Please give some advice to a financial ignoramus .

I have a Hong Kong based HSBC account. They usually give fairly good rates on term deposits in $Australian. Currently give 3% on 12 months. No Australian tax payable on these deposits.

Any clue whether this rate is likely to rise or fall over the next few months -- i.e. invest now or hang on a little ?

Do something else ? Thai gold ?

Nothing complicated, please .

Please give some advice to a financial ignoramus .

I have a Hong Kong based HSBC account. They usually give fairly good rates on term deposits in $Australian. Currently give 3% on 12 months. No Australian tax payable on these deposits.

Any clue whether this rate is likely to rise or fall over the next few months -- i.e. invest now or hang on a little ?

Do something else ? Thai gold ?

Nothing complicated, please .

either you are bullshitting us or HSBC is bullshitting you!

Please give some advice to a financial ignoramus .

I have a Hong Kong based HSBC account. They usually give fairly good rates on term deposits in $Australian. Currently give 3% on 12 months. No Australian tax payable on these deposits.

Any clue whether this rate is likely to rise or fall over the next few months -- i.e. invest now or hang on a little ?

Do something else ? Thai gold ?

Nothing complicated, please .

either you are bullshitting us or HSBC is bullshitting you!

I said that they *usually* do -- this time last year was 6.5 % or so.

Any suggestions ?

If you have it in an Australian bank it will be gauranteed not sure how good the bank is that you use but there have been a few problems with banks lately.

I may be very wrong to do so -- I really know very little about money matters -- but I'd probably trust HSBC over an Australian bank.

You raise a good point though -- security.

Perhaps it's more important now to make sure all one's eggs are not in the same basket ?

Maybe you are not up to date with the Australian news, all bank deposits are now 100% gauranteed by the Australain gov. Very hard to beat that for secuirity.

plus bankwest is now paying over 8% on their internet account.

but to make a personal recommendation would require more info than you have provided ... very many variables involved including currency risk

a lot of people in this forum tend to pooh-pooh financial planners .... but if you can find a good one (ie. ethical and competent) then it could be a very useful learning exercise for someone in your position ... and bottom line is you don't have to accept their recommendations

I may be very wrong to do so -- I really know very little about money matters -- but I'd probably trust HSBC over an Australian bank.

You raise a good point though -- security.

Perhaps it's more important now to make sure all one's eggs are not in the same basket ?

FYI: Australia has 4 of the 14 AA rated banks worldwide. Highest proportion of any country.

So your concerns really are unfounded.

Thanks for your comments, folks.

No, I am not up to date with Australian news; certainly not the financial news.

Yes, I should get professional advice. Any recommendations ?

A friend suggests investing the bulk in something safe & easy(like term deposit) but also buying some blue-chip shares as they must improve in value long term.

I want something I don't have to watch constantly and make decisions about, as I have little clue .

I will look into bankwest. Is it considered reliable ?

Thanks again -- your help is appreciated.

FYI: Australia has 4 of the 14 AA rated banks worldwide.

Which are these ?

I do like HSBC. They are extremely well organized and easy to deal with. It was like a dream after Aus banks (I love Australia but had too many absurd experiences and poor service from banks. One bank opened an account "for my convenience" and I only found out about it when I received the statements showing the fees I was accruing. When I phoned them they told me I needed to come to Australia and personally close the account. I didn't, of course, but had to make several phone calls and send letters to get it closed !)