Geekzone: technology news, blogs, forums
Guest
Welcome Guest.
You haven't logged in yet. If you don't have an account you can register now.
View this topic in a long page with up to 500 replies per page Create new topic
1 | 2 | 3
1698 posts

Uber Geek
+1 received by user: 835


  Reply # 2039573 18-Jun-2018 12:06
Send private message quote this post

Best value credit card is not to have one at all. If you are that concerned about credit card charges then you should get a debit card instead.




99 posts

Master Geek
+1 received by user: 7


  Reply # 2039575 18-Jun-2018 12:09
2 people support this post
Send private message quote this post

Pumpedd:

Best value credit card is not to have one at all. If you are that concerned about credit card charges then you should get a debit card instead.


Wrong thread?



99 posts

Master Geek
+1 received by user: 7


  Reply # 2039576 18-Jun-2018 12:10
Send private message quote this post

pom532:

When I was using the Rabo account where you need to add $50/month, I'd wait until the start of the month when I needed to make a withdrawal and I'd move everything into the normal oncall account and then take what I needed out of that. That way you earn more than the base rate on the premium.


Aware of this "trick". But takes a lot of management and also timing issues.

244 posts

Master Geek
+1 received by user: 17


  Reply # 2039700 18-Jun-2018 13:33
Send private message quote this post

We do similar, have 2 ANZ savings accounts (the ones you get penalized for withdrawing money)

 

When we need to withdraw money I transfer the whole lot into the every day account, and then transfer what we don't need back into the 2nd savings account. Means we don't lose the bonus interest if we do it on the 1st of the month, and if we do it part through the month we are still getting the bonus interest on the remaining days.  


14118 posts

Uber Geek
+1 received by user: 1795


  Reply # 2039758 18-Jun-2018 13:55
Send private message quote this post

Interest rates for savers continue to drop. This is one reason shares are currently doing so well, as people have moved their money out of the bank into shares. But that is far more risky. As the FEDs rate has risen, and is now above NZs, it could change things a bit. But cheap credit can only last so long before something breaks IMO, and IMO it has caused huge damage, especially with how much house prices have risen, which is based largely on 'affordability'. Basically to get a decent house, people are paying high 600's upwards in surburbs, and even worse in Auckland, central Wellington and  Queenstown. When interest rates are low, people can afford to pay more for a house, and many people will borrow to the maximum they can afford to service, so house prices are largely dictated by this. 


14118 posts

Uber Geek
+1 received by user: 1795


  Reply # 2039759 18-Jun-2018 13:56
Send private message quote this post

esawers:

 

We do similar, have 2 ANZ savings accounts (the ones you get penalized for withdrawing money)

 

When we need to withdraw money I transfer the whole lot into the every day account, and then transfer what we don't need back into the 2nd savings account. Means we don't lose the bonus interest if we do it on the 1st of the month, and if we do it part through the month we are still getting the bonus interest on the remaining days.  

 

 

 

 

I think some banks prevent having two accounts to do this. 


14118 posts

Uber Geek
+1 received by user: 1795


  Reply # 2039978 18-Jun-2018 19:04
Send private message quote this post

Oblivian:

 

I bought this up a few years ago when they plummeted.

 

I had a descent stash (still do) of coin saved and for years was living on the interest alone. Paid the CC each month with a bit of change to spare. Now I'm lucky to get $6 on $70K a month 'Onlinesaver' format acct!

 

 

 

I'll admit. I don't have a Kiwisaver. I see myself controlled enough not to have not needed one with the spread savings I have. I've also not really worked out the potential gains to see if they would be better off than now. Everyone tells me 'free money', But the whole locking it away and not being there for use like the option I have now or with shorter terms daunts me.

