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In Australia, ING direct is paying 6% p/a with no fees. There are some other online banks that are paying slightly higher.
At the moment the best deal for me is to put all the extra money into my home loan, because there's no interest charged AND because it's a discount rather than income it is not taxed. At the top tax bracket that means an effective saving - after tax cash in your pocket if you want to withdraw it - of over 14% p/a
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