Banking help (1 Viewer)

[cro_angel]

leading on from that other banking thread hopefully someone can help me
is it possible to have a term deposit for $2000 or does it always need to be $5000 or more?
if not.. what bank/account would you recommend for me to put a lump sum of money in (possibly deposits from work but no withdrawals) so i dont touch it until i plan to go overseas (in 2006) with a nice interest rate?
also.. with online banking can you only transfer money between accounts with the same banker or can you do it with any banking company? what are the fees like for doing this?
thanks in advance for any help or advice given

 

[kylie_robbo]

Mum (who works at Commonwealth Bank) says: "Yeah you can have a TD (term deposit) for $2000 but you get next to no interest. You'd be better of putting it in an Award Saver account or something similar."

 

[LeftrightOut]

leading on from that other banking thread hopefully someone can help me
is it possible to have a term deposit for $2000 or does it always need to be $5000 or more?
if not.. what bank/account would you recommend for me to put a lump sum of money in (possibly deposits from work but no withdrawals) so i dont touch it until i plan to go overseas (in 2006) with a nice interest rate?
also.. with online banking can you only transfer money between accounts with the same banker or can you do it with any banking company? what are the fees like for doing this?
thanks in advance for any help or advice given

1) Might as well put your money into an online savings account instead of term deposit for that amount, you won't get very good rates. Nice interest rate these days is 5-6% for online accounts. You won't find many alternatives for such a small amount giving a better return.

2) You can transfer wherever you like, same bank, other bank, other country. You shouldn't get charged for transferring money online between Australian banks, although you would need to read your banks Product Disclosure Statement and Financial Services Guide for all fees applicable.

 

[iambored]

from the other thread, i found out why not put it into one of the accounts with a lot of interest, say ing or citibak and then put it into a term deposit there? you can put $2000 in

 

[JoyDivision]

Dimi Why You Gotta do this To your Mother

Hmm I work for the NAB and I wouldnt be reccomending a Term Deposit to you, but you should visit your branch and get referred to someone who can talk to you in depth about this. Im encouraged to constantly refer customers to sales and service advisors, so they would be more than happy to talk to you about this.

 

[superbird]

cro_angel i suggest u consider opening up a st george directsaver account (check their website). it offers 5%p.a interest (minimum is $1000 i think), which is comparable to other term deposit offers from banks.
interest is calculated daily and paid monthly. atm im getting around $40 a month just in interest

 

[LeftrightOut]

cro_angel i suggest u consider opening up a st george directsaver account (check their website). it offers 5%p.a interest (minimum is $1000 i think), which is comparable to other term deposit offers from banks.
interest is calculated daily and paid monthly. atm im getting around $40 a month just in interest

Why settle for 5% when you could have 5.25% or 5.4% or 6%? It's a dragondirect account, you get no access via atms, no access via branches, so compare it to other online accounts.

I would suggest a citibank account over the dragondirect product, at least you can access your money via atms at any time and it's 5.4%. or if you are just chasing the % go get a bankwest account at 6% for first year.

http://moneymanager.smh.com.au/tools/compare/onlineaccounts.html

Oh and you can't check St Georges website it's not thier product, it's a dragon direct product http://www.dragondirect.com.au while that is a subsidiary of St George it is NOT St George and operates under it's own terms and conditions.

 

[theone123]

cro_angel i suggest u consider opening up a st george directsaver account (check their website). it offers 5%p.a interest (minimum is $1000 i think), which is comparable to other term deposit offers from banks.
interest is calculated daily and paid monthly. atm im getting around $40 a month just in interest

haha u got about 10k

 

[superbird]

haha u got about 10k

yeh i do. benefits of having two jobs and saving

 

[Mr Wiggle]

Try www.fincorp.com.au/rates.html

The rates are way higher then any banks offer But its a term deposit.

 

[LeftrightOut]

Try www.fincorp.com.au/rates.html

The rates are way higher then any banks offer But its a term deposit.

THAT IS NOT A TERM DEPOSIT, they offer First Ranking and Unsecured notes
http://www.fincorp.com.au/investment.html
http://www.fincorp.com.au/faq.html

PLEASE BE CAREFUL IN OFFERING SUCH ADVICE AND ANYONE CONSIDERING TAKING IT PLEASE DO SOME RESEARCH YOURSELF.

 

[Mr Wiggle]

Well they don't call it Term deposit but the way it is invested is the same as a term deposit where you don't actually access your funds for a period of time just like a term deposit.

The Bank when they offer you Term Deposit they don't actually tell you what they do with your money do they but with this they just simply state what they used the funds for.

I'm giving people an alternative other than a traditional bank

But you are right that people should research themselves before investing there own money

 

[klh]

thanks for all the info, i was looking into a banking product myself but didnt know where to start. Especially LeftRightOut, i couldnt find the directsaver account on the stgeorge site at all until you told me the alternate url. i was talking to the teller and he is like i dont think a TD gets alot, if you can use the internet go directsaver.
Ahhh, the fun of learning to save...[i am 18 and i just found out how banks work lol, and my mum used to be a loan/credit officer and i learned all this by myself]

once again, thnaks...