 

 

 

 

The other thing is that bank deposits aren't even guaranteed, like they are in other countries. Even in Oz they have a government guarantee, even though most of our banks are Aussie owned. So if a bank fails, under the OBR, savers potentially could lose money . SO people should probably look at the credit rating of the bank, as the banks that have the best interest rates, tend to be those with lower credit ratings due to the extra risk. I feel there isn't much incentive to save these days, it is all about borrowing to buy a house, and banking on inflating house prices.

 

 

 

With kiwisaver, you can take almost all of it out now to buy a 'first home'. You ca also go on a contributions holiday to stop contributing into it. But IMO the goverenmtn are possibily going to make it compulsory anyway, and then likely remove the freebies. The freebies have already been eroded a lot since it was introduced.


579 posts

Ultimate Geek
+1 received by user: 374


  Reply # 2040632 19-Jun-2018 16:45
Send private message quote this post

And then what interest you do get, the govt kick's it in the guts with the savings excise tax (I mean resident withholding tax).

 

Then they complain too many people are putting their money into property so they'll increase the property excise tax (Capital gains tax) to discourage that and corral people back to pitiful savings accounts.


579 posts

Ultimate Geek
+1 received by user: 374


  Reply # 2040638 19-Jun-2018 16:56
One person supports this post
Send private message quote this post

mattwnz: ... But cheap credit can only last so long before something breaks IMO, and IMO it has caused huge damage, especially with how much house prices have risen, which is based largely on 'affordability'....

 

The papers already have a weekly smattering of articles about destitute home owners who can't afford to eat. Something will break big time when mortgage rates go up and house values take a dip.

 

People just don't realise. Sister in-law thought 4.2% is a rip off and cried when I said I was paying 7.8% in the 2000's cos that would ruin them.


2368 posts

Uber Geek
+1 received by user: 1144


  Reply # 2040640 19-Jun-2018 17:00
Send private message quote this post

tripper1000:

 

People just don't realise. Sister in-law thought 4.2% is a rip off and cried when I said I was paying 7.8% in the 2000's cos that would ruin them.

 

 

We used to dream of 7.8% [/Yorkshire] -- peaked at 21% in the 1980s.

 

 


Baby Get Shaky!
1549 posts

Uber Geek
+1 received by user: 382

Trusted
Subscriber

  Reply # 2040651 19-Jun-2018 17:22
Send private message quote this post

frankv:

 

tripper1000:

 

People just don't realise. Sister in-law thought 4.2% is a rip off and cried when I said I was paying 7.8% in the 2000's cos that would ruin them.

 

 

We used to dream of 7.8% [/Yorkshire] -- peaked at 21% in the 1980s.

 

 

 

 

Was waiting for someone to mention rates in the 80's foot-in-mouth

 

Difference is back then houses were 2-4 times the average annual income, now days they're 5-7 times or higher. My folks first home in the 80's was 2 x their annual joint income so they could afford to chuck a lot of change at it to reduce it.


14118 posts

Uber Geek
+1 received by user: 1795


  Reply # 2040821 20-Jun-2018 01:10
Send private message quote this post

frankv:

 

tripper1000:

 

People just don't realise. Sister in-law thought 4.2% is a rip off and cried when I said I was paying 7.8% in the 2000's cos that would ruin them.

 

 

We used to dream of 7.8% [/Yorkshire] -- peaked at 21% in the 1980s.

 

 

 

 

 

 

IMO it also sets a real bad example for our young people to borrow at cheap interest rates, rather than save. I think it has helped to create the 'generation now' crowd, where everyone expects to get things straightaway rather than save. But the thing is that low interest rates aren't helping first home buyers at all, becuase they are really only low artificially due to what happened in 2007-8 with the GFC. And as a result houses are priced based on the mortgage rates that people can afford to service. But that was almost a generation ago, and low interest rates are now considered the norm.


1952 posts

Uber Geek
+1 received by user: 313

Trusted

  Reply # 2040826 20-Jun-2018 06:11
One person supports this post
Send private message quote this post

kingjj:

frankv:


tripper1000:


People just don't realise. Sister in-law thought 4.2% is a rip off and cried when I said I was paying 7.8% in the 2000's cos that would ruin them.



