30 term deposits

[bergers_n_fries]

as i have run out of ideas as how to make money in this environment that is upon us i have begun to look at term deposits of sorts to at least gain a minimal amount of profit

so anyways, with 30 day term deposits am i able (after the 30 days has expired and i've collected my interest) to re-invest in the exact same 30 day deposits

i have around 10-12k to play with and want to do something with it and this seems the best opinion as a few institutions like members equity and bankwest are giving 8% give or take 30 day term deposits...to me making close to a grand monthly from this until either this passes or i actually have ideas seems the best option

have i got this completely wrong and i am infact showing my age???

thanks in advance, bergers_n_fries

 

[robots]

hello,

please lead us to the grand a month burgers,

thankyou
robots

 

[Nyden]

as i have run out of ideas as how to make money in this environment that is upon us i have begun to look at term deposits of sorts to at least gain a minimal amount of profit

so anyways, with 30 day term deposits am i able (after the 30 days has expired and i've collected my interest) to re-invest in the exact same 30 day deposits

i have around 10-12k to play with and want to do something with it and this seems the best opinion as a few institutions like members equity and bankwest are giving 8% give or take 30 day term deposits...to me making close to a grand monthly from this until either this passes or i actually have ideas seems the best option

have i got this completely wrong and i am infact showing my age???

thanks in advance, bergers_n_fries

Heh, you wish Bergers! That 8% is per annum, not over a monthly period!

 

[Largesse]

8% per annum on $10000 for 30 days

going to net you $800 per annum divided by 12, gives you $67 a month interest.

i'm pretty sure that's correct

 

[Nyden]

8% per annum on $10000 for 30 days

going to net you $800 per annum divided by 12, gives you $67 a month interest.

i'm pretty sure that's correct

Slightly incorrect, I don't believe you're accounting for the monthly compounding :
... Unless said term deposit allows for a continuation, and doesn't actually calculate interest if that option is elected?

 

[Largesse]

Slightly incorrect, I don't believe you're accounting for the monthly compounding :
... Unless said term deposit allows for a continuation, and doesn't actually calculate interest if that option is elected?

way i read the original post was that he was going to buy milk and cookies with his profit, thus not compounding

but yes, that wasnt accounting for compounding

give me a sec and i'll type out a formula that accounts for the compounding

 

[robots]

as i have run out of ideas as how to make money in this environment that is upon us i have begun to look at term deposits of sorts to at least gain a minimal amount of profit

so anyways, with 30 day term deposits am i able (after the 30 days has expired and i've collected my interest) to re-invest in the exact same 30 day deposits

i have around 10-12k to play with and want to do something with it and this seems the best opinion as a few institutions like members equity and bankwest are giving 8% give or take 30 day term deposits...to me making close to a grand monthly from this until either this passes or i actually have ideas seems the best option

have i got this completely wrong and i am infact showing my age???

thanks in advance, bergers_n_fries

hello,

concentrate on your job burgers,

this will most likely be the area where the most dollars will pass thru your hands,

you can sit around and think you a trader with massive risk or you can work and get a fairly risk free income

thankyou
robots

 

[michael_selway]

as i have run out of ideas as how to make money in this environment that is upon us i have begun to look at term deposits of sorts to at least gain a minimal amount of profit

so anyways, with 30 day term deposits am i able (after the 30 days has expired and i've collected my interest) to re-invest in the exact same 30 day deposits

i have around 10-12k to play with and want to do something with it and this seems the best opinion as a few institutions like members equity and bankwest are giving 8% give or take 30 day term deposits...to me making close to a grand monthly from this until either this passes or i actually have ideas seems the best option

have i got this completely wrong and i am infact showing my age???

thanks in advance, bergers_n_fries

Yep u also have to choose a bank that wont colapse!

HSBC seems ok atm

http://www.ratecity.com.au/savings-accounts/highest-rates/

thx

MS

 

[Nyden]

What actually has me stunned is that you believe 8% in a month would be a minimal gain? I would kill for that sort of action!