I'm moving back to Australia and need to set up a new bank account because I need to burn all relations with Citibank who I've had nothing but HELL dealing with whilst away.
Here's what I'm looking for:
I don't have any loyalty to any bank and just wonder where all you savvy people bank?
my only issue is Osko payid limit of 1k a day
yeah that is so annoying hey! they wont even change it :(
Oooh I wouldnt be dealing with managed funds through banks. We just had an Royal Commission into that and the banks got slammed for doing it.
Try to treat a bank as a place to store your money and you have as many options to get access to it with no cost and ease.
I have bank accounts with ING Direct and Bank Australia.
Now if you are coming from overseas, you may like ING Direct as they have no fee accounts and no currency exchange fees for when you buy things overseas. Their app is really good as well as their online banking. Downside, they dont have branches but you can deposit cash at Australia Post. I am very very happy with them. Have Google pay as well.
Now if you want a bank that is setup to support the environment and also competitive rates. Bank Australia is really good. We have them for our home loan and our investment property loan. Their phone app is really good and never had an issue with their customer service. They also have branches.
Hope that helps
I was with ING for years when I was in my 20s hehe and I remember the interest rate was like 7.25% or more… jesus… remember those days? Lmfaooooooo
I was definitely going to check out Bank Australia
citibank is the worst on earth. i'd go ing or macquarie
I would suggest any of the Mutual Banks, i.e. Heritage Bank, Bank Australia, ME Bank, RACQ Bank etc, there are a lot of them. The best thing is that they are customer owned banks and focus on the customers, any profits go back into customer benefits.. Do not use any of the major banks or their affiliates, they are purely profit driven. Do a search for Mutual Banks, Credit Unions or Buildings in Australia.
ME Bank has just been bought by Bank of Qld thus no longer a mutual.
I used to be part of a credit union but years ago there were banking law changes that took away all the benefits of being in it. What do they offer now? Genuine question too - their fees seem the same and their access is the same too.
I know philosophically it’s better but in real world how does it change?
Can I ask what was bad about Citibank? I've been thinking of switching to them for home loans so would love to know
They have a terrible app.
Honestly where do I start?
Their systems are so outdated, they have zero ability to override their outdated, automated system, and they have zero knowledge of how to assist or offer any alternatives when thats the case. An example is my bank statement auto generated on the 1st each month. I was landing in a new country to start a work visa and needed a current statement as a condition of entry to prove funds. Citibank has no way to provide this, and no way to guarantee that I’d receive my statement even in the morning of the 1st as it’s an randomised, automated system. They wouldn’t even provide a letter verifying my current savings amount as my friends all got from their banks. Absolute joke. I had to use in flight wifi to check every hour and finally get it, ask cabin crew to help me print it once I landed before my connecting flight. Since then they have screwed up my tax residency details 4x and after 5 forms in snail mail, 3 in email, 8 phone calls and a lot of stress and anger they still think I have tax residency in Canada.
Before I left I needed to visit a branch to check something but there is not a single branch left in Melbourne that is open to anyone but their ultra elite customers.
As soon as I land home I will be opening another bank and ditching them.
A shoe box under the bed. Probably more trust worthy than banks too
Sadly I can’t buy groceries with a photo of that shoebox and promise that I will pay…
So you use that interesting substance called … Cash thats in the box :)
I don't know what it's like in Australia, but cash hasn't been accepted in most Canadian businesses for the best part of a year O_O
Here's what I'm looking for:
$0 fee or very low
Ability to have multiple accounts for no added fee
NAB seems to allow unlimited fee free accounts to be opened online
There is no such thing as the "best" bank. They're like governments - everyone just picks the one they think is the "least-worst"!
Forget managed funds just put money in an index fund.
I’ll check it out! I definitely come from a background of having no understanding of investing in anything. I’ll check it out!
Thanks! I was trying to do a search like that and could t get a good result so very appreciated!
Macquarie does it. Pros of their transaction account:
1- No overdraft, denial fees
2- No international transaction fees, probably no overseas ATM fees. You'll be charged Mastercard conversion rate.
Savings Account:
1- Open as many as you want. You can close them on the website as well, so it is a big plus for Jar System budgeting
2- All savings account have the same interest rate
3- No deposit or spend condition to earn interest rates
4- All savings accounts you open, allow direct debit and credit so you can set up a regular payment on a separate account for example the payment for rent/mortgage.
Cons:
1- No branches
2- Customer support can be a bit of a hassle
3- Their Debit Card doesn't support EFTPOS payment anymore meaning you can't select Saving while paying for goods. For example, my mechanic charges me a 2% fee if I pay by Debit card + MasterCard, but charges no extra when I pay by Up Debit card which allows EFTPOS payment.
Up Debit card has another plus that I do EFTPOS payment using Apply Pay. Up Debit card allows you to select yourself, MasterCard Payment or EFTPS.
Hope it helps.
Best Bank for Buck is ING