I was speaking to some friends the other night and they explained that their funds were sitting in the bank because they weren’t sure of what to do with the money. With all the uncertainty going on, it’s hard to see through the marketing hype and tell who is the best value, and who will still be around this time next year.

I thought it would be good to have a series of links to sites that with help you find the best deal. Like i say with all things financial, please make sure that when you decide on a particular company or way to invest, that you learn as much as you can about what you are getting into, and the fees and ‘get out clauses’ that apply. It pays to be knowledged in many areas. Google is a great resource for things like this.

Today, I’ve looked at a variety of different sites that maintain a comparison chart for Interest Savings Accounts and the easiest and most independent is RateCity.com.au

Fixed Interest accounts are a very conservative way to keep your investments above inflation (usually between 2-3%) and can generally be easy to withdraw and contribute to. But they mostly have minimum balances.

The MOST IMPORTANT thing to look at when considering these types of accounts is not just the interest rate, but when they calculate it. Best is if the interest is CALCULATED DAILY and paid at a later date (usually monthly). This way, you will catch any increases on a daily basis instead of possibly missing it if the account is calcaulated weekly or monthly.

I, personally, have found that One Direct have been exactly what I was after. They are easy to use, transfers go through overnight via online banking (as they are part of ANZ) and the interest rate, when I started it, was relatively high. Have a look on RateCity.com.au and see if you can determine it for yourself. Alternatively, if you have had a good or bad experience with an account of this nature, please let me know.

PD