RaboDirect 6-Month Term Deposit @ 6.40% p.a. | Ramblings of an e-trader

Thursday, 20 January 2011

RaboDirect 6-Month Term Deposit @ 6.40% p.a.

A friend, Debbie, recently relocated to Australia with her family. I asked if she plans to buy a house now that she has gotten a car, she said that the house would have to wait. Although she went house hunting in the initial weeks that she was in Australia, she finally decided to take out a lease.

According to Debbie, now that bank interest rate is so high, she would rather reap some interest from whatever cash she has right now instead of plunking deposit on a property and PAY high interest rate on her home loan. I was quite surprised to learn that she is getting 6.40%p.a. on her 6-month Term Deposit. Wow, that's SO high, it's what I would do if I were in her shoes.

Minimum deposit is $1000 only, so that's very affordable and an opportunity that many could take advantage of. Also, minimum term period is one month, though the "ideal" term period, in my opinion is six months. Interest rate is good and six months is not so long a time period to lock the cash.

Moreover, RaboDirect pays out interest every month, every three months, every six months or every twelve months so depositors don't have to wait that long to get hold of their interest.

*** This post has been sponsored.

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