Who Do You Bank with?

itschrisraymond on 06/01/2019 - 23:56
Last edited 07/01/2019 - 14:27

Hi all,

I'm currently with Commbank and feel the need to depart with them after 28 years. Their interest rate is terrible and so many hidden charges occur - that apparently are valid on their side. Also, the fact the fact you need a pay sticker to make wireless purchases with your phone is so dangerous.

Who do you bank with? Pros and cons?

Update: THANKS ALL, I've signed up to ING purely for the great interest rate and ability to use their iPhone app to pay wirelessly. SO LONG COMMBANK!
Update: Was thinking of making a poll but there is literally TOO many banks to insert.

Financial Bank Account

Related Stores

Commonwealth Bank
Commonwealth Bank

Comments

  • Hybroid on 06/01/2019 - 23:58
    +1

    ANZ - Stores littered across Sydney if need them but haven't been in since first sign-up. Apple Pay supported on iPhone and Watch, great app that works well. No issues.

    • Geekomatic on 20/01/2019 - 02:30

      In WA, in our location, they've closed all but 2 (far and pita to park) and now no longer will allow transaction via AU Post.

      If I have to do everything online anyway, I'm thinking mebank.. ANZ pays sh*t interest, too.

  • EnforcerOfJustice on 07/01/2019 - 00:07
    +8

    ING offer 2.8% interest and reimburse international transaction fees and ATM fees providing regular deposits are made and the debit card is used 5 times a month. Also have a decent app and apple/android pay so no need for a pay sticker type arrangement

  • [Deactivated] on 07/01/2019 - 00:10
    -1

    Google images

    Edit: misread title

  • thetrain on 07/01/2019 - 00:26
    +1

    What pay sticker?

    I'm with CommBank and NFC (Tap and Pay with phone) has been working perfectly for years.

    The interest rates are definitely terrible though

    • [Deactivated] on 07/01/2019 - 00:56

      I'm guessing you have an android phone

    • itschrisraymond on 07/01/2019 - 09:57

      iPhone users are forced to pay for a pay sticker for paypass. Till this day, I don't know/see the reason why…

  • Lockster on 07/01/2019 - 00:31
    +1

    I'm with ING cause it worked for me because I'm under 18 and just was a simple account.
    Ubank is a great bank cause no fees and no need to do regular deposits or pay 5 times. They also have 2.87% interest so that's great.
    Best savings account post
    Best transaction account post
    Ubank are in the top 2 so it's not just my opinion.

  • KanTakahashi on 07/01/2019 - 01:05

    Macquarie, fantastic app plus Android Pay
    Commbank, CC and deposits/transfer, Samsung Pay and Android Pay

  • ozdesi on 07/01/2019 - 01:08

    28 years, I don't think you will even like web interface of other banks after using the same bank for such a long time and being used to it.
    Try calling them first to let them know what you are thinking and see if they offer a better deal to stay.

    • resubaehtgnolhcs on 07/01/2019 - 01:17
      +5

      I recently left St George after 30+ years (was with them as a child), and I tried talking to them first and letting them know what I was thinking. I asked them to match a term deposit rate from another bank to keep my business (which was a large sum of money), and the increase that I was asking for was less than 0.2% - I just wanted a small win/concession from them from my years of loyalty (maybe even laziness for not acting sooner). However, the 'manager' I spoke to (at the original branch that I had opened my account) gave me a blunt 'NO'. They weren't prepared to give me anything, and didn't even flinch at the thought of me closing my accounts and moving elsewhere. I distinctly got the impression that they couldn't care less, so a week later I closed my accounts and moved elsewhere!

      • Some Human on 07/01/2019 - 01:23

        Same with ME bank. I wanted them to waive the weekly paywave and they just said no.

        • Associatedrandom12 @ Commonwealth Bank on 12/01/2019 - 19:34

          Removing paywave requirement is very different from matching another banks rate.

          First, its likely built into the system, with no ability to remove it for specific accounts.

          Second, they do it for a reason. To make you bank with them to get a good rate.

      • ozdesi on 07/01/2019 - 01:24

        do not walk into a branch, talk to them over the phone

        • resubaehtgnolhcs on 07/01/2019 - 01:32

          Yeah, I thought walking in to the original branch I opened my account all those years ago, and talking to a manager would be more productive than a random telephone consultant. How wrong I was!

