ABB1

Hi everyone,

Can anyone pls give me some insights into what investment options are available in OZ since I'll be bringing around USD 25,000 with me initially.

I don't want to spend this in my general expenses which i want to invest in some kind of term deposit at least for 6-12 months

Hence would like to know which banks offer the most competitive term deposit rates in OZ and whether it's advisable to invest in a term deposit or what other investment schemes available..

I was told that Ubank in OZ offers great rates, any idea????

Thanx

JAJ

For cash?

ABB1

yea for cash

the troubadour

Indeed Australian banks are way ahead in what they pay out in interest rates for accounts when compared to Britain and most of Europe.
As interest rates are on the up over here what the bank offers in way of fixed term depsit will also rise from what it pays at the moment.
Bank West is paying 6% at the moment...but i will know more at the end of the month when one of my fixed term deposits matures...was getting a shade under 8% some eighteen months ago.
As an example a Euro account maintain in Germany pays only 0.03%..a joke to be sure. Will rectify that when back in Europe in a few months time you can be sure.

ABB1

Any idea what is more appropriate to maintain a term deposit in USD Or in AUD at the moment in OZ?

the troubadour

Can only answer in saying that the GBP has increased in value over 2% against the US$.....but taking a bid loss against the Australian....Do a calculation taking the Australian dollar at a historically more normal rate and check out what you would have lost with present rate then add on 6% paid on a deposit account and see if worth the effort.

ABB1

Thanx can anyone reccomend me some good banks which gives competitive term deposit interst rates?

the troubadour

Off hand only know Bank West 6%=12 months...but i feel better rates coming up soon. Will know more end of month.

RobT

Hi, you can tek a look at this: http://www.infochoice.com.au/banking.aspx

(I had a bank west account at over 8% but they kept reducing their rate down to around 3% so I closed the account)

the troubadour

You are so right and had a similar account there as well. Rates have again lifted to the percent i gave,but i will not be retuning to them for other reasons...