saving money short term - Ford Forums - Mustang Forum, Ford Trucks, Ford Focus and Ford Cars

gmanEA · 10-14-2003, 01:23

I have some money to put aside, im saving for a new car which I plan to buy Feb/Mar of 04. So far I have been thinking all the money will go to my ING account which offers 4.75% interest and no fees, calculated daily and paid monthly.

Do you guys know of any better place to invest/save money for a period of 4-6 months ?

Tim_EF_5.0 · 10-14-2003, 02:35

Shove as much into your ING account as possible. Thats what I do. I add at least $100 a week into mine and everytime I log into ING to check my balance I am very surprised!

Cheers

Tim

Tripper · 10-14-2003, 04:20

put it in your super depending on how its performing you will get the benifit of having a amount already in there earning money so the more you put in the more interest it will make as a whole
you get tax free deductions so instead of putting away $100 after tax you might be able to afford $120 before tax, but you have to pay tax on the amount you remove from your super

i reccomend seeing a acountant for the best advise take in pay slips, bills, perhaps equity on your house, increased by making extra repayments the withdrawing the equity component when it comes time to buy the car.

Minge would be the best person to awnser this question so perhaps a PM to him

XAHardtop · 10-15-2003, 02:43

Don't whack it into your super in this case. Not gonna really help u save for the car. Just stick with ING. More return you ask?? Well that involves more risk. That said maybe a mortgage trust with an on-call facility like City Pacific Mortgage Trust could be the go (you need $5K to start off with though) as it's 7.1%.

Night_Lurker · 10-15-2003, 03:20

i have a fair lump sum in ING and its sweeet :D you could always try term deposits or higher risk investments (better returns) but to be safe ING it...

davocol · 10-15-2003, 03:34

Three letters NAL

theman · 10-15-2003, 06:27

Try citibank... it's EXACTLY the same as ING Direct but offers 5% P.A. instead of 4.75%

gmanEA · 10-22-2003, 01:32

Guys what about:
http://www.mfsgroup.com.au/index.cfm...1&investment=2

Theman, I saw citibank a few weeks ago but was turned off by the fineprint:
*Interest rate effective 20/08/2003 and subject to change at any time. Current interest rates are available at www.citibank.com.au
Citibank is permitted by the terms and conditions to introduce account-keeping and other fees. Fees for general banking services apply, for example, when requesting a bank cheque. A full copy of the Schedule of Fees and Charges is available on request
... My 2c ING is strictly no fees, and although their interest rate is also variable it is pretty steady for a long time.

davocol · 10-22-2003, 03:08

I reckon 11.25% in five days is pretty damn good.

SiX_iN_a_RoW · 10-22-2003, 03:30

ING aye......sounds better than my progress saver account...which has 3 cents in it