Hear me out, but I don't think Commbanks products are as bad as they are made out to be? Or do I have it all wrong?
For someone that wants all their banking needs consolidated and travels overseas about once every year (if not more), I have taken some time to read up and these two have stuck out.
The only thing I was willing to compromise on the consolidation side of things was the share trading account, as not all banks offer this.
ING (Orange Everyday)
- x5 Monthly Transactions + $1000 deposit
- International Fee's waived
- ATM Operator Fee's refunded (International and Domestic)
- Apple Pay and Google Pay only
Commbank (Smart Access linked to World Debit Mastercard)
- $2000 deposit to waive the monthly fee. Or have over $50,000 in savings to waive the fee
- $10 per month fee for World Debit Mastercard
- International Fee's Waived
- Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay Support
- International Travel Insurance included
- x2 Airport Lounge Passes each year
- Price Protection
- Purchase Protection
- Extended Warranty
ING Savings Maximiser
- x5 Monthly Transactions + $1000 deposit to gain bonus interest
- 2.40% on your first savings maximiser
- 0.50% on all other savings maximisers
CommBank Netbank Saver
- No deposit requirement
- 2.05% on your first Netbank Saver for 5 months (Commbank can extend this if you go into a branch apparently)
- 0.15% on all other Netbank Savers (apparently Commbank will consider to give you the 2.05% across all your Netbank savers if you have enough money sitting with them).
ING Orange One
- No yearly fee
- No International Fee (assuming you meet the $1000 deposit + x5 transaction requirement)
- 44 Days interest free period.
- $10 Additional Card Holder Fee
Commbank Low Fee Gold
- No Yearly Fee in 1st year. And no yearly fee in future years if you spend $10,000 per year.
- No International Fee
- 55 Days interest Free
- No additional card holder fee
- Travel Insurance
- Extended Warranty
- Purchase Security
ING dont offer any investment platform.
- Ability to make trades with no funds in account for 2 days.
- Link to CDIA account for $10 trades under $1000
- Link to CommSec Pocket account too (if you want)
- Deposit $1000 or $2000 a month is not a concern
- Having to meet yearly/monthly spend requirements is not a concern.
- Accepted that chasing the highest interest rate on savings has become a fool's game, due to how low they are at the moment, you are better off investing it at the moment. This is likely to continue into the future for some years yet.
- Having to pay the $10 a month fee for the world debit MasterCard appears offputting at first, but when I factor in that x2 lounge passes alone would set me back about ~$150 I am already ahead, all the extra benefits they are listing are just a nice freebie to have ontop.
The only negatives I see with Commbank vs ING in this situation is that ATM Operator fees are not refunded.
What do people think? Am I seeing this right? Is Commbanks offering is not that bad?