Banks
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Category: General Chat
Forum Name: General Chat
Forum Description: For mums, dads, parents-to-be, grandparents, friends -- you name it! And you name the topic you want to chat about!
URL: https://www.ohbaby.co.nz/forum/forum_posts.asp?TID=7819
Printed Date: 01 October 2025 at 2:20am
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Topic: Banks
Posted By: sparkle
Subject: Banks
Date Posted: 27 May 2007 at 7:46pm
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Just wondering if anyone knows some info about banks?
I'm looking at investing a little bit of money. But can't decide if I should do 8.15% for 12 months or just our on line savings account which is 7.5% and I could access it at anytime (not that I would). From what I can gather, term investments get taxed, so on the amount I have I would only make about $850 in the year after they'd take the tax off. Do savings accounts get taxed? Have to go into the bank tomorrow anyway, but thought I'd see if anyone was anymore wiser than me! (and I'm sure there is!!!!) ------------- http://lilypie.com"> 
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Replies:
Posted By: AlyAyde
Date Posted: 27 May 2007 at 8:02pm
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Savings accounts get taxed as well! If you were investing a large amount of money ie over 200,000 then it would work out much better to put in a term deposit. But for small amounts of money there wont be a huge amount of diffrence in the balance at the end of the day. And if you want to have the reassurance of being able to access your money in an emergency its probably worth leaving it in your normal savings account.
re the tax thing you get taxed on your current tax rate for your earnings. Bonus bonds is something you dont get taxed on, BUT their returns work out to be equivilent of 4%. But it is fun thinking you might win $500000 ------------- Jayde 25/12/04 Alyssa 08/04/03 http://Alyayde.bebo.com |
Posted By: peanut butter
Date Posted: 27 May 2007 at 8:28pm
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Check out www.raboplus.co.nz as their rates are really good. Yes you get taxed in both term deposits and savings account (and the government wonders why we are a country of poor savers). And yes, the tax rate is dependent on your normal tax rate so if you earn over $60,000 your taxed at 39c! Sucks!!!
Bonus bonds are tax free I think and you can now win a million but I'm not sure how often you do win. |
Posted By: kebakat
Date Posted: 28 May 2007 at 8:09am
| DH and I have done tons of research into this. We are going to end up going term deposit (probably 6 months rather than 12). But check around the banks as we found kiwi bank and rabo plus had the best rates when we checked them. But also DH has been looking at doing it with a finance company where we would get 9.9% interest. |
Posted By: Jay_R
Date Posted: 28 May 2007 at 10:50am
| Somewhere like Hanover finance have good investment options - at the moment I think it's up around 9.2%. I'd stear clear of the random finance companies though, as there have been a few horror stories of late re companies going belly up and people receiving the minimum payback from the receivers ($1500). |
Posted By: kebakat
Date Posted: 28 May 2007 at 10:52am
| Yeah we aren't going with a random finance company for our investment. We will go with one that is big and has been around for quite a while. |
Posted By: sparkle
Date Posted: 28 May 2007 at 5:09pm
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Well, I've just depostited it into a high interest savings account for now at 7.5%. Hopefully it will earn a little bit of interest while I make up my mind!
Thanks for the info ladies! ------------- http://lilypie.com">
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Posted By: emz
Date Posted: 28 May 2007 at 6:56pm
| I wouldn't go with any finance co IMHO! The market has gone steadily downhill in the last year or so, think Provincial (big firm - I know someone who worked there and it was a nightmare), Western Bay Finance etc. The safer the better these days I reckon. But that's just me, I would rather come out even or have a little interest. Have you thought about a trust account? A law firm we had money in had a 9% rate I think, and you could access it whenever. |