Best Savings Account

Discussion in 'Money Management & Banking' started by Redwing, 19th Jun, 2019.

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  1. Redwing

    Redwing Well-Known Member

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  2. Lindsay_W

    Lindsay_W Well-Known Member

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    Terrible returns in my opinion, do any of these rates factor inflation?
     
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  3. geoffw

    geoffw Moderator Staff Member

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    Well, they are savings accounts. The returns are rather much better than rates given by any of the majors.

    Savings accounts can't be compared to other investments. They are there for money needed for quick access and for safety. There is a premium for the convenience.

    I wouldn't be surprised though to see even some of those low rates drop.
     
  4. Redwing

    Redwing Well-Known Member

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    ING recently dropped, U-Bank looks to have held their rates

    Term Deposits must be looking pretty sad nowadays
     
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  5. dunno

    dunno Well-Known Member

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    Best savings!....... I feel that is an oxymoron?

    How many people are currently watching their financial independent retirements evaporate because they thought previously that cash was the safe option?

    Should change title to least worst savings account.
     
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  6. sharon

    sharon Well-Known Member

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    My parents still think cash is the best option.
     
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  7. Trainee

    Trainee Well-Known Member

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    From a safety perspective it still is.
     
  8. Pleep

    Pleep Well-Known Member

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    Where should one park their funds safely if they have a need to spend it all in 2 years time?
     
  9. Sackie

    Sackie Well-Known Member Premium Member

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    I've still got some room left at my place.
     
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  10. DoggaPP

    DoggaPP Well-Known Member

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    Quitting NAB and moving my accounts across to CUA this week. The interest rates are OKish but the flexibility with the savings accounts are really good (no stupid rules about tapping 5 times a month or losing your interest if you withdraw blah, blah) Savings and Term Deposits
     
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  11. Kelvin Cunnington

    Kelvin Cunnington Well-Known Member

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    Same here. My MIL has literally tens of thousands - hidden in the house.
     
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  12. Kelvin Cunnington

    Kelvin Cunnington Well-Known Member

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    We have an online account. Better interest than usual Banks. Still terrible no matter who you select.
    Truth be known; if you have an Offset account with a redraw; probably better to keep feeding that - in my opinion. But I'm no expert.
     
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  13. Redwing

    Redwing Well-Known Member

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    Same

    Term Deposits

    Which aren't great at present (eg)

    UBank 1.70% p.a. (at maturity)
     
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  14. DoggaPP

    DoggaPP Well-Known Member

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    No debt - so that is not an option for me, but yes that would be the preferred approach otherwise
     
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