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Savings Rates And Tax Free Savings In Aus.

Savings Rates And Tax Free Savings In Aus.

Old Jan 18th 2005, 11:55 am
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Default Savings Rates And Tax Free Savings In Aus.

Can anybody tell me a website which details interest rates on Savings accounts for banks in Australia ?
Also, do they allow a certain amount of tax free savings similar to our ISA's/TESSA's in England ?

Thanks

Chris
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Old Jan 18th 2005, 12:00 pm
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Default Re: Savings Rates And Tax Free Savings In Aus.

Originally Posted by eintracht
Can anybody tell me a website which details interest rates on Savings accounts for banks in Australia ?
Also, do they allow a certain amount of tax free savings similar to our ISA's/TESSA's in England ?

Thanks

Chris
The highest rate for investments in Aus is currently 7.75% (8.75% if you lock it in for several years........10 I think) this is with ACR (Australian Capital Reserve)
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Old Jan 18th 2005, 12:03 pm
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Default Re: Savings Rates And Tax Free Savings In Aus.

Originally Posted by sandradee
The highest rate for investments in Aus is currently 7.75% (8.75% if you lock it in for several years........10 I think) this is with ACR (Australian Capital Reserve)
What about bog standard savings or internet savings accounts ?
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Old Jan 18th 2005, 12:10 pm
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Default Re: Savings Rates And Tax Free Savings In Aus.

Originally Posted by eintracht
What about bog standard savings or internet savings accounts ?
ING has been one of the best internet savings accounts for a while, but it has now been bettered by BankWest, see A better deal or click on direct banking from BankWest You can currently get 6%, I don't think you'll find a better deal at the moment.

Tax free savings for the average Joe? Forget it, this is Australia. Savings is a swear word.

Last edited by cyclemark; Jan 18th 2005 at 12:13 pm.
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Old Jan 18th 2005, 12:11 pm
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Default Re: Savings Rates And Tax Free Savings In Aus.

I already have an ING account, can you transfer them over to Oz?
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Old Jan 18th 2005, 12:51 pm
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Default Re: Savings Rates And Tax Free Savings In Aus.

Originally Posted by bridiej
I already have an ING account, can you transfer them over to Oz?
I don't think so. The underlying company seems to be different. The web-sites look different and the products they offer are different.

You will have to transfer the money via a "transaction" bank account (note that in Oz both cheque accounts and savings accounts are transaction accounts - so you can pay bills, transfer money, etc from your savings account).

With regard to the OP; there does not seem to be any tax free savings schemes here. The only thing that comes close is an Insurance Bond which pays out after 10 years tax free (however it is taxed as it goes along but at 30%, rather than through your tax return - so this is only of use for higher earners).

Regards
Alistair.
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