View Full Version : Can you Australians really get 7.3% from a savings account? What about other places?

23rd Sep 2008, 13:57
I just saw an advert :* after reading the self imolation story in the SMH and it certainly implied 7.3 was up for offer in Oz.

Nothing like that here in the US, the best is around 5%

Anyone else get better in their own country?

23rd Sep 2008, 14:06
ICICI are offering 7.2% fixed for a year.....an Indian bank, but deal on offer in the UK.

23rd Sep 2008, 14:09
Yes, you can get that interest rate and higher. Most usually it would be for term deposits or for accounts with more than a certain amount in them ... usually a minimum of, say, $5,000 or so. Not uncommon at all.

23rd Sep 2008, 14:24
This is where I come in. If you want to save in a currency other than your natural funding base, then, for a fee, I will happily arrange the hedge to protect your position against adverse currency moves (minimum size 1 million GBP).

One country that offers value is Turkey. The three month Treasury bill yield there is just under 18 percent.

Romeo India Xray
23rd Sep 2008, 14:30
Thinking of opening one in LV with a 7% return pa.


23rd Sep 2008, 14:39
Online acount with National Australia Bank, no minimum balance, no term limit - 7.05%.

Another Oz online bank - ING, gives 8% I think, but I understand there are a few strings attached to that. Do a Google search for online banking Australia.

Tony Hirst
23rd Sep 2008, 14:43
A Vietnam Dong account with ANZ is now at 18% APR for a years terms deposit :ooh: AUD account with same at 5.5%

23rd Sep 2008, 14:45
GB post office - fixed 1 year 7.05%

23rd Sep 2008, 14:46
I saw those days bank ads for even higher interest rates. something like 8.5% p.a.
It is possible without too much risk. Some conditions apply such as minimum amount, minimum period,already bank customer but it is for real.
The point lies at the other side. National bank is fighting against credits that citizen take from bank,so they put a lot of restriction when banks look for funding outside the system. So the cheapest found is when citizen puts money into that bank for saving. National bank even stimulate such way,so it is not problem for bank to offer high interests. Because they will give your money to another customer at average rate of 15% or even more on credit cards.Nothing easier than bank affairs.
did I miss the profession? yes, but now is too late.

viktor inox
23rd Sep 2008, 15:29
High interest rates on any particular currency means there is a) inflation in that country and b) a high downside exchange rate risk. Depends on your reference currency, of course, but with regard to A$ vs , one would think that you would lose 7% on the exchange rate over 12 months to start with.

23rd Sep 2008, 15:48
A lot of these high-interest offers have the clause that if you make any withdrawals, no interest will be paid in that month.

23rd Sep 2008, 16:13
I think that if you put money on deposit in an Oz bank and you are not an australian tax payer you will have to register for tax and pay tax on the interest..At Leasts that's what they told me a couple of years ago..

23rd Sep 2008, 18:18
In the Philippines there are many of what are called 'Land Banks'. They lend to local farmers as far as I can figure.

Some offer rates of around 40%!

They often go bust and your investment ain't guaranteed above a small sum. But some I know living there spread the risk around and say that it works.

23rd Sep 2008, 23:33
The ING bank require you to have A). an Australian Tax File Number and B). an ordinary account with another Australian bank that it can be linked to, good interest rates and instant withdrawal if/when required.

24th Sep 2008, 07:31
c15% after tax here in Turkey. Must be a Turkish lira deposit account, but you don't need to be a Turkish resident or citizen to open one.


Edited because I missed a previous post. You can get up to 17% after tax on government bonds with terms from one month to two years.

24th Sep 2008, 08:19
15-17% for Turkish lira or 3-5% for CHF?
Let me think a little...
Norwegian kronen,no matter what interest could be:ok: