Hi all,
any suggestions on where to park our saved home deposit while doing our research? we are guessing it will take us another 6-8 months before we can find the place/ area we are comfortable with. at the moment, it’s on a normal saving account with 5.25% rate.
or should i just leave it there and concentrate on researching our areas of interest ?
i’d appreciate any comments/ suggestions.
Thanks,
aafreenHi Aafreen,
I am certainly no expert but since you have a fairly short time frame, anything other than a term deposit or similar might be a bit risky.
I know you might not beat 5.25 % but at least you won’t loose it.
Someone else might have a more lucrative idea for you.
[medieval]
Matt
ING Direct is popular – is at call too.
Cheers,
Simon Macks
Mortgage Broker
http://www.mortgagehunter.com.au
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi There,
Not much difference but citybank got Online Cash Manager account with 5.40% return.Cheers
[
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PropertyGuRu
[sultan]Me – i would be more concerned about capital guarantee and security. I would stick to the big 4 aussie banks. I dont know enough about ING and Citibank eventhough they are huge internatiomnal banks. But i do recall that building society back in the 1980’s that crashed and a mate of mine had his housing deposit stuck there. He had to effectively start again.
Originally posted by yack:Me – i would be more concerned about capital guarantee and security. I would stick to the big 4 aussie banks. I dont know enough about ING and Citibank eventhough they are huge internatiomnal banks. But i do recall that building society back in the 1980’s that crashed and a mate of mine had his housing deposit stuck there. He had to effectively start again.
I think ING and Citibank are safe bank to put money in. I have some money in ING my self But they don’t have ATM etc. Citibank got ATM facility also I might join them also.
Cheers
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PropertyGuRu
[sultan]“I dont know enough about ING and Citibank”
ING is one of the largest financial/insurance institutions in the world – Citibank is the largest banking group in the world, with ~US23 billion in revenues last quarter.
Although I personally do not have any affiliation with the two, I consider both more stable and less resistant to economic and market pressures than the major banks in Australia and New Zealand.
— Michael
City Pacific,
7.5% at call, same set up as ING however not as well known.
citypac.com.au
ING is good. no fees and cash is at call. Not too sure about the other mentioned places, but i am in the same situation as you with my deposit parked in the bank whilst im doing the research.
CitiGroup (i.e. Citibank) is the largest financial institute in the world. If it was to default it would cause an international banking crises.
In fact when NAB was looking at potentially buying St George Bank, CitiBank offered to finance the whole deal by themselves. The NAB Chairman said in an interview that it would be difficult for the Big 4 and St George combined to be able to get enough to even finance the merger (even with other partners)!
My guess is CitiBank won’t be going anywhere for a very long time. There just too big… (esp. with $23Billion Revenue in 3 months!). In fact my guess is that the NAB and CB will go down way before CitiBank ever will.
Rgds.
Lucifer_au
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