Where is the best place to park your money?
Q.
I am selling my house and hope to make a profit of around
$6,500. After the sale I plan to travel around Australia for a
while. I will not need any of this money to travel. Because I do
not know where I want to settle yet, I would like to 'park' my
money safely for a period of time. How long can I keep the money,
without penalties, before I buy my next residence? Where is the
best spot to park it? Getting a good interest rate, is of course of
interest to me, but having it safe is the first priority.
A.
For a short term like this you need to avoid entry and exit fees
and the chance your money will drop in value. Go for one of the
online accounts offered by banks like ING and St George. These are
secure and there are no fees.
Each week financial advisor Noel Whittaker answers your
questions.