Requesting Term Deposit Advice

LSammy Boi on 22/06/2020 - 11:45
Last edited 22/06/2020 - 13:42 by 1 other user

Hi guys I'm just looking for a bit of guidance/knowledge/information when it comes to term deposits/

I'm currently looking to put around $100,000 into a term deposit and I currently bank with Westpac I had a look last night at the term deposit rates and they look pretty low compared to some of the competition.
Straight away I noticed ME Bank looks to offer a much higher interest rate so I guess I'm just wondering what's the catch if there is one?
I did notice ME Bank seems to have some pretty bad reviews though I'm wondering if any of that will affect me as the only thing I would like to do with them is make a term deposit and then withdraw it all when it matures
The Westpac interest rate looks to be just under 1% and the ME one is around 1.65

Any advice or guidance would be much appreciated this is pretty much all my savings so I don't want to put it in the wrong hands
Any stipulations or anything I could just be totally missing would be great

Financial Term Deposit

Comments

  • [Deactivated] on 22/06/2020 - 11:58

    The returns are trash and should chuck money elsewhere

    • Sammy Boi on 22/06/2020 - 12:25
      +1

      Any advice of a safe investment would be great.
      Yeah I noticed the returns are pretty terrible

      • hashtagbargain on 22/06/2020 - 12:38

        Considered putting it in a home/investment loan offset account?

        • Sammy Boi on 22/06/2020 - 21:36

          No I haven't considered that I'm pretty new to all of this stuff. I'm basically saving to purchase my first home

  • toniyellow on 22/06/2020 - 12:05
    +1

    Anything on this list is safe https://www.apra.gov.au/list-of-authorised-deposit-taking-in…

    I would consider a savings account not a term deposit, as then you're not locked in and the rates are often higher
    e.g. Macquarie have a 4 month promo for 2.26% macquarie.com.au/everyday-banking/savings-account.html

    Relevant discussion - https://www.ozbargain.com.au/node/532074

    • Sammy Boi on 22/06/2020 - 12:28

      Thank you kindly I will check out that discussion
      I actually stumbled across that website last night when I was checking my money would be guaranteed but thank you for linking

  • Seraphin7 on 22/06/2020 - 12:42

    I would give ME Bank a wide berth.

    As noted above, the introductory rates on some online savers are superior. It does mean you've got to move your cash around if you're holding for a longer period, but probably a better go for the foreseeable future.

  • Drakesy on 22/06/2020 - 14:01

    Ubank, or if you're happy to switch constantly AMP or Macquarie have good promotional rates from memory.

    • Sammy Boi on 22/06/2020 - 21:37

      Yeah I'd prefer to just put it somewhere and not have to worry too much don't really want to move $100,000 around every quarter

  • screensaver on 22/06/2020 - 17:46

    Heritage Bank has 2.20 percent paid monthly and Rabo Bank 2.25, both for a few months but the highest axailable and Macqaurie 2.26

  • screensaver on 22/06/2020 - 17:53

    AMP Saver is 2,20 for SIX months, not 4 like the others, might pay to get that one

  • Sammy Boi on 22/06/2020 - 21:37

    Thanks for the advice guys keep it coming

  • inherentchoice on 23/06/2020 - 00:08

    Maybe chuck $15k of it into the First Home Super Saver Scheme before June 30?

    https://www.savings.com.au/home-loans/first-home-super-saver…

    • Sammy Boi on 24/06/2020 - 05:37

      I could be wrong but I don't currently have super well I did but I withDrew it as it wasn't very much so I don't think this is really going to benefit me.
      I did read the link listed but I'm not very good with this financial stuff

      • inherentchoice on 24/06/2020 - 07:46

        No super at all? Are you self employed?

Login or Join to leave a comment
Login Join