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| The Bar For non Automotive Related Chat |
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01-08-2007, 12:23 AM
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#1 | ||
Join Date: Dec 2004
Posts: 9,292
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anyone use one of these accounts?
i signed up yesterday and would like some more info about it. they say the interest is 6%p.a, calculated DAILY (on the lowest amount in the account each day), payed at the start of the month. so what exactly does this mean? lets say (for an easy example) i put $1000 into the account and leave it there for the full month. on the first day of the next month, how much interest would be paid? how much money would be in the account? (this is a no fee account) i can understand the 6%p.a, but im not getting the calculated daily idea. would i have $1060 in the bank on the first day of the next month, or would it be some different amount? |
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01-08-2007, 01:21 AM
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#2 | ||
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Starter Motor
Join Date: Sep 2005
Posts: 5
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i dont have that account...but based on ure figures and assuming a 365 day year, on the first day of the 2nd month you should have 1005.01 in the account....1061.83 at the end 12 months
intuition behind it is the quoted interest rate is 6% p.a. now if u were to be paid 6% pa compounded anually, paid annually, you would get 1060. fast forward to the notion of your interest being calculated daily, in effect you are earning .06/365 interest per day. the monthly notion is that your interest accumulates over the month, then the total interest accumulated over the month is then paid back into your account at end of month. the cycle then starts again. Last edited by tempest351; 01-08-2007 at 01:30 AM. |
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01-08-2007, 01:28 AM
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#3 | ||
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Two > One
Join Date: Dec 2004
Location: Adelaide
Posts: 7,063
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Its calculated daily but paid monthly.
Balance day 1 = 1000, intrest = 16cents Balance day 2 = 1000, intrest = 16cents . . . Balance day 30 = 1000, intrest = 16cents Bank deposits sum of last months intrest = $5 Balance day 31 = 1005, intrest = 16.5cents
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1978 LTD - 408ci - 11.5@120.6mph - 2004 S4 - 4.2 - M6 - quattro - |
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01-08-2007, 11:35 AM
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#4 | ||
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Professional Mouse Jockey
Join Date: Nov 2005
Location: SE Vic
Posts: 3,185
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I have an ING account with the 6%, or whatever it is now as it keeps going up with all the banks now competing. My interest is also payed monthly although I'm not sure if it's calculated daily but probably is.
Mines fairly easy to work aout as I pay into it once a month so essentially I get 0.5% interest each month on what is in there, being very simplistic. So on my statement it shows the interest payed in for the month.
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Isuzu MUX for towing horses - currently no Fords in the stable Time flies like an arrow; fruit flies like a banana. Groucho Marx
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01-08-2007, 12:26 PM
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#5 | ||
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Banned
 
Join Date: Dec 2004
Posts: 8,303
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$100/month interest in my case makes me happy in the pants. The only thing that sucks is the whole you-can-only-use-it-tied-in-with-existing-normal-account thingy.
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01-08-2007, 02:06 PM
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#6 | ||
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Audi S3
Join Date: May 2005
Location: Sydney.
Posts: 8,307
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ive been looking at transferring to a NetSaver account. but the account i'd be converting earnt $0.03 interest in this last financial year, so im nor sure i'd be getting heaps. although 6% p.a. is a nice piece to get.
the other account i have is an AwardSaver, and that is purely my savings. if i deposit money every month, and dont withdraw any, then i get "bonus" interest quaterly. that accounted to almost $500 last year. im pretty happy with that.
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01-08-2007, 04:10 PM
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#7 | ||
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Afterburner + skids =
Join Date: Dec 2004
Location: Skidsville
Posts: 12,122
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I have the Netsaver account and shut down my awardsaver, which is fine. The interest earned is pretty good, but make sure you give them yuor TFN, or you will be hit with a fee for some reason.
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Speed Kills. So buy an AU XR8 and live forever. Oo\===/oO |
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01-08-2007, 04:43 PM
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#8 | |||
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Join Date: Dec 2004
Posts: 9,292
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Quote:
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01-08-2007, 04:50 PM
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#9 | ||
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Nate
Join Date: Jan 2006
Location: Regional WA
Posts: 65
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If you dont provide them with your TFN by law they have to withhold 46% (or whatever the maximum tax rate is these days) of the interest you earn on behalf of the govt (withholding tax). You get it back when you do your tax return but its a pain. Much easier to just provide all the details.
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01-08-2007, 05:54 PM
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#10 | ||
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2011 A New Fresh Start
Join Date: Dec 2006
Location: Melbourne
Posts: 942
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yes i have ones these accounts, used this account to save for my car insurance when i needed to save for for it. its a good saving account for long term.
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01-08-2007, 06:13 PM
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#11 | ||
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Official AFF conservative
Join Date: Dec 2004
Location: Adelaide, SA
Posts: 3,549
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Bankwest just announced they're going to offer 8% on their implementation of this product.
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A cup half empty... but full of euphoria. |
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01-08-2007, 06:35 PM
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#12 | ||
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Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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These online accounts are great.
Anyone who has more than a few grand extra lying around should have one IMO. Keep just enough in your regular account to pay for general expenses and the usual bills etc, and anything over that should be transferrred into the online savings account once or twice a month. My last GF had no idea of these type of accounts, and had all her life savings ($60K+) in a regular bank account earning 0.01% PA... That didn't stay that way for long. |
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Commbank Netsaver account
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