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Best place to park cash?

Investing for Kids

Hi all, I've got $5K or so that is part of a sum I will invest for my daughter that I would like to remain easily accessible, while putting a minor administrative hurdle in place to make her think about whether she really needs that pony. I seem to remember hearing that an ETF like MMKT was a good alternative to term deposits? Sound right?

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Scott

Asked on 6 August 2025

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Dave Gow - Strong Money Australia

Investor

Tue, 12th August 2025

Hey Scott.

Looks like MMKT yields about 4% or so, which isn’t bad, but you’ll likely find higher rates on offer from high interest savings accounts. I believe you could get 4.5-5% – I can see ING and Bankwest offer rates around 5% currently, others won’t be too far behind.

If these are different banks to what you normally use, that itself likely puts an admin barrier to the money making it less tempting to spend, so hopefully that works from a behavioural aspect.

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