So with the RBA rate rise today and highly upvoted deals on up to $2m 4.75% on savings accounts.
How much cash do you have in your accounts? Excluding shares, crypto, property, gold, silver any assets that's non-cash.
Vote below:
How Much Cash $$$ Do You Have in Bank Accounts?
RTX9090Ti on 17/03/2026 - 21:34
Last edited 18/03/2026 - 10:07 by 1 other user
Last edited 18/03/2026 - 10:07 by 1 other user
Poll Options
- 186< $100k
- 163$100-$500k
- 22$500k-$1m
- 12$1m-$2m
- 135> $2m
Comments
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well at point of posting 14 people have posted >2m so apparently not
I think the OP may be poor thinking that 2million and over is one category?
Peasants.
Hahaha… nice try, ATO. You almost had me…
InB4 90% of the poll says everyone has excess of $2m+ in their accounts.
are you including money in home loans offsetting? i dare say you might get a few hits on your poll otherwise most people are going for option 1 IMHO
Offset is basically savings
fair enough because anyone sitting on over 2m in cash is either a billionaire or a straight up financial dodo
Or lying?
@Gunnar: well of course but i feel like this OP was asking this question seriously and not as a joke post
The only way to save $2m is to be frugal. And how do be frugal? You save money. And how do you save money? You bargain
The only way to save $2m is to be frugal
Nup exact opposite
if you want to have 'that kind of money' you take risks and pray they pay off - most average people (even a bit above average people) cannot just 'save' $2m eat all the beans and rice you want you're not hitting that mountain without investing in stocks/ETFs/Property/Business/education to better ones income etc
Being frugal is notorious for being 'poor' being savvy on the other hand is essential to become rich
incase you dont need the difference
Frugal is a distaine on spending money and avoiding spending money - it is 'poor persons' mentality i have known 'frugal' people my entire life most of them are poor or middle class it is risk adverse
being savvy is maximising the value of your money when buying and investing ie instead of getting 4.8% pa returns in the bank you put it in a ETF and get 10% pa or leverage your money and invest in xyz etc
@Checkmate3023: Or you're parking it because the market is volatile and you're waiting to strike again.
If you're getting 5.7% guaranteed return in your PPOR offset then you'd need a 10.75% return to be even assuming top tax bracket.
@gromit: That is true but there are also a lot of strategies and risk tolerances. I know I am up quite a bit by rebalancing, realising some gains, and buying the dips already this year.
5.7% guaranteed return in your PPOR offset then you'd need a 10.75% return
your math is totally off but i agree if you have an PPOR it is best from a 'risk reward' POV to get it to full offset
your math is totally off but i agree if you have an PPOR it is best from a 'risk reward' POV to get it to full offset
It is a little off (needs to be ~10.755%) but I'm not sure it's totally off. Maybe you can enlighten me as I probably have messed something up.
Amount Interest Tax Rate Total Earnings $2,000,000.00 5.70% 0.00% $114,000.00 $2,000,000.00 10.755% 47.00% $114,003.00 $2,000,000.00 10.75% 47.00% $113,950.00 @microsnot: Ah. I think I get why it could be totally off from your perspective. Are you assuming capital gains discounts? I'm assuming realised gains within a 12 month period.
@Checkmate3023: That's not my observation. Frugal people forego the luxuries and excesses and get thier home paid off then thier super topped up.
Unlike those who squander all thier income and never get ahead. Or those that have a dabble in get-rich-quick schemes, who are more likely to end up broke than rich.That's not my observation.
because you dont really know anyone rich
Unlike those who squander all thier income and never get ahead. Or those that have a dabble in get-rich-quick schemes, who are more likely to end up broke than rich.
most ultra wealthy people have either been bankrupt or come very close Andrian Portelli failed in two business before becoming a Billionaire (and as someone who knew him he blew money on women/cars/partying but he always had ambition to get risk or go broke), Harvey Norman is famous for saying you dont know business till you have been on the edge of bankrupcy, Bill Gates made microsoft from his garage in the risk of losing everything, George Lucas legit put every dollar he had into star wars a new hope (which was just called Star Wars)….i could go on but success is built on risk taking if you are frugle you are afraid of risks you because you are 'scared to lose money' anyone scared to lose money will never 'really' be rich you might end up 'comfortable' as i said middle class but most of the frugal people i know are poor or id consider them lower-to-middle class
im not saying these guys where in pyramid scheme level scams but they took risks and the biggest the risk the bigger the pay off - now these are extreme example of risk takers but even just borrowing a million dollars to be a IP is pretty risky to some people
@Checkmate3023: I saw something the other day saying that very rich people were not smarter than most people - the difference was they were prepared to take enormous risks - to risk everything - and when that worked (after probably a number of 'fail early and try again') they became ridiculously rich.
