Last month my savings account interest was 2.48% pa
I made a post about the best place to park your money, and though it is a bit outdated, I'm glad to say that the Citibank Maxigain account that I have strongly recommended people to consider is chugging along very well. Based on the interest I received last month, the annualized return is 2.48%.
Even CIMB, who is well-known for usually having one of the best fixed deposit rates in town is only able to offer 1.84% for a 12m tenure in their recent promotion.
And mind you - the Citibank Maxigain is NOT a fixed deposit. It's a savings account. You can withdraw anytime you want.
The interest rate market is FINALLY moving up, after years of ZIRP, post-financial crisis.
The last I heard, housing in Australia has FINALLY overheated and is coming down. What else do you expect from interest-only housing loans? Lol.
In 2016 the housing market was shook a bit by interest rates moving up from zero, along with a lot of cooling measures, but that trend reversed. I was honestly hoping for the housing market to shit itself deep and I can pick up a private property of my own. Oh well. Next time. I just wait to wait, haha.
Now with rates going up, can property prices continue to stay elevated? Can existing property investors increase rents to tenants, can they find tenants, or can they flip the property for a profit?
Next to no one in my generation has a private property and none are even considering. Balance of sale flats seem quite popular.
Sometimes I really wonder who are renting out all these properties, especially the newer condos.
Anyway, that's just my small rant on interest rates and bank deposits.
Look into the Citibank Maxigain account if you're like a flexible but decent yielding place to park your money. I explained a bit more in my older posts. Pretty much everything is still the same and relevant - just that rates are now even higher, and almost all banks have been slow to adjust up their rates. Why pay out customers more money, amirite? Heh.