Forbes Advisor has ranked the ING Savings Maximiser as the best bonus savings account on the market for Australians, due to its straightforward monthly conditions, zero fees, and high rate. The comparable variable base rate is around 0.55% for savings.
Here are the best 5% interest savings accounts you can open today: GreenState Credit Union Savings Account – 5.01% APY. Western Alliance Bank – 5.05% APY. 12 Months: Bread Savings – 5.20% APY.
Currently, money market funds pay between 4.47% and 4.87% in interest. With that, you can earn between $447 to $487 in interest on $10,000 each year.
DCB Bank hikes savings account and fixed deposit interest rates up to 8% Mint.
If you had a monthly rate of 5% and you'd like to calculate the interest for one year, your total interest would be $10,000 × 0.05 × 12 = $6,000.
Despite the recent uncertainty, experts don't recommend withdrawing cash from your account. Keeping your money in financial institutions rather than in your home is safer, especially when the amount is insured. "It's not a time to pull your money out of the bank," Silver said.
Among scheduled private sector banks, Bandhan Bank and DCB Bank offer the best FD interest rates of up to 8.00% p.a for a tenure of 600 days and 700 days to 3 years respectively. Among scheduled public sector banks, the highest FD rate is offered by the Punjab & Sind Bank of up to 7.35% p.a. for a tenure of 555 days.
And on Friday, the Bank of Queensland became the first bank in Australia since that time to offer a savings account with a “5” in front, paying 5.15 per cent interest on its “Future Saver” account. There's a catch, though. Several, in fact.
24 MONTH TERM DEPOSITS
Qudos Bank is a 2022 Mozo Experts Choice Award winner for Australia's Best Large Mutual Bank and offers a 4.55% p.a. interest rate for 24 month deposit terms when interest is paid at maturity.
On a $100,000 mortgage at a 3% APR, your total interest costs would range from $24,304.70 to $51,777.45, depending on the loan term you choose.
Below is how much interest you could earn on $200,000 on an annual basis, from 1% all the way up to a 10% interest rate: $200,000 x 0.01= $2,000. $200,000 x 0.02= $4,000. $200,000 x 0.03= $6,000.
Answer and Explanation: The answer is: 12 years.
Great Southern Bank Advantage Saver
Highest possible interest rate of 4.60% is only available for balances $100,000 to $750,000. Balances under $100,000 can earn up to 4.50%. If the monthly conditions are not met, the interest rate for the Great Southern Bank Advantage Saver is 0.50%.
If you need to save $10,000 a year, that means saving $833.33 a month. Breaking it down even further, this means you'll have to save $192.31 each week or $27.40 every day. If you're sharing this with a spouse – cut these numbers in two. You will need to save $13.70 a day.
Savings Accounts
If you were to place $500,000 in a high-yield savings account with a 2.15% APY and wait one year, you will have earned $10,750 in interest.