So not just smarts - a risk-taker mentality - remembering Kerry Packer when he was the richest guy in Australia - regularly gambling a million+ at casinos as a 'whale'. Told his minder to tip a casino waitress 'give her twenty' - 'twenty dollars?' - 'No, twenty thousand!'
@Hangryuman: You also need to consider for each person that makes it rich, how many fail and are bankrupt.
@Checkmate3023: depends on your definition of rich I guess, but we're talking about $2M, not ultra rich.
some become ultra rich, some become bankrupt, some drift between the two.
But $2M is realistic to achieve through frugality.
@SlickMick: no offense but $2m is not rich. It gets you a moderately comfortable retirement, definitely not a wealthy one.
@gromit: No offense taken. The discussion is whether frugality helps in reaching $2M. Ereryone's definition of rich is different.
But $2M is ridiculously rich to many people, including almost everyone I know.
@SlickMick: To me at least being rich is defined as being able to do whatever you want without having to take serious consideration to cost, not something you can do on $2m. Also I would say it is the top 5% or top 1% that are rich, at $2m you won't be in either. but yes it all depends on your perspective. 10% of the Australian population now has a net worth above $1.5m
just borrowed 3 million to go long the aussie dollar.
Or they just borrowed 2m and parked it there doing nothing.
It's the same thing.
Oh well if it includes offset accounts, I've chosen the wrong option.
So my answer is still $0…
$420.69?
If I have a house worth $1m and no loan with no cash in the bank. I would say I have no cash.
If I then go to the bank and borrow 800k and transfer that into an offset, I'll have 800k cash. Magic, I just made cash.
Offset is netted off with debt, it should NOT be counted as cash.
Your loan interest rate(ie. your offset rate) is always higher than a deposit rate. When you factor tax on earned interest and offset being tax free, the gap widens.
Nobody is dumb enough to take their money out of their offset and put it in a deposit account and pay taxes on the interest… Unless of course they are stupid, which is possible.
Tax free savings
For this exercise yes offset balance is included provided it can be accessed easily like via ATM.
Excluding the available redraw balance on extra repayments.
are you including money in home loans offsetting
Of course it's included.
If I go to bank and borrow money against my equity in my home and get 1m out and transfer that to my offset. I just created 1m out of thin air.
You would have to be stupid to then put this money into a 4.75% deposit rate and pay tax on the interest earned. It's likely your mortgage rates is 5-6%.
People gets confused with money when they earned it and put it in an offset vs. simply borrowing it from the bank by releasing equity.
Releasing equity and putting money into an offset looks exactly the same on a financial statement, because it is the same.
Can't believe the debate that has occurred here.
You would have to be stupid to then put this money into a 4.75% deposit rate and pay tax on the interest earned. It's likely your mortgage rates is 5-6%.
Spot on. The fact there is a debate after this is a bit confounding to me. But hey if people want to do that then well it's their money to waste :P
The context is how much "spare" money people have to be interested in these deals and savings accounts. It's almost none if there is a loan offset account that it could go into instead.
@dufflover: This debate is confusing to me too, unsure what side you’re on… in my view cash in an offset account is available cash… as is available credit on a credit card.
@Worf: Money in an offset account is not available for "investing" in a savings account - it's doing it's job reducing interest on a mortgage.
Money in a savings account is dead money and needs a better purpose.
The only purpose I see for a savings account is for a SMSF in retirement mode that needs sufficient cash for paying pensions. Even then, I'm seriously considering just selling ETFs as required. We'll see if this war changes my mind on that.The only purpose I see for a savings account is for a…
Maybe saving deposit for first house
If I go to bank and borrow money against my equity in my home and get 1m out and transfer that to my offset. I just created 1m out of thin air.
There is a debt to balance it, you created nothing.
But you do now have $1m at your immediate disposal.
@trapper: When you borrow $1m from the bank, the bank also gives you $1m cash.
It balances out to $0 (which is exactly my point)
But you still have $1m cash in the bank.
If you have a $1m loan and over time build up $1m into your offset account. You are in exactly the same financial position. $1m debt with $1m offset. Net $0
@SeVeN11: OP was not asking about net worth though.
An offset account is no different to any other bank account.
@trapper: 'An offset account is no different to any other bank account.'