          Also, can you share your insights into talking over the phone versus in person at a branch?

          • ozdesi on 07/01/2019 - 01:43

            @resubaehtgnolhcs: I have always got better offers over the phone as branch may have overheads and may not be able to offer the same offers

      • Geekomatic on 20/01/2019 - 02:34

        ANZ — same.

        Ubank is looking the go, having had more time to assess mebank.

    • HighAndDry on 07/01/2019 - 17:26
      +2

      Same - Commbank has by far the best online web/app interface of any bank.

      • [Deactivated] on 07/01/2019 - 21:41

        Well they do charge enough fees to have a good app

        • boomramada on 08/01/2019 - 08:45

          Last I checked, all four big banks good with their fees. I have used 3/4. But CBA web/app is pretty good.

  • AlienC on 07/01/2019 - 01:39

    Westpac but honestly only because it was the closest branch kinda and good for concessioners.

  • DoaAn on 07/01/2019 - 02:36
    +1

    I'm with Ubank for the interest rate high interest rate. The only conditions for the bonus interest rate is to have $200 deposited per month and keep your total Ubank balance under $200,000. I just keep all my money in the savings account, and if I need to use my Visa Debit card, it automatically pulls money across to the transaction account. You can set it so that a set amount is always in the transaction account using the sweep feature, but I don't really see the point in have money sitting in that account.
    I rarely get cash so no physical locations doesn't bother me, and you can always withdraw money at NAB ATM's or through stores offering cashout. The rare times I do need to deposit cash, I put it into a NAB account and transfer it straight to Ubank. It usually goes through by 6pm or overnight.
    No PayID or Apple Pay yet, but they've got Samsung/Google/FitBit/Garmin Pay.

    • davebern on 07/01/2019 - 13:12
      +1

      Same as you DoaAn.
      2.87% with the bonus interest rate is very competitive.
      Some of the other online banks offer similar or even higher interest rates but they have strings attached that sometimes means you don't get the bonus rate every month eg no withdrawals allowed for the month or the bonus rate is only for a honeymoon period.
      I have a Bendigo Bank account for my day to day transactions.

      • Filbert on 08/01/2019 - 08:32

        I've just moved to UBank also and wonder why you need to have a transaction account at Bendigo. Can't you do everything with the UBank transaction account?
        I do like the sweep technology where it automatically moves from savings to transaction and back.

        • davebern on 12/01/2019 - 09:59

          No, UBank doesn't allow me to do everything that the Bendigo Bank offers. I am the trustee of a family trust. UBank doesn't allow you to set up a family trust account but the Bendigo Bank does.
          Also my wife prefers to go to a physical bank to withdraw cash.

    • Geekomatic on 20/01/2019 - 02:37

      Can you deposit cash to Ubank via Auspost?

      I do a lot of cash jobs & prefer a human take my cash & I get the receipt vs. as the time I deposited into an ATM and it didn't show….

      • DoaAn on 20/01/2019 - 03:27

        No, you can’t deposit cash in any way. So if you’re with UBank and want to be able to deposit cash, you need an account with another bank. That’s why I use the NAB one.

  • AdamFury on 07/01/2019 - 02:58
    +2

    UBank @ 2.87. Swapped over from Commonwealth after about 7 years.

  • chumlee on 07/01/2019 - 04:53
    +1

    Tony from Crown Casino and I always pay on time

    • try2bhelpful on 07/01/2019 - 07:15

      You have an interest in keeping your body intact

  • try2bhelpful on 07/01/2019 - 07:18

    UBank. If you are a shareholder in a bank it is always worth talking to them about shareholder benefits like removing credit card fees.

  • [Deactivated] on 07/01/2019 - 08:19

    ANZ for offset and home loan

    Citibank for overseas travel

    Westpac Altitude Black CC for day to day and points

  • WreckTangle on 07/01/2019 - 08:22

    Commbank for their comprehensive and real time online banking portal and app.

  • kerfuffle on 07/01/2019 - 09:11

    Westpac, UBank and Citibank.

    Also have Amex and 28 Degrees

  • John Kimble on 07/01/2019 - 09:14

    Also, the fact the fact you need a pay sticker to make wireless purchases with your phone is so dangerous.

