Meet Frank and Jenny
After they received a significant inheritance, Frank and Jenny wanted to put their money into a savings account. This way, they could save more while they decided what they wanted to do with their funds. They decided to shop around for a safe place to invest so that they could earn interest in the meantime. APS Savings proved to be the perfect choice!
Finding a competitive interest rate for their inheritance
Frank and Jenny struggled to find a bank that offered them a worthwhile interest rate. The major banks were only offering 1% p.a. while other smaller banking institutions were not much better.
After discussing their challenges with family and friends, a relative suggested APS Savings with a 4% p.a interest rate on a 12-month term. This interest rate was rate four times more than what the major banks were offering and provided the perfect solution for growing their savings over a short period. This investment also allowed their interest to be paid monthly meaning it becomes an income stream if needed. An extra incentive for them was the renewal bonus if they decided to reinvest after the 12 months. If they were to extend the term, they would earn an additional bonus rate of 0.25% p.a. with their funds then earning an attractive 4.25% p.a. rate in total.
How did they grow their inheritance?
On a large investment, the difference between a 1% p.a. and a 4.25% p.a. interest rate is significant. It can be the difference between earning a few hundred dollars on an investment compared to a few thousand dollars. By taking the time to compare accounts, Frank and Jenny were able to fund the perfect solution.
Frank and Jenny now not only have confidence in the growth of their savings, but also the satisfaction that their investment was safe in a member-owned not-for-profit co-operative that has been helping its members for 115 years. Now they have peace of mind in their savings while they decide what the best plan forward is for their family. Get in touch to learn more!