What to do with 10 grand?

[Scottroo]

okay i have ten grand sitting in my bank, no debts, no credit cards, whats the best way to grow this money with no/little risk?

 

[Nardz]

Re: what to do with 10 grand

Ado.ax

 

[deledio_gun]

Re: what to do with 10 grand

Rabobank internet savings account. You'll get close to Term Deposit rates but will retain access to your money. If you dont want risk this is the best way for your money to do a little work for you.

 

[Aquamarinejewel]

Re: what to do with 10 grand

Rabobank internet savings account.

Also U Bank's 'USaver' internet account they are offering up a good rate at the moment.

 

[Yellow Feathers]

Surely investing it is better than the interest from a bank? Banks barely cover inflation.

Question is a liquid one. How soon will you need that money? Or is there a chance that you'll need to access it sometime in the next 5 to 10 years?

 

[year of the roo]

How about a home saver's account or whatever they are called? Is that what you're saving for?

 

[scottwade]

okay i have ten grand sitting in my bank, no debts, no credit cards, whats the best way to grow this money with no/little risk?

If you really want no risk (and ready access to your money) an online savings a/c would probably be your best option.

As your location is Adelaide I'm fairly sure the Advertiser has a finance liftout on Monday, which lists current rates etc.

Alternatively;
http://adelaidenow.infochoice.com.au/banking/savings-account/compare-top-savings-accounts.aspx

Depending on your circumstances you might consider, in the future, other investment opportunities (shares/managed funds/super etc) for at least part of your nest egg.

 

[bunsen burner]

Coke. Hookers. In that order.

Seriously, I'd go stocks. I'd plonk 1/4 on Rinto, 1/4 on Westfarmers, 1/4 on ANZ, and 1/4 on Origin Energy. I'd sign up for all the div reinvestment plans as well. And then leave it there for a few years.

 

[Stradic]

With what is in the grand scale of things a small amount of money, put $9000 into a savings account and then use the $1000 to put into a more risky investments.

 

[Colin D'Cops]

I'm after a good savings account myself.

I've got some money in my Westpac eSaver at the moment, how does that stack up against some other Savings accounts? Anyone have a website where I can compare?

 

[Keystone agony]

Same im with Commonwealth unsure how much i get, i think i get close to 6% sometimes, i really have little idea on banks and all this stuff so im probably talking about a different thing altogether.

 

[scottwade]

I'm after a good savings account myself.

I've got some money in my Westpac eSaver at the moment, how does that stack up against some other Savings accounts? Anyone have a website where I can compare?

http://news.infochoice.com.au/banking/savings-account/compare-top-savings-accounts.aspx#

The important comparison rate is generally speaking the base rate.

 

[Colin D'Cops]

UBank looks my best bet you reckon from that?

 

[scottwade]

UBank looks my best bet you reckon from that?

I don't know your circumstances or your current banking relationship or goals, but certainly USaver is a good safe spot to deposit your cash (with ready access) and it clearly pays a very good rate of interest in the current climate.

On base interest alone it pays over $10 per month more than your current Westpac a/c. Not a huge amount, but it's effectively money for nothing.

UBank/Usaver would be my choice all things being equal.

 

[Colin D'Cops]

Cheers Scotty.

 

[Lakey91]

The best online savers are, and never will be, with the big 4 banks. They don't get your business by offering the highest rates. The smaller organisations though (Rabobank, UBank, ING, etc) offer much better rates in order to draw some customers. They are the place to be for the best interest savings rates.

 

[Dan Moody]

I'm after a good savings account myself.

I've got some money in my Westpac eSaver at the moment, how does that stack up against some other Savings accounts? Anyone have a website where I can compare?

Thankyou Sir!

Before we all go and chase the online rates (which do look good on paper) check the conditions of access. Some accounts will only give you the maximum interest rate based on deposits and reverts back to a standard variable if you make a withdrawal. For $10k, if you don't need it in the next 5 years, stick it in a TD offering no less than 5.80%.

 

[DTRAIN87]

okay i have ten grand sitting in my bank, no debts, no credit cards, whats the best way to grow this money with no/little risk?

Invest with A-Bank .

 

[The Slitherin' Snake]

The best online savers are, and never will be, with the big 4 banks. They don't get your business by offering the highest rates. The smaller organisations though (Rabobank, UBank, ING, etc) offer much better rates in order to draw some customers. They are the place to be for the best interest savings rates.

UBank is fully owned by NAB and the others while not part of the Aussie Big 4 are pretty big banks in their own right overseas. There really isn't any risk with any of them.

 

[year of the roo]

UBank is fully owned by NAB and the others while not part of the Aussie Big 4 are pretty big banks in their own right overseas. There really isn't any risk with any of them.

Rabo and ING are Dutch banks and make our "Big 4" look like a bunch of Liberatore's.

 

[checkraiseulite]

Rabo and ING are Dutch banks and make our "Big 4" look like a bunch of Liberatore's.

Hardly. A quick check of wikipedia reveals in AUD terms that Rabo has total assets of ~$820bn, whilst CBA has $780bn.

Pretty negligible difference.

 

[theGav56]

1) Use $1-2,000 for some personal financial education such as a "How to read a company report and profit and loss sheet", "Understanding Tax", "How to trade shares", "Buying an Investment Property" or "Self Managed Super" course.

2) Put the remainder of the money into a cashh account with good interest (remember a fair chunk of that interest is going to the Taxman).

3) Open an forex trading account where you can operate it using phantom money while you learn what is going on.

4) Take the money from the account and invest yourself in whatever financial area best suits you after doing those courses.

5) Move to Bali.

 

[evo]

^ ha. I like it!

 

[L_W_P]

1. Deposit $$$ into LWP's account.
2. Wait 5 years to follow up.
3. ?????
4. Profit!!!

 

[Jammer]

Blonk it in gold or silver bullion...... Bank interest is a joke in this market...
You will go close to getting 10kg of silver for 10k.....
US has just announced its keeping rates at zero until 2114...Euro fears..... Id be quite shocked if you dont make at least 10% by xmas