smooking39
Team Captain
I have some spare money in the bank that im getting around 5% a year off. What improvement would i likely get if i put my money in a managed fund? Also what risk would i be adding?
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I have some spare money in the bank that im getting around 5% a year off. What improvement would i likely get if i put my money in a managed fund? Also what risk would i be adding?
Which account do you get 6.55% at?
I have some spare money in the bank that im getting around 5% a year off. What improvement would i likely get if i put my money in a managed fund? Also what risk would i be adding?
Depends on what you are looking for mate. I'm no expert, but ING Savings Maximiser is currently at 6.00% p/a, which aint bad considering you can have access to your money whenever you like, so therefore it's not locked away like a term deposit is.
If you wanna get into shares, a couple of goods that i'd have a very very close look at are SRG (Sydney Road Group) and CEU (Connect East).
Im currently using an ING saving Maximiser and since its a savings account im not taking money out. I dont want to get into buying my own shares because i dont have the skill or the money to back it up. I just want to see if there is an easier way to get more that 6.00%. The money is going to be there for at least two years i reckon
For people outside of WA, Bankwest is looking to expand into the eastern states, but in a "without branches" manner, they want east coast customers to be electronic bankers.
For the first 12 months, they'll offer 6.80%
dude, if you are going to have it in their longer than say 2 yrs, then definitely definitely put it in managed funds, most bad years you'll still get 5%, good years you can expect 10-20%. having your money sitting in a bank long term is nuts IMO.tempting
is there a minimum deposit
whats the best way to go about looking for a managed fund. I have some finacial knowledge but not much and i dont really want to pay anyone for finacial advice.
I have some spare money in the bank that im getting around 5% a year off. What improvement would i likely get if i put my money in a managed fund? Also what risk would i be adding?
Index funds track economic indexes like S&P500. Most managed funds are controlled by people with degrees. This adds to costs because you pay for their expertise.managed funds typically track the ASX, stock market indexes...so if the market rises , you would generally expect Man Fund trusts to rise.
dude, if you are going to have it in their longer than say 2 yrs, then definitely definitely put it in managed funds, most bad years you'll still get 5%, good years you can expect 10-20%. having your money sitting in a bank long term is nuts IMO.
$300 for someone to push their products down your throat isn't what I'd call cheap, try to get an indepedent advisor, or at least an advisor that will openly recomend different products (unless you are committed to the banks product anyway). You have to do alot of homework. There are a few pretty good and free internet sites that rate alot of financial products, I forget what they are. Don't be afraid to question the financial advisor's ability and freedom to recommend stuff outside of that particular bank and even ask them what is in it for them (i.e COMMISIONS).Go into a bank and pick up a product disclosure statement. You'll find the application form in it as well as what fees you'll be charged, a summary of the funds available within the trust, and simple explanations how the fund operates.
You should speak to a financial advisor as your knowledge of different investment markets is clearly limited. The initial meeting is usually free, and if not they have to explain all fees and costs involved and attain your agreement before they can proceed with any advice.
If you see a bank advisor, such as a Commonwealth Bank, you should be able to get advice relatively cheap ($300), especially if you specifically scope out the rest of your financial situation and instruct them to only advise you on the managed fund. Its money well spent as the advisor will have to provide to you the plan in writing and outline all risks and costs involved. This way you can go home, read over the plan, and make an informed decision on how you want to proceed.
$300 for someone to push their products down your throat isn't what I'd call cheap, try to get an indepedent advisor, or at least an advisor that will openly recomend different products (unless you are committed to the banks product anyway). You have to do alot of homework. There are a few pretty good and free internet sites that rate alot of financial products, I forget what they are. Don't be afraid to question the financial advisor's ability and freedom to recommend stuff outside of that particular bank and even ask them what is in it for them (i.e COMMISIONS).