Savings account recommendations

[amanda]

Hi everyone,

My student a/c is about to expire and switch to a full fee a/c. Can anyone recommend a good transaction a/c - I don't make too many withdrawls, use BPay a bit and direct deposits into people's a/cs for Ebay transactions. I don't need a cheque book either.

Currently with St George - the Freedom a/c is $6 per month.

Thanks in advance

[3oneday]

Amanda,

Credit unions (or most of them) don't charge. Try Endeavour Credit Union.

Stuff the BANKS !!!!

Pete

[Fishman Dan]

Is a Bpay or a DD counted as a 'Withdrawal'?

Just shut your eyes and pick one, you know they'll all shaft you at the end of the day

[AndyP]

amanda, can't you get some sort of graduate account with lower fees?

[amanda]

AndyP - I checked - but officially I graduated in 2002 from my most recent degree. Last year I was full-time on the PhD - but this year only part-time.

[AndyP]

Well, I have a specific account you can deposit your money into. I'll PM the account details.

[markTHEblake]

Mandy, I am a bit out of the loop on standard savings accounts so i havent dealt with them for at least a decade.

AFAIK the only way to truly maximise your bank fees is to have everything at the same bank where your home loan is. You do have a home loan dont you? (Yuppy Dink's like yourselves should be rolling in dough if you dont own a home yet).

If you dont have a home loan, then Pay all your bills with your Credit card which will reduce number of charged of transactions. There are some fee free cards around like Virgin one.

Go here and click on Credit Cards for some others.
http://www.cannex.com.au/surveys.html

Go here for some comparisons on account fees.
http://money.ninemsn.com.au/compare/...ngs/index.aspx

If you have a bit of surplus cash lying around, then you cant go past IngDirect at 5.25% pa

[AndyP]

If you have a bit of surplus cash lying around, then you cant go past IngDirect at 5.25% pa

I used this a couple of years ago before getting the home loan.

From memory, the catch is that you have to have an existing bank account to use it, and transfers take a couple of days to process. So you don't have quick access to the money.

But it's a great way to save.

[amanda]

Thanks Blakey. The Citibank Online Cash Manager looks good - no charge for BPay or internet based transactions, 2 free withdrawls a month (we hardly use cash), 5.4% interest.

I currently have 1 transactions-style a/c for taking money out of the bank, but there is virtually nothing in it as most of the $$ stays in an ING-style net-only a/c. It looks like I could roll them into 1 with the Citibank a/c.

[Trung]

transfers take a couple of days to process. So you don't have quick access to the money.

ING->Savings Account
Anytime before 4pm and you will have access to your cash the next morning

[AndyP]

ING->Savings Account
Anytime before 4pm and you will have access to your cash the next morning

So it is the other way that is slow, right?

[markTHEblake]

The Citibank Online Cash Manager looks good

hey that Citibank account looks very good indeed, I might have to swap over to it for my cunning-kick account, because I dont think that can be beaten. Citibank is pretty sharp with the Card and Loan products as well.

Apart from being a couple of points better on the interest rate than the INGdirect one, you have the advantage of direct access to the account.

More bank comparisons here.
http://au.pfinance.yahoo.com/banking/

[Trung]

ING->Savings Account
Anytime before 4pm and you will have access to your cash the next morning

So it is the other way that is slow, right?

Correct, the other way is 5 days.

[amanda]

Thanks for all of your help guys! I will be switching to the Citibank a/c - 2 free withdrawls will be enough for us (1 to take spending cash out monthly, the other to Bpay my credit card).

[markTHEblake]

Even at $2 per extra withdrawal this Citibank account is worth it. Given that most transaction accounts are paying less than 0.50% per annum, you are going to earn at least $4pm more interest for every $1000 of balance.

So if you have a few grand, get this account and dont worry about the transaction fees, your still better off.

Looking at the Citibank site, there are some other good deals, they will refinance any debt (personal loan , credit card) at a rate of 4.9% for life. You cant get that on a home loan!

[markTHEblake]

New Account from ING
http://www.orangeeveryday.ingdirect.com.au/

Visa Debit, No fees at all.

If you withdraw $200 from ATM they refund the owners fee, withdraw $200 cash from Eftpos they pay you $0.50

and they pay $60 worth of bonuses when you sign up, $20 each for, first salary deposit (just do a online transfer any amount), first purchase, first direct debit (use paypal to create a DD transaction).

International transaction fee is 2.5% which is standard (and not the highest)

and the signup process and ID requirement is painless, go to a post office with your drivers licence. Took 5 days to get the card.

I got one of these for myself, not that i needed another credit card, but I am using it for my cunning kick. Keeps my personal spending out of the business and joint accounts, and as it pays no interest, so simple record keeping - none!

To be honest this is probably the best general banking product ever, I expect Billy to be giving this a flogging soon.


p.s. I dislike multiple threads on one topic more than i dislike thread mining.