccas in 19months).
    Thank you everybody great help all.

    Christopher.

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