Qdos bank Term deposit??

Discussion in 'Other Asset Classes' started by John JS, 12th May, 2020.

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  1. John JS

    John JS Member

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    They are offering 1.9% for 5 month, any experience with them? They are the old QANTAS credit union, I guess they are a reliable bank. I need to park some funds for a while as my bank is only offering 1.35%.
     
  2. ALT

    ALT Well-Known Member

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    I’ve used their services for over 20 years. Low to no fees on a lot of products. I would recommend them.
     
  3. GoldCoastBound

    GoldCoastBound Well-Known Member

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    And the 1.9% is for only 5 months and is not per annum?
     
  4. Pier1

    Pier1 Well-Known Member

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    # All rates are per annum
     
  5. John JS

    John JS Member

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    It's per annum but a term of 5 months. But it seems that one can now have a longer term of 12 months and still get the 1.9%.
     
  6. GoldCoastBound

    GoldCoastBound Well-Known Member

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    Just so i can be clear on this...i can put 1 Million into this and in 5 months i will receive 19K after only 5 months?....or i will get the 19K after 12 months?

    thanks
     
  7. John JS

    John JS Member

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    Annum is Latin for year. :) So for a million you would get $19K if you invested for 12 months.

    For 5 months you get $19,000.00/12= $1,583.88 a month times 5 = $7,916.00

    But yes if there is the option to invest the full amount for 12 month then you would get the full $19K.

    Edit: Just checked and now you can invest for 12 months Term Deposits | High Interest Savings Account - Qudos Bank

    Just remember that the 1st $250K are government guaranteed like any other institution.
     
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  8. GoldCoastBound

    GoldCoastBound Well-Known Member

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    thanks for clearing that up, appreciate it
     
  9. Nigel

    Nigel Active Member

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    Hi John,

    Just looking at Qudos Bank term deposits on the back of this thread and I can see options that vary from 3 - 12 months at the same rate of 1.90%. What would be the reason (if any) that someone would opt in to the 12 month TD when they can get the same $ return from doing the 3 month option and just renewing the 3 months 4 times without being locked in at 12 months? Keen to get your insight.

    Also using your quote above - if TD's over $10k and 3 month durations are 1.9%, does that mean for the $10k at the end of the 3 month TD, i'd get $190 / 12 x 3 months = $47.5?

    Thanks
     
  10. Trainee

    Trainee Well-Known Member

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    if interest rates drop in the next 3 months, you might not be able to renew at 1.9%.
     
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  11. John JS

    John JS Member

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    hmmm did not get emails notifications for the last few posts, may have ended up in spam. o_O