    Can you explain the danger please?

    • pantsparty on 07/01/2019 - 09:53
      +2

      All someone needs to do is steal your sticker and they can tap and go payments from your account. With something like Apple Pay you need to authenticate yourself on your phone before you can tap and make the payment with your face or fingerprint.

      • itschrisraymond on 07/01/2019 - 09:58

        You can always disable it but like above user mentioned, it's hard to trace back that money because you don't need authorisation, it's as simple as tapping without entering a code.

        • John Kimble on 07/01/2019 - 10:02

          Technically it has nothing to do with the phone. You can stick it anywhere. It's basically the same as a traditional plastic, except only contactless transactions can be completed with it.

        • HardlyCharly on 07/01/2019 - 13:18
          +1

          So.. like every contactless debit/credit card for a purchase under $100, which just about every single person in the country uses? I mean, I have actually had someone make a purchase with my card somehow at the other end of the country, but my bank let me know straight away and refunded the money, it's a very normal and common risk which doesn't outweigh the benefits, until something better comes along.

  • arkie0 on 07/01/2019 - 09:38

    For me ING is my main transaction account, moved from Commbank 5 years ago.

    • High interest rate of 2.8%
    • free ATM / no fees for ATMS world wide, this was awesome before the banks removed ATM fees, not as great now but still useful if you run across an independent or non big bank ATM.
    • 0 international transaction fees.
    • I also have a commercial loan with them

    If I didn't have the commercial loan and had a regular home loan I would move over to UBank.

  • Caped Baldy on 07/01/2019 - 09:45
    +1

    ING. Originally had them for the interest rates and they had that heavenly 5% then 2% cashback on paypass purchases.

  • boomramada on 07/01/2019 - 10:21

    Which ever work well for my circumstances;
    Commbank>BankSA(StGeorge)>ANZ>Commbank

  • Typical16-bitEnjoyer on 07/01/2019 - 10:48
    +3

    This post really needs a poll.

    • boomramada on 07/01/2019 - 11:04

      Polls in Ozb you can only select one entry so it useless.

    • itschrisraymond on 07/01/2019 - 14:25

      lol my bad, didn't think ahead.

  • kipps on 07/01/2019 - 10:50
    +2

    Bankwest - home loan & usual MasterCard (with no FX charges)
    Amex Platinum Charge
    ING Direct for avoiding ATM fees
    NAB for business accounts
    CommSec for share trading
    … deliberately don’t bank with one bank. Many reasons why.

  • dogboy on 07/01/2019 - 11:30

    Anyone other than Commonwealth and Westpac.

    Prefer Bankwest and ING.

  • Hector on 07/01/2019 - 12:19
    +1

    Don't forget that Commbank will have Apple Pay in January 2019.
    https://www.commbank.com.au/guidance/newsroom/cba-apple-pay-…

    (Apple Pay is the only reason why I bank with ANZ)

  • Myone888 on 07/01/2019 - 13:23
    +3

    UBank is the way to go. Less hassles.
    ING need $1000 depo every mth coupled with 5 purchases on debit car otherwise no bonus interest 👎

    • Caped Baldy on 07/01/2019 - 13:29

      You can always deposit then take out the $1000.

      • davebern on 12/01/2019 - 10:11

        I agree with you Myone888 that UBank is better than ING.
        Here are the reasons:
        1. Interest rate (including bonus) UBank 2.87% v ING 2.80%.
        2. To achieve that bonus rate, UBank has less restrictions:
        a. Minimum deposit per month….$200 v ING $1,000
        b. Card purchases….No strings attached with UBank but with ING you need to make at least 5 per month
        c. Available for balances up to $200,000 with UBank but ING it is $100,000

  • bricabrac89 on 07/01/2019 - 17:09
    +1

    I've recently been reading The Barefoot Investor and have made the switch away from the big 4.

    As per the book, I have decided to go with ING for both transaction and savings accounts.

    I chose ING since we will regularly make the $1000 deposit from salary per month and will exceed the 5 transactions on the card every month to get the bonus interest on the savings account.

    Goodbye Commonwealth Bank - they didn't even care I was leaving.

  • Dpkmax on 12/01/2019 - 22:58

    Barefoot Investor follower, i too switched to ING and have been enjoying the privileges

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