So I am thinking about how I am graduating this year and from next year I will have no more concession cards D=
BUT I am sure someone can give me quick advice on banks before I can be bother researching.
What banks charge no fees to non-students. I may as well shift now then when I don't have time and am working full time.
No fees for anything, not for opening, not for monthly and not for withdrawal. That's what I have now. I don't pay much attention to ads but don't they always go on about how there is no fee for this and that.
I am not worried about interest cause I have Ubank. Then again, maybe once the bank guarantee Rudd provided is over I will look around for term deposits.
And are there any big 4 banks that charge no fees?
Like I know my parents have no fees at all with NAB cause they have a mortgage with them.
ING Direct is the best offer (IMO) going at the moment.
You get $40 when you sign up, http://www.ozbargain.com.au/node/39896
+1..
Their Orange Everyday has no fees, and great bonuses:
1) Cash Out from EFTPOS, THEY PAY YOU 50c!!
2) Free withdrawal from any ATM if you withdraw $200
3) No-Fee BPay
4) application fee waived for Mortgage (at least that used to be the case)
The only problem is that they don't have a branch.. so if you need to cash a cheque, it's annoying.
For Credit Cards, Bankwest do a fee free, zero interest..
For ING and Citibank, you can can deposit cheques/cash at the Post Office for free.
Kool I applied for them last night. The form had some issues so I will be calling them soon.
sounds like unlimited maccers soft serves!!!
hahaha my exact thoughts!
get a job with woolies even on a casual basis, walk into anz in your new uniform, ask for a access account, the monthly fee should be waived (once you leave they wont know)
lol how does having a job at woolies help?
CBA def is a pain in the arse with the whole having to prove I am a student every year until they properly fixed the error. I still have to do it with my credit card as they try to sneak in the fees every year and if I don't notice they get away with it.
woolies has a professional relationship with anz, so they offer woolies employees that.
Hm… My bf works at woolies… hm…
I wish coles had a deal like that with some bank. I work there.
These days a lot of banks offer "free banking". I currently have an NAB Classic account which fits the bill.
As far as credit cards are concerned it very much depends how you use them. My advice is, if you possibly can, always pay the whole balance owing each month (Yes i know, that is stating the obvious).
Already do. =)
even if credit histories aren't big here they are big in US so I am making sure I have some and its good cos I may want to work there for a while.
NAB had the closest to a no strings attached free-free account last time I checked.
The other options have caveats. For example, ING has no free ATM network and you must withdraw at least $200 each time to avoid the operator fee. Commonwealth requires $2000 be deposited each month to avoid monthly account fees.
There are some like BankWest which let you withdraw from any ATM for free provided you meet minimum depsosit requirements, which may be the best deal depending on your circumstances.
I have a number of free ANZ accounts, but that is because of a small mortgage I maintain with them. There are often possibilities of freebies (or ability to negotiate) if you have other services with a banking organisation.
From vague memory, there is a bankwest credit card with no annual fee, no strings attached. A friend had this a few years back, so I'm not sure if the situation's changed.
There's also the Wizard Advantage mastercard - it also has no annual fee.
Wizard is now known as 28 Degrees - great for international transactions.
Another freebie is the Coles Group Source Card - http://source.com.au/MasterCard/ - and you can earn FlyBuys.
But be aware that both these cards attract high rates of interest if you don't pay off the balance each month.
Was it my imagination but did these coles source cards used to come with a discount at Coles? Otherwise, not a bad card.
Not that I am aware of. But you can pay for groceries with it and if over $30, you get a voucher for an additional 4c next statement.
I originally got this card when it was the Coles/Myer card and you got 10% off your first purchase - a good deal because my first purchase was a $3500 bed.
Nice one Derrick I bet they weren't expecting such a large purchase on your card.
Funnily enough the rep in Myers (not a Myers employee) told us about the credit card deal and also to wait to buy the bed the following week when there was a big promotion on. Our $5000 bed finished up csting $3200. A good deal and more importantly a very comfortable bed.
HSBC or NAB - if you want a bank with branches (unlike ING)
HSBC allows fee free withdrawals at Westpac and St George ATMs. NAB at NAB ATMs and redi.
I guess NAB seems like a decent option to.
Yeah, I often overlook the HSBC account. I've heard it gives you free use of HSBC ATMs overseas as well, so that one has an edge for travelling.
