Mims Posted December 1, 2015 Share Posted December 1, 2015 Sooperlids and marisawright, when you say higher, how much are you talking? I have money with nab in Oz but the interest rate is less than 2% I think, I can't easily move it I don't think either, not whilst I'm in the UK. Our money in the UK is getting 3% and is easy access, I wasn't expecting to achieve as much in Oz when we move next year so it would be great so know if it may be possible and with whom. thanks in advance. Link to comment Share on other sites More sharing options...
Guest sooperlids Posted December 2, 2015 Share Posted December 2, 2015 I was getting 0.25% in my Barclays account before I left. Where are you getting 3% when the base rate is 0.5? NAB has an introductory rate of 2.5%. Mine is now 1.8% so probably the same as yours. If you were to open a UK savings account now you would get nowhere near your 3%. http://www.moneysupermarket.com/savings/easy-access-accounts/?goal=SAV_EASYACCESS Presumably you had some kind of deal when you opened your account! Link to comment Share on other sites More sharing options...
Marisawright Posted December 2, 2015 Share Posted December 2, 2015 Sooperlids and marisawright, when you say higher, how much are you talking? I have money with nab in Oz but the interest rate is less than 2% I think, I can't easily move it I don't think either, not whilst I'm in the UK. Our money in the UK is getting 3% and is easy access, I wasn't expecting to achieve as much in Oz when we move next year so it would be great so know if it may be possible and with whom. thanks in advance. What kind of account are you getting 3% on? I've seen some good interest offers on easy-access accounts in the UK, but usually they have an upper limit, so you wouldn't get anywhere near that on a large amount, like the proceeds of your house. You would have to put your money in an online savings account to get that kind of interest in Australia - but it's easy to transfer the money in and out of your current account online or on your phone. And unlike the UK, you generally earn HIGHER interest the more you put in. You might do even better if you're planning to wait six or twelve months before buying a house in Oz, because you could put your money in a term deposit (and again, the more you invest the higher the interest rate). You can compare them here: http://www.infochoice.com.au/banking/savings-account.aspx Of course, you can't open any of these accounts until you get to Oz, so you'd need to transfer the money to Moneycorp as a temporary measure. Link to comment Share on other sites More sharing options...
Mims Posted December 2, 2015 Author Share Posted December 2, 2015 I was getting 0.25% in my Barclays account before I left. Where are you getting 3% when the base rate is 0.5? NAB has an introductory rate of 2.5%. Mine is now 1.8% so probably the same as yours. If you were to open a UK savings account now you would get nowhere near your 3%. http://www.moneysupermarket.com/savings/easy-access-accounts/?goal=SAV_EASYACCESS Presumably you had some kind of deal when you opened your account! Hi Sooperlids, 3% is with Santander between 3-20k but across a couple you can get 3% on 60k by having one joint account and two sole accounts. At the moment current accounts are offering better rates than savings accounts, we've been getting 3% since June 2013 and they were offering it before then, i'm surprised its lasted this long to be honest. There is a 2 pound a month account fee but they give you between 1-3% back on bills so we easily cover that, unfortunately they are increasing the monthly fee to 5 pounds a month next year but if I remember correctly Money Saving Expert said that over 5k its still the best place to have your money in the UK at the moment. Its just 500 pound pay in each month, which you can take straight back out, I just had a standing order between 2 accounts whilst we were travelling for a year to make sure I still got interest even when we weren't earning, and you have to have 2 DD's (possibly standing orders count too) going out as well i think. I was hoping to find something as good as this in Australia but not sure its going to happen....I LOVE the website Money Saving Expert too but I'm yet to find an aussie equivalent... Link to comment Share on other sites More sharing options...
Mims Posted December 2, 2015 Author Share Posted December 2, 2015 What kind of account are you getting 3% on? I've seen some good interest offers on easy-access accounts in the UK, but usually they have an upper limit, so you wouldn't get anywhere near that on a large amount, like the proceeds of your house. You would have to put your money in an online savings account to get that kind of interest in Australia - but it's easy to transfer the money in and out of your current account online or on your phone. And unlike the UK, you generally earn HIGHER interest the more you put in. You might do even better if you're planning to wait six or twelve months before buying a house in Oz, because you could put your money in a term deposit (and again, the more you invest the higher the interest rate). You can compare them here: http://www.infochoice.com.au/banking/savings-account.aspx Of course, you can't open any of these accounts until you get to Oz, so you'd need to transfer the money to Moneycorp as a temporary measure. Hi Marisawright, As per my post to Sooperlids its Santander. Yes there are some offering up to 6% but you're right they often only allow you to put 2k in them. You can get 60k in Santander at least if its proceeds of a house which is at least something but I know many people don't want to split their money up although technically its safer that way, isn't it only 80k per bank that's protected if something goes horribly wrong? I definitely think we will wait 6-12 months before buying, I want to be sure of areas before we make such a purchase so I will certainly look into a term deposit and take a look at that link, thanks for the advice :-) Link to comment Share on other sites More sharing options...
Marisawright Posted December 2, 2015 Share Posted December 2, 2015 Hi Marisawright, As per my post to Sooperlids its Santander. Yes there are some offering up to 6% but you're right they often only allow you to put 2k in them. You can get 60k in Santander at least if its proceeds of a house which is at least something but I know many people don't want to split their money up although technically its safer that way, isn't it only 80k per bank that's protected if something goes horribly wrong? In Australia, the bank guarantee is $250,000 so you're safe up to that limit. Link to comment Share on other sites More sharing options...
Guest Posted December 2, 2015 Share Posted December 2, 2015 @Mims @sooperlids @Marisawright I've split this thread out from the one in the NAB forum as it was going off topic and not directed at NAB. Feel free to carry on discussing here Link to comment Share on other sites More sharing options...
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