question

[dUkez]

hey guys how r we all, just a quick question, im 17 yrs old and soon to be 18 and looking to save my money, im currently with the commonwealth bank and have just opened up a netbank saver, what does this mean, how much interest do i earn, and could someone please explain to me how interest works, much appreciated, thank you all

 

[Jimmy_the_Gent]

Ok, well you get 7% per annum, paid yearly, calculated daily.

http://www.commbank.com.au/personal/accounts/netbanksaver/default.aspx

http://www.commbank.com.au/personal/accounts/netbanksaver/features/default.aspx

See those links.

Basically, what that means is that everyday they're going to calculate how much money they owe you and at the end of the year they'll add up how much it is and credit that to your account.

Interest is pretty simple. Basically, if you have $100 in that account everyday for a whole year you'll get $7 interest paid to you. i.e. 1.07 x 100 = $107 (Percentage x money = money and interest)

107 - 100 = $7 (Money and interest - money = interest)

Of course, you're likely to have different amounts of money in your bank account everday so it'll be different.

If you're interested, 7%p.a. turns out to be 0.0001917808219% per day so if you have $100 in your bank for day 1 you'll get about 1.9 cents interest for that 24 hours.

Awesome isn't it?

Luckily for you there's no fees, which is an excellent thing in my opinion. Nothing worse than paying money to the bank so they can lend your dollars to some other bastard who also pays them.

Oh, and another thing, if I were you I'd look into bankwests regular saver. It's the same set up except it's at 9%

http://www.bankwest.com.au/Personal/Savings_and_Investment/Regular_Saver/index.aspx

It might be a little inconvienient because Bankwest might not have branches on the East Coast.

Anyway, hope that helped.

 

[dUkez]

Ok, well you get 7% per annum, paid yearly, calculated daily.

http://www.commbank.com.au/personal/accounts/netbanksaver/default.aspx

http://www.commbank.com.au/personal/accounts/netbanksaver/features/default.aspx

See those links.

Basically, what that means is that everyday they're going to calculate how much money they owe you and at the end of the year they'll add up how much it is and credit that to your account.

Interest is pretty simple. Basically, if you have $100 in that account everyday for a whole year you'll get $7 interest paid to you. i.e. 1.07 x 100 = $107 (Percentage x money = money and interest)

107 - 100 = $7 (Money and interest - money = interest)

Of course, you're likely to have different amounts of money in your bank account everday so it'll be different.

If you're interested, 7%p.a. turns out to be 0.0001917808219% per day so if you have $100 in your bank for day 1 you'll get about 1.9 cents interest for that 24 hours.

Awesome isn't it?

Luckily for you there's no fees, which is an excellent thing in my opinion. Nothing worse than paying money to the bank so they can lend your dollars to some other bastard who also pays them.

Oh, and another thing, if I were you I'd look into bankwests regular saver. It's the same set up except it's at 9%

http://www.bankwest.com.au/Personal/Savings_and_Investment/Regular_Saver/index.aspx

It might be a little inconvienient because Bankwest might not have branches on the East Coast.

Anyway, hope that helped.

JIMMY U LEGEND, thanx heaps mate really truly appreciate it, cheer bud

 

[nokiacasio]

Ok, well you get 7% per annum, paid yearly, calculated daily.

Paid monthly, not yearly.

Luckily for you there's no fees, which is an excellent thing in my opinion. Nothing worse than paying money to the bank so they can lend your dollars to some other bastard who also pays them.

Don't you need to have a Streamline account with the Comm Bank to have a Netbank Savers Account? Streamline account costs $5 per month unless you're a student.

 

[Jimmy_the_Gent]

Paid monthly, not yearly.

Don't you need to have a Streamline account with the Comm Bank to have a Netbank Savers Account? Streamline account costs $5 per month unless you're a student.

He'd know and have a streamline account because you can't open a Netbank account without one.

But yeah, it's paid monthly. I got that wrong.

 

[nokiacasio]

I now it's paid monthly because my son plans to use the interest on Netbank Savers to fund his hermit lifestyle.

 

[Hawk43]

hey guys how r we all, just a quick question, im 17 yrs old and soon to be 18 and looking to save my money, im currently with the commonwealth bank and have just opened up a netbank saver, what does this mean, how much interest do i earn, and could someone please explain to me how interest works, much appreciated, thank you all

mate just saw this post so i thought you'd know bankwest's 'Telenet saver' rate is currently 7.75% for the first 12 months and then to 7.25% after that. but this is a variable rate and at the moment rates only look like going up which works in your favour. There are no fees with this savings account and you can transfer money back to a normal bank account overnight. It's a great idea to have your money in cash at the moment with equities very volatile.
Hope this helps