Australian Term Deposits.

[Mason45]

Hi all, does anyone know of any Australian term deposits which allows Australian non residents to invest money. Several won't allow it but others do. I've been using ME bank for years since I've lived in Thailand but lately their rates appear to be decreasing much more than the others. As this is my only means of income it's imperative that I get the maximum return on my investment. Thanks.

Edited April 1, 2021 by Mason45

[CharlieH]

Nothing to do with Thailand.

 

MOVED to home country

[MarleyMarl]

I did term deposits while living here without any issues, though my ANZ account had better interest rates on the saving account compared to the term deposit rates so I used that for a while. 

 

Term deposits is your only way of earning income? Term deposits before covid were bad, even worse now. There are many better passive investment choices. Did you ever look at exchange traded funds? https://www.marketindex.com.au/asx-etfs

[GreasyFingers]

You are not going to get much from an Australian term deposit. I had one with ING but their internet account (at call) was a giving better interest rate so changed to that.

[Rawairat]

ETFs have been pretty stable excluding the Covid induced dip and standard ones give a good dividend return. Avoid the sector based or fancy titles ones.

[jack71]

Cant believe anyone these days would actually put money in a term deposit. Basically inflation will eat away at your investment. 

 

Why don't you do any or all of the following:

- buy gold at the perth mint via their online depository program guaranteed by wa govt

- buy bitcoin via one of the oz exchanges and move it to a trezor hardware wallet

- buy fully franked shares on asx or a fund. 

 

Term deposits are a waste of time

[Nemises]

On 4/3/2021 at 4:46 PM, jack71 said:

buy bitcoin via one of the oz exchanges and move it to a trezor hardware wallet

 

Just wondering why you should move bitcoin instead of leaving it in your oz exchange, please?

[jack71]

7 hours ago, Nemises said:

 

Just wondering why you should move bitcoin instead of leaving it in your oz exchange, please?

You should move it out of ANY crypto exchange for safety reasons. If you buy bitcoin on any exchange and leave it on there the 2 risks are: 1. If the exchange goes broke you lose your bitcoin. 2. If your bitcoin gets hacked or your account gets hacked.... you lose it. Basically many people will tell you that if you leave it on an exchange you effectively dont own the rights to it. 

 

Conversely, if you move it to a Trezor T model hardware wallet what happens is that your bitcoin essentially stay on the actual blockchain but when you set up the wallet,  after opening the box, you go through the easy process of writing down 12 private key words. These are confidential words that you must keep somewhere safe. You only need them, for example, if your house gets burnt down and you lose your Trezor wallet that you purchased. If that happens you can just buy a new trezor T and recover your bitcoin by inputting the 12 words into the new device. 

 

Putting your bitcoin on the trezor is without a doubt the safest option. Actually it means that you can memorize the 12 words and travel anywhere in the world and get access to your bitcoin without any government or institution knowing. Totally de-centralized. 

 

Governments in oz could shut down an exchange and therefore you could lose your bitcoin. Its a nanny state. You never know also who are the directors of that company and if they do a runner. 

 

Finally, if you buy a trezor and get the 12 words you should 100% go to advanced settings and enable the 'passphrase' functionality. Many people call this the way of setting up a 'secret wallet' on your trezor device. After you enable this function it will ask you to put in a password 2 times. You should make it a word that you never forget and dont write this down on the card with the 12 private keys. Just remember it or write that 13th word on a separate piece of paper and keep it away from the 12 private keys previously written down. The purpose of all this is that if someone finds your 12 words on that card then they cannot steal your bitcoin bc they dont know that extra passphrase word (13th word). 

 

Best of all is that you can input the 13th word ON THE TREZOR DEVICE NOT USING THE KEYBOARD. In case a hacker is recording your keystrokes they cannot know your passphrase as you key it on the trezor device screen. 

 

If you need any help with this you can send me a PM anytime. Bitcoin is heading to $250k in a few yrs. Good luck

 

cheers