Arts Student Just Graduated, Looking to Ditch CommBank Now

rcgy on 28/11/2017 - 15:00

Hey guys,

I just graduated and turned 21, so CommBank have decided to start charging for the everyday savings account.

I'm looking for a savings account with no monthly fees. I have next to zero income (since I'm off Centrelink, my average income will probably be around $12k unless I find a steady job), but I've got about $8k saved from summer jobs and such- would be great if there's a savings account addon with a relatively high interest rate.

I spend about $800 a month (not incl. rent). Which would be best for me? The ING Orange Everyday looks good, I don't use cash very much so I'm not concerned about the hoops needed to get cash out from ATMs for free.

Financial

Comments

  • dcep on 28/11/2017 - 15:09

    yeah, ING is the easiest 2.8% without mucking around.

    ADD: Ohh you can also deposit cash at any Aust post.

    • Baysew on 28/11/2017 - 15:38
      +3

      For customers who also have an Orange Everyday bank account and deposit their pay of $1,000 or more (and from March 2018, also make 5+ card purchases) each month.

      ING Savings Maximiser

      • dcep on 28/11/2017 - 15:41

        geezz , i take back my comment.

        More reason to leave ING … lolx

  • enzioFirenze on 28/11/2017 - 15:09
    +1

    in answering your last question, most major bank atms are fee-free in Australia now, as for the account, sorry I'm not quite sure.

  • steff on 28/11/2017 - 15:10
    +11

    NAB - no account keeping fees + no minimum deposits or withdrawals

    • Baysew on 28/11/2017 - 15:40

      Straight swap for CBA account.

    • MathNerd on 28/11/2017 - 16:18

      NAB is the way to go for sure.

  • toniyellow on 28/11/2017 - 15:13
    +3

    You also need to jump those hoops (from when they start next year) to get the good interest rate at ING, otherwise you are on a lower rate

    I'd consider UBank, it has a good interest rate and their hoops are not too bad (transfer 200 in per month, so just get paid into it and you're all good).

    There is also MeBank but their condition is a weekly purchase with the debit card, so easy to slip up one week, or RAMS, but their rule is you can't make any withdrawals if you want the interest rate so you would have to open two accounts and manage your money carefully.

  • VehemenceThePhoenix on 28/11/2017 - 15:21

    Commbank have free options don't they? Streamline and you can add a Netbank saver if you want. I don't pay for mine

    • Baysew on 28/11/2017 - 15:47

      $4 fee unless you deposit $2k a month for Streamline.
      1% Interest on Netbank saver.

      Which is why OP is looking for a better deal than Commbank.

  • nubzy on 28/11/2017 - 15:24

    I would definitely recommend ING. Completely fee free, good interest rate, Android/Apple pay.. what's not to like. P.S. Open up your private messages.

    • toniyellow on 28/11/2017 - 15:39
      +1

      what's not to like

      everything in the terms and conditions marked "effective from 1 March 2018" If you don't make at least 5 card purchases using your ING debit or credit card, they reduce the interest rate by 1.45% and charge fees for ATM withdrawals.
      https://www.ing.com.au/savings/savings-maximiser.html

      The referral wiki for ING to get the bonus is here. https://www.ozbargain.com.au/deals/ing.com.au That is the short term benefit.
      But I don't think in the long term it is the best choice for a person on a low income, if you have a month when money is tight and you're not buying a lot of things, you are punished for it. On an income of 12k you would also be hard pressed to meet their requirement of depositing $1000/month

      Ubank's interest rate is higher, at 2.87%, and their terms and conditions more generous, makes for a better long term choice.

      • nubzy on 28/11/2017 - 16:03
        -2

        It is inconvenient sure, but it really isn't a big deal. You don't need any income at all to retain the benefits. You can just transfer $1000 out and then straight back in again, and that satisfies the $1000 monthly deposit criteria. The 5 card purchases are inconvenient but most people will manage that anyway.

  • marcusv on 28/11/2017 - 15:29

    Another vote for ING, they also have a $100 referral bonus at the moment which might help you out.

    • rcgy on 29/11/2017 - 22:55

      Awesome, thanks!

  • tsunamisurfer on 28/11/2017 - 15:44

    my average income will probably be around $12k unless I find a steady job

    OP…can I ask what you believe your income will be with a steady job?

    • [Deactivated] on 28/11/2017 - 17:30
      +2

      Art Student, so probably $14k

    • rcgy on 29/11/2017 - 22:54

      I would be lucky to get anything honestly, jobs in Tassie aren't exactly growing on trees at the moment.

  • loke on 28/11/2017 - 16:41

    Still voting ING, see existing referral program page, or if you have a friend on an existing account - referral link for $100 each atm, I do plenty of small purchases so 5x per month is fine.

    I've kept the CBA account as it has direct debits are tied to it, usually top it up to ~$200, keeping different banks just means I can just shuffle money between different banks to hit monthly deposit requirements to waive the monthly fee.

  • ItsMeAgro on 28/11/2017 - 16:58
    +1

    Are you eligible to join any credit unions? I believe most of them have lower fees than the banks…

  • spackbace on 28/11/2017 - 17:11
    -1

    So you earn around $1000/month on Centrelink, but spend about $800 (+ rent) each month

    Yeah, might wanna find a job pretty quick…

  • joungs on 28/11/2017 - 18:19
    +2

    Ubank for sure higher interest rate than ING and less stringent conditions for the bonus interest rate

  • thetrain on 28/11/2017 - 18:45

    Ring CommBank and threaten to leave. They may come to the party and waive the fee

  • AppleLime on 28/11/2017 - 20:36

    Depending on who you are being served in Commbank. I was served by a grumpy lady when I opened my son's bank account. Told her my son has disability and any possibility of monthly fee being waived. She said NO! Complained to Customer Service nothing happened. Went to another branch, they waived the monthly fees happily. Thereafter open with NAB completely no fee charge.

  • bluesky on 29/11/2017 - 15:36

    Some great suggestions above, just want to add some info which may be helpful in making your choice. You mentioned your criteria - i.e. fee-free, but hopefully a high-interest savings add-on, so based on that:

    • NAB - if going with this, get the Isaver savings account, it provides 1.9% interest for the first 4 months, then reverts to 1.05%. The upside is no monthly requirements to fulfil at all, the downside, the interest rate is not that great.

    • Ubank - with the usaver savings combination, you can get 2.87%, provided you deposit $200 a month into either the transaction or savings. If you don't, you will get 1.81% for savings.

    • Macquarie - fee-free all ATMs, and the savings is 2.65% for 4 months, after that, it is stepped interest - more info here

    • ING - starting from Mar 2018, if you deposit $1000, and you make 5+ card transactions, then all ATM withdrawal are fee-free, and the savings interest is 2.8%. For now, the 5+ card trans is not yet in force.

    Also have a look at this thread, but please note, the poll was taken before ING announced the requirement for the 5+ card transactions.

    Hope this helps.

  • His_Holiness on 29/11/2017 - 23:22

    You don't need to hold all your money in one bank especially with the new fast payment system. I use Macquarie for my transaction account and Ubank for my savings. Ignore the hype about ING much of the love is old before they removed the cashback, introduced the ridiculous 5+ required card transactions and did other things to piss off their long term customers. Just check out the recent hate here, here and here.

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