Except that taking money from a regular savings account leaves you with no obligation - your money, you spend, gone, done
whereas taking money out of an offset account means you then trigger the mortgage loan interest on that amount, e.g. around 6%pa
@Hangryuman: You are comparing a mortgage with no mortgage.
Do your comparison again with an equal mortgage in both cases.
Bob has a $500k mortgage and $25k in his savings account.
Jane has a $500k mortgage and $25k in her offset account.They both have $25k cash in their bank accounts.
@trapper: I know, i'm just saying cash in the offset account shouldn't be counted because it's netting off the debt.
I then use an example where i can create "cash" by releasing my equity
i'm just saying cash in the offset account shouldn't be counted because it's netting off the debt
Then cash in your savings shouldn't be counted either if you have any other debt.
@trapper: 100% correct.
Not sure why anybody would have a large pile of cash in a bank account when they can be offsetting their mortgage interest rate.
Yeah that money is a bit fake because you can choose to take out the average $700k loan that you need or go for a $1M loan so that you have $300k of "spare cash" in your offset account, it doesn't really mean that you have $300k of savings as you're $1M in debt now instead.
'it doesn't really mean that you have $300k of savings as you're $1M in debt now instead'
in theory, yes, but in practice, you are probably only paying interest on $700K, as the $300K in offset balances the interest payable on the matching loan.
And - the nice thing is - anytime you have a sudden urgent need for a lump of cash, you can simply withdraw it from the offset account (triggering the loan interest rate on that amount) without delay, then decide how/when to pay it back if you want to repay the urgently needed amount. When I have done that for sudden urgent lump cash needs, I've repaid it within days, and incurred maybe like $12 extra interest. Well worth it for managing cash flow.
it doesn't really mean that you have $300k of savings as you're $1M in debt now instead.
The $1M liability is covered by the >$1M asset of the house.
The $300k cash maybe not 'spare', but it is cash in your bank account that you can freely access any time you want.
But only a moron would take it from an offset account to deposit in a savings account, so it isn't "available" in any sensible way.
@SlickMick: It's still available cash. You could get a better return putting it elsewhere, although I agree probably not in a savings account.
Over 500 million in my GTA Online account.
And here is where I’d put all my savings…IF I HAD ANY!!
need to as a negative option if you want an accurate answer
Oh I cannot WAIT for the results of this dick measuring contest 😂
ah I see what you did there… Girls always struggling to choose between dick and cash… I have only $10 in the account btw
I think they may be viewing this poll & thread as auditions for "Lachy wants a rich daddy"
Don't threaten me with a good time
Did OP actually expect genuine responses to an ozbargain poll? FFS, must be new here.
Not enough to retire
Not even enough to buy dinner tonight.
I don't think we should include offset funds, but I think it's too late to get consensus on it since the OP has mentioned above that they want it included.
Well without offset funds need another option for < $1.
Why not? Unlikely people with offsets would be putting all that in loan anyway.
Because anybody can go borrow money and release equity in their house and put it into their offset.
It's free to do and you now have "cash" sitting there offsetting your loan as an emergency fund.
Ah I love this game where I get to pretend like I'm a millionaire dollars man.
"Millionaire" now just means "homeowner".
So yeah, "I could have a million dollars and be homeless." Do you feel rich?
Where's the option for "more then you"?
ATO will be all over this thread.
Why? If the cash is in an Australian bank they know all about it. That's why interest is prefilled on your tax return.
Big 'if' there :)
That's why I use an offshore bank account. My original Belize account got taken over by the US and the IRS wanted me to fill out a "non resident alien income tax return". Noped out of there and got another one.
I'm honestly disappointed everyone didn't pick $2m+.
Presumably the people with >$2m are saving up a deposit for a home when they can eventually afford it.
Me, I'm just saving up for a tank of petrol.
I forgot to specify the currency, could be pesos or rupees…
or trying to buy a landcruiser
i have 100m in runescape
600m and party hats, mask set, Santa hats… billions and billions and billions.
Where is the less than 10k option?
It's the first one.
Yeah but that makes me sound richer and would go to my head and would no longer need ozb
would no longer need ozb
Looking at the number of Ozbargainers selecting ">$2m" I'd disagree.
Please add an option for <0
$5
I'd give a serious answer but I don't think anyone would believe me.
they didnt include <$1 in the poll sadly
Certainly after a night in Pattaya.
No money no honey 🤑🍯
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How come the options only go up to $2 million+? Do people really have that little money on here?