We receive the proceeds for our unit sale tomorrow and don’t need it for a little over 3 weeks when we settle on our new property. Total cash would be around $1.8M. We have 2 Ubank accounts so will put $500k total in there and we can easily move all of it back out with a phone call to Ubank.
Where can we place the remaining $1.3 for less than a month where we can earn decent interest and be able to transfer it back out quickly?
Only one answer -
Bank of Altomic.
BSB please
420-6969
Not sure I can transfer $1M back out in a single day.
Ask them
As long as its not a cash withdrawal shouldn't be a problem. Just make sure you give them notice of transfer.
Under your bed, of course!
Woohoo another housing thread! 🎉
what did your financial advisor/accountant/solicitor/conveyancer suggest? apart from ask ozbargain
.
Conveyancer mentioned to place it with the mortgage provider of our new property. Rates were pretty poor but it is convenient.
1.8m for a unit?? damn ozbargain members certain live up to the stereotype of earning $300k plus a yr, driving $80k high yield investment.
Sydney property prices be cray cray
That's just the cash component, after paying the mortgage!
$1.3 for less than a month where we can earn decent interest and be able to transfer it back out quickly?
The interest will be tiny you realise?
at 4.75% interest for 3 weeks = $3562 for 1.3 mill
Minus $1700 for tax
$3552 rounded down.
then
Interest as above,
then time to setup accounts and have them activated
Depositing funds
Macquarie temp locking the account for AML/CTF review after deposit
Daily transfer limits to get funds out
Macquarie temp locking the account for AML/CTF review before transferring out
Penalties for delayed settlement
NAB will take the lot and pay the bonus so long as you meet the criteria
Ask your solicitor to hold it in an interest bearing Controlled Money Account. The last thing you want to do is be running around trying to get the bank to transfer the funds promptly before the settlement date and end up having to pay late settlement penalties.
Open a new bank account with higher interest? May require multiple accounts to maximise interest gained.