# Best Bank for term deposits



## Lucstar (4 September 2004)

Hi guys, i got some money and i'm looking to put in a bank account until i have enough to invest in shares. What's the best institution, offering high interest rates, yet reasonable risk, on the market at the moment? I came across ING Direct, who is offering 5.25% interest rates for A NORMAL BANK ACCOUNT. Is this my best option? Or is there a catch? Or is there any other institution offering better returns?


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## positivecashflow (4 September 2004)

Citibank is offering 5.4% at call with their Online Cash Manager account.  If you had a mortgage offset account I would stick it in there...

Cheers,

J.


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## Redwing (4 September 2004)

And to think "bankwest' is offering only 5.25% for $100 000 Plus..

From what i hear, most people prefer ING, i prefer to pay of my LOC which is at 6.4% on my house, i can always re-draw it when needed..


REDWING


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## jkool (4 September 2004)

Putting aside strategies involvig say morgage or another more complex solutions, the highest rates I came across from renown institutions in last few months were somewhere between 5.10-5.60. In this range I am pretty sure you could put your money in one of the following:

Southcorp
Westpack
ING
St George
Citibank

I am very sure this not an exhaustive list. From personal experience I can only recommend the product you are enquiring, ING Direct which I have been using myself for about 2 years now. However be aware that ING does not have ANY branches so dont plan to use it as an everyday account.


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## GreatPig (5 September 2004)

Lucstar,

Check out the rates on Cannex.

For term deposits, a few of the credit unions have the best rates for less than 12 months.

ING is one of the best for at-call. That Citibank one is good too if it's your own money, and not a company or trust. From memory, Arab bank was up there too.

Cheers,
GP


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## kifoghorn (5 September 2004)

When I went looking for an online bank, ING was offering 7.45% and $30.00 in the account   

The other main reason why I went with ING was that the account had no minium limit... At the time all the others had limits of $25,000 or more...

Still a hell of a lot better than any of the banks down the road


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## stefan (7 September 2004)

ING is certainly the most popular one. I've been using them ever since they came into existence. All other products are basically copies and there is not much of a difference. If you are in Queensland, Suncorp is offering the same interest and if you have your everyday banking with them, it is very easy to manage your funds as you can link the accounts together. Anyway, ING is a no brainer and it works perfectly fine. I would assume that the same goes with all the other ones.

ING
Citibank
StGeorge
Suncorp
AMP

All offer some kind of high interest accounts.

Happy trading

Stefan


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## Garpal Gumnut (1 May 2011)

The Gumnut millions are still with ING at 6.5%.

Should I change?

gg


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## Julia (1 May 2011)

www.infochoice.com.au

gg, comparison of available rates at above.

I need to move some funds and have been checking out the online at call accounts.
I wish they would simply say on their website if the deal is not available to SMSF's.
Several offers of at call at 6.5% but on further enquiry, it's 'sorry, not for SF's.'

Best I can find is Rabodirect Master a/c at 6.5% but that's only for deposits up to $200K.  Remainder has to go into the Premium Saver at 6.1% but to get that interest rate you have to ensure a minimum of $200 per month is deposited into the a/c.

There absolutely are not the deals around that there were in the early stages of the GFC.  I'm very glad I locked in 5 years at 8% for some funds back then.


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## Garpal Gumnut (1 May 2011)

Julia said:


> www.infochoice.com.au
> 
> gg, comparison of available rates at above.
> 
> ...




Good on you Julia, 8 seems reasonable.

I'm not looking beyond 6mo atm as I expect interest rates in the low teens in 12mo.

gg


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## Reasons (1 May 2011)

If you are looking to spread your accounts around for diversification, U-Bank (NAB) has 6.31% at call up to $1m and make it easy for SMSFs. They pay monthly and the only trick is not to move any money out in a given month or the rate drops to 5.01% for that month and then goes back up to 6.31% the next month if you don't touch the money. You can add to it.


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## sptrawler (20 May 2011)

Julia said:


> www.infochoice.com.au
> 
> gg, comparison of available rates at above.
> 
> ...




Julia, what is the issue they have with SMSF's?


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## Julia (20 May 2011)

sptrawler said:


> Julia, what is the issue they have with SMSF's?



 No idea, sp.  I have asked and received no explanation.
Can't argue with it.  It's their product.  They're entitled to decide who may buy it, I suppose.
Irritating, however.
Rabodirect will allow you to have up to $200K in a SMSF a/c and another $200K in your own name, if that's any help.


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## pixel (21 May 2011)

Every time one of my term deposits matures, I use Rate City: http://www.ratecity.com.au/term-deposits to get a market overview. Then I visit a few of my local branches and haggle. 

Addendum - this is after all a Share Traders' Forum: Macquarie offer Cash Management Accounts that pay RBA cash rates, calculated daily; that ought to be the minimum anybody demands for active trading accounts. I don't even trade through Macquarie Edge, but my facilitating (online) broker is quite happy to debit and credit my trades electronically via Mackas. 
Westpac offer their "frequent" traders an even bigger incentive if you trade with them via a "Cash Investment Account". Make two trades in a month and you qualify. :


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