Thanks for all the replies guys ^_^
Actually idn if others have had this issue. But has anyone else met the woolworths credit card people. It was no fees I think and 6-8c off. It an only "instore offer". But I find it hard to believe decent credit cards can be handed out so easy so I didn't apply.
P.s. when I first applied for a credit card I got rejected by CBA cause I was taking a break from work. They interrogated me for hours and asked me all stupid details such as what school I went to and the one before and all my addys since I came to Oz etc.
It was very rapey.
Second time I applied after getting a job and bam they gave me a credit card for 3 times as much as my bank had so I got the limit reduced.
if u got $2k in ur bank account here is my suggestion
1. open bank west zero transaction account
http://www.bankwest.com.au/personal/everyday-accounts/everyd…
2. open Hero Transaction Account interest rate 5% for balance up to $5k
http://www.bankwest.com.au/personal/everyday-accounts/everyd…
3. open telenet saver regular interest rate 4.75%
http://www.bankwest.com.au/personal/savings-term-deposits/sa…
then
Those interest rates are too low…
find me the online saving account that i can link with my transaction account and if i need some money i can just transfer the money instantly without having to wait for another 24 hrs . this online saving account should higher interest rate than bank west current online saving account. and that transaction account that link with the online saving account has features no monthly fee, unlimited online banking and no atm fee if you are using on major atm bank in australia (westpac, nab, anz, stgeorge, cba, bank west)
for summary, two type of accounts that i need, and if you can't fulfill one of the feature, you can't compare to the current products that i mentioned
online saving account, features that i need:
1. higher interest rate than my current bank west telenet saver standard rate (forget it about promo)
2. this online saving account should be linked with the transaction account, and i can i access the money instantly.
transaction account, features that i need:
1. no monthly fee
2. instant transfer to the online saving account that got higher interest rate (REMEMBER, I NEED THE MONEY INSTANTLY, DON'T MENTION IT IF THEY MONEY WILL BE AVAILABLE AFTER 24 HRS)
3. unlimited withdrawal on atm with major bank in australia (Bankwest, Commonwealth, Westpac, NAB & ANZ branded ATMs) with no restriction, thats mean i can withdraw as minimum $20 on those atm.
4. free transaction at the branch
5. unlimited internet banking transaction.
are u able to find these two type account that better than the current account that i have with bankwest? please let me know if you have one. thank you.
Don't these accounts get interest based on daily amounts in them rather then one a month. So in that case I will only get 5%/365 per month.
wouldn't it be 5%/365 x [number of days that you move it/leave it there] per month?
but yeah..isn't ING 5% per annum and no fees regularly?
just open one for the welcome rate of 6-point-whatever and have the transaction account for your withdrawals.
Ubank. 6.51%. Love it.
in loan and credit, they use simple interest calculation. most of the time, they calculate the interest daily and they credit or charge the interest once a month.
example opening balance $0, interest rate 5%/pa
1 june deposit $1000
11 june deposit $1000
then the bank will calculate the interest: ((($1000 * 5%) / 365) * 10) + ((($2000 * 5%) / 365) * 20)
Exactly. So how does transferring between three accounts help. Cause in the end you only get 5%/365 for that day you had the money in. Which ultimately adds up to the same 5% overall.
Plus all this transferring money may also risk losing that interest for one day in between transfers. (assuming glitches in instant transfer)
bank west zero transaction account has 0% interest rate, bank west hero got 5% interest rate and telenet got 4.75% .
zero and hero account you need to deposit at least $2k/ month to waive the monthly fee. in fact with zero account, if you missed to transfer $2k on that month, the following month you got warning, if you are not making deposit $2k on that zero account, they will transfer ur account into hero account.
and the good thing with zero account, i got free $200 overdraft. i can use this money for 1 or 2 weeks without charging me interest.
not everyone got this overdraft $200, i got my mate that just got $50 overdraft from the branch manager.
NAB classic banking.
St George account as well if you deposit $ 2000 or more per month (e.g. your salary).
For saving account, try ubank.
I think there are some pages in the OzB wiki. Also look at Choice they did a comparison of accounts recently.
You need to be more specific than that. What kind of fees do you have in mind? Account keeping fees? Withdrawal fees? Credit card fees? Sometimes fees kick in after a certain number of freebies.
Also bear in mind that no fees on the account sometimes means no interest. Sometimes it's to your advantage to have linked accounts where most of your money is in the interest bearing account and you move what you need into the transaction account when needed.
It's complex and that's by design by the banks.