The Right Everyday Account and Credit Card for Me

Mugsy on 03/01/2023 - 10:50
Last edited 03/01/2023 - 11:26 by 1 other user

Currently looking at switching to a better everyday bank account.

My needs…

  • no account keeping fees
  • 100% rebated domestic ATM withdrawals
  • no international transaction fees

Nice to have but not a necessity…

  • no "minimum requirements" for any perks
  • ability to open up a second transaction account for linking to paypal and for direct debit bill payments
  • some form of benefit like rebates or interest

Originally I was thinking the HSBC Global Everyday account for the 2% rebate on all sub $100 paywave transactions but after reading the fine print properly, it seems to not have fully rebated ATM withdrawals. I'm not keen on carrying two everyday banking cards with me. I'll also likely switch my everyday spending to the next credit card I get anyway.

ING Orange Everyday has the benefit of having its rebated ATM withdrawals work overseas too but the limit of 5 per month doesn't work for me… not in a position to plan ahead or carry large wads of cash.

This leaves me with Macquarie Bank as the likely best everyday bank account as it satisfies the three necessities, doesn't have a minimum requirement for the perks, I will earn interest (which won't be much as the bulk of my money is in my loan's offset account… but it's better than nothing). Not sure if I can open a second everyday account.

Would be research/decision be correct or would there be a better option out there?

As for the credit card I am after…

  • no annual fee ever
  • no international transaction fees
  • anything like complimentary travel insurance or purchase insurance is nice of course
  • interest rates don't bother me… I pay it off every month

I do plan on traveling more going forward so I'm assuming 28 degrees or Bankwest Zero Platinum will be best… though, I've heard 28 degrees is a pain to use as an everyday credit card due to horrible web banking portal.

Again, are there other options better for my needs?

Just waiting for a loan to finalise and then I'll be signing up for a new credit card. I miss my Citibank Platinum card with rewards program and lifetime annual fee waiver.

Financial Bank Account Credit Card Transaction Account

Comments

  • avoidfullprice on 03/01/2023 - 11:04

    This leaves me with Macquarie Bank …Not sure if I can open a second everyday account.

    What do you mean by this?

    Not sure about credit card. Are you going to use cash advance feature? (Eg putting 28 degrees in negative balance than withdraw that from atm is still cash advance i heard)

    • Mugsy on 03/01/2023 - 11:30

      What I meant was Macquarie is the remaining everyday account that I'm aware of that satisfies my requirements the best.

      I'd like to open up two of them if they allow it.

      • kipps on 03/01/2023 - 11:38
        +3

        Macquarie allows multiple accounts. They’re very easy to open too.

        • Mugsy on 03/01/2023 - 11:47

          Cheers. Looks like Macquarie it is for my everyday banking then.

          • Kyle-K on 03/01/2023 - 13:33

            @Mugsy: I have four with cards attached which are transaction accounts and 2 savