Banking Advice

Hi all,

My fiance and I have been discussing on starting a joint account (we mainly want to save up for a house). I was just wondering if anyone could give us some advice on which bank would be the best to go with.

Thanks!

Comments

  • Ingdirect

  • +2

    ING Direct Orange Everyday - linked to a Savings Maximiser. No fees if you deposit >$1000/month. 2% cashback on Paypass purchases + no ATM fees.

    4% interest rate on the Savings Maximiser.

    The app is great, and you can transfer $ between the transaction and savings account instantly.

    http://www.ingdirect.com.au/everyday-banking.html?pid=vis:hp…

  • Thanks for the replies guys. I'll have a look into it =)

  • Me and my misses are setup with ubank saver and ubank ultra for our joint savings account.

    from this account, we send ourselves our monthly allowance ($1k to ing direct) which is setup as an automatic transfer at the start of each month.

  • ING has the better savings rate at the moment but that moment can be short in the world of banking and variable rates.

    They are a good bank in general too which is more than can be said for some of the other high interest online options.

  • We're still pretty new to the banking and joint account things. What we're looking for is really an account that we can both put money in each pay and probably won't be taking anything out (unless we really need to).

  • It might be simpler to consider BankWest Hero Saver Account paying 3.75% interest, paid monthly if you make no withdrawals and deposit $200/month.
    There is no requirement to have a linked account, money can be transferred in and out from any account.

    • Ubank can do the same, have about same interest rate, need to put in 200 a month but can make any number of widthdrawals.

  • I'll have a into that too, thanks

  • For a house deposit, I'd suggest having an account with a set amount going into it without being touched ever. Shows genuine savings which the banks will want to see.

    We considered roughly what price range we'd be looking to spend on a first house, and then had genuine savings building up which when added to our monthly rent was in excess of minimum payment of the mortgage on the estimated spend. It showed to the bank (and proved to ourselves) that we can indeed afford the mortgage for a sustained period. Had no issue getting a loan with only a 10% deposit compared to 20% deposit.

    • Yeah, that's what we're planning to do. Just wondering, would it be better for us to set up the new joint account with the bank that we might apply for loan from, or does it not really matter?

      • I dont believe it matters - I had to provide 6months of statements showing the genuine savings anyway.

        For what its worth, our setup was:

        • RAMS (my name) - bulk of genuine savings
        • MEBank (my name) - first home saver account (genuine regular savings, just only $6k/year)

        She didnt have any 'genuine' savings account for a home loan - just her savings account which increases over time, but has withdrawals in it.

        Ended up with ING Direct for the home loan - prior to this, was a bankwest everyday customer (no home loan) for the last 7 years.

  • I've had a look at both ING and Bankwest.

    Was wondering which option would be better:

    1. Open 2 new accounts with ING (Orange everyday bank account + Saving maximiser)
      The 2% cashback on paywave sounds good (can anyone give me some feedback on it)
      Get up to 4% interest rate

    2. Open 1 new account with bankwest
      Get up to 3.75% interest rate

    We will be depositing a minimum of $1000 each month and not be making any withdrawal from the account.

    This might be a dumb question, but like I've previously mentioned, we're still pretty new to this whole financial situation. Will the interest rate between the 2 banks fluctuate the same or is one more steady than the other?

    Thanks for all the help

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