We used to dream of 7.8% [/Yorkshire] -- peaked at 21% in the 1980s.


 



Was waiting for someone to mention rates in the 80's foot-in-mouth


Difference is back then houses were 2-4 times the average annual income, now days they're 5-7 times or higher. My folks first home in the 80's was 2 x their annual joint income so they could afford to chuck a lot of change at it to reduce it.


The bigger difference is that house price inflation was running in the teens, so the gap between your interest rate and capital gains was small. No doubt it would have been tough to afford, but the underlying asset was appreciating quickly

259 posts

Ultimate Geek
+1 received by user: 83


  Reply # 2040846 20-Jun-2018 08:02
Send private message quote this post

pom532:

 

When I was using the Rabo account where you need to add $50/month, I'd wait until the start of the month when I needed to make a withdrawal and I'd move everything into the normal oncall account and then take what I needed out of that. That way you earn more than the base rate on the premium.

 

 

this


1375 posts

Uber Geek
+1 received by user: 579


  Reply # 2040907 20-Jun-2018 10:06
Send private message quote this post

mattwnz:

 

esawers:

 

We do similar, have 2 ANZ savings accounts (the ones you get penalized for withdrawing money)

 

When we need to withdraw money I transfer the whole lot into the every day account, and then transfer what we don't need back into the 2nd savings account. Means we don't lose the bonus interest if we do it on the 1st of the month, and if we do it part through the month we are still getting the bonus interest on the remaining days.  

 

 

 

 

I think some banks prevent having two accounts to do this. 

 

 

It would work just as well with accounts at two different banks, so the bank is only hurting themselves.


1 | 2 | 3
View this topic in a long page with up to 500 replies per page Create new topic

Twitter »

Follow us to receive Twitter updates when new discussions are posted in our forums:



Follow us to receive Twitter updates when news items and blogs are posted in our frontpage:



Follow us to receive Twitter updates when tech item prices are listed in our price comparison site:





News »

Hawaiki Transpacific cable ready-for-service
Posted 20-Jul-2018 11:29


Microsoft Dynamics 365 Business Central launches
Posted 10-Jul-2018 10:40


Spark completes first milestone in voice platform upgrade
Posted 10-Jul-2018 09:36


Microsoft ices heated developers
Posted 6-Jul-2018 20:16


PB Technologies charged for its extended warranties and warned for bait advertising
Posted 3-Jul-2018 15:45


Almost 20,000 people claim credits from Spark
Posted 29-Jun-2018 10:40


Cove sells NZ's first insurance policy via chatbot
Posted 25-Jun-2018 10:04


N4L helping TAKA Trust bridge the digital divide for Lower Hutt students
Posted 18-Jun-2018 13:08


Winners Announced for 2018 CIO Awards
Posted 18-Jun-2018 13:03


Logitech Rally sets new standard for USB-connected video conference cameras
Posted 18-Jun-2018 09:27


Russell Stanners steps down as Vodafone NZ CEO
Posted 12-Jun-2018 09:13


Intergen recognised as 2018 Microsoft Country Partner of the Year for New Zealand
Posted 12-Jun-2018 08:00


Finalists Announced For Microsoft NZ Partner Awards
Posted 6-Jun-2018 15:12


Vocus Group and Vodafone announce joint venture to accelerate fibre innovation
Posted 5-Jun-2018 10:52


Kogan.com to launch Kogan Mobile in New Zealand
Posted 4-Jun-2018 14:34



Geekzone Live »

Try automatic live updates from Geekzone directly in your browser, without refreshing the page, with Geekzone Live now.



Are you subscribed to our RSS feed? You can download the latest headlines and summaries from our stories directly to your computer or smartphone by using a feed reader.

Alternatively, you can receive a daily email with Geekzone updates.