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Savings

TobagoTobago Registered User new member
edited September 2009 in Help / Advice Forum
So I've been saving money for a while and it has come to my attention that it sitting in the bank is basically a waste of my time. So penny arcaders, what should I do with it?

Important Details:
- I'm Australian
- the amount is $20,000AUS.
- I definitely won't need any of it for 1 year minimum, and would probably leave it longer if interest was good.

Ideas?

Tobago on

Posts

  • ShurakaiShurakai Registered User regular
    edited September 2009
    Invest?

    I'm sure others here can recommend some good investments, especially because we are in a global recession and it is a very good time to do so.

    Keep in mind to take any internet advice with a grain of salt, though. Do your own research before pursuing any investments.

    Shurakai on
  • NotYouNotYou Registered User regular
    edited September 2009
    How do you feel about risk? High, medium, low?

    NotYou on
  • ThanatosThanatos Registered User regular
    edited September 2009
    NotYou wrote: »
    How do you feel about risk? High, medium, low?
    If he's investing for a year, he's looking for low-risk.

    Something like a CD would probably be your best bet; it locks the money down for a year, but it'll have a slightly better interest rate than a savings account.

    $20,000 might also be enough to get into a high-yield savings account, but you could probably find a similarly-high-yield CD that would beat it out slightly.

    Thanatos on
  • Blake TBlake T Do you have enemies then? Good. That means you’ve stood up for something, sometime in your life.Registered User regular
    edited September 2009
    Tobago wrote: »
    So I've been saving money for a while and it has come to my attention that it sitting in the bank is basically a waste of my time. So penny arcaders, what should I do with it?

    Important Details:
    - I'm Australian
    - the amount is $20,000AUS.
    - I definitely won't need any of it for 1 year minimum, and would probably leave it longer if interest was good.

    Ideas?

    Really you need to lock in a time frame of how long you want to invest for.

    One year is really too short to do very much other than popping it into a bank and get a term deposit.

    If you intend to invest it for a longer period (ideally more like 7) you will be better with investing into the sharemarket, whether you do it directly or through a financial planner it is up to you.

    Blake T on
    nzDA7PA.png

    Satans..... hints.....
  • Blake TBlake T Do you have enemies then? Good. That means you’ve stood up for something, sometime in your life.Registered User regular
    edited September 2009
    I also sent a quick email off to friend of mine that is a financial planner and he gave me this site.

    http://www.canstar.com.au/interest-rate-comparison/compare-online-savings-account-rates.html

    Additionally he says if you search interest rates comparison there are quite a few consumer choice websites available aswell.

    Blake T on
    nzDA7PA.png

    Satans..... hints.....
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