minimal

Hi,

I am currently in the UK, house sale is progressing and we hope to move out in Nov.

Does anyone know of a high interest account that I can set up in Oz to receive the cash from my house sale in the UK. I see that Commonwealth bank has a "Cash Investment Account" which pays 5% over A$250k, but I can get that here on £1 !!

Cheers

northerner

We're currently in the same situation as you. We're investigating HSBC - thay have a 6.2% account which you can get access to when you want etc as well.

www.hsbc.com.au

Hope this helps

Graham

minimal

Thanks - I note that you must be an Australian Resident for that account so you will have to wait until you arrive to open it.

freckles

Hi there, we parked our house money with ING Direct, at an 5.85% interest rate. And all over the internet, so you dont actually have to be in OZ to open the account. Not sure about the PR requirement, should be in their small print. Good luck!

northerner

Possibly. We're opening a current account with HSBC which will be sorted out before we go so cash will go into their in the first instance, then transfered over when the savings is opened.

Graham

bradfordlad

Hi Mate,

You should be aware that any Ozzie bank will hit you with a 47/48% with-holding tax until you provide them with an Australian Tax File Number.
Also have a look at www.infochoice.com.au. gives all banks and their current rates.
I am with Westpac. Opened account in U.K and deposited money from the U.K into Ozzie account.5.85% on higher deposits, paid monthly and easy access.No complaints so far!!

Anyway..well done for selling the house and good luck with it all.
Ian

minimal

Thanks I'll look into that.

milliesmum

There must be some better rates available? Its a lot of money, perhaps you should seek advice from a financial advisor, I suppose it will also depend how long to want to leave the money in the account for.

Interested in the replies as we will be in the same position, will have to take my own advice!

minimal

A quick look at the website suggested by BradfordLad seems to shows that 6.5% is available for longer term deposits. 5.85% will be OK for a month or two. Once there we can have another look for a better deal.

Cheers

marco121068

I'm pretty sure it's 10% for non residents -

Take a look at the ATO Website.

If / when they do withold the 47% tax on your interest it can be reclaimed at the end of the tax year.

Brizbound

BankWest online savings account is probably the best at the moment.

Swerv-o

Not so - Witholding tax is only at the maximum rate IF you are resident in Australia, but still decline to give them your TFN.

If you are resident elsewhere (overseas), and you don't supply your TFN, then the witholding tax is only 10%

In any case, you can claim it back at the end of the tax year.

S

Pommie Granite

Yep....but don't think it can be opened from the UK

Paul and Chloe

Bankwest Telenet Saver at 6.6% from dollar one

http://www.abetterdeal.com.au/TeleNet_Saver/index.asp

bradfordlad

Westpac applied a 48.5% withholding tax after we opened an account from the U.K in Jan this year.Applied this rate on Feb and March interest payments.We were still in the U.K. so not Oz residents.
All sorted now as we gave TFN's as soon as we could when we got here.
As you say....all gets sorted at the end of tax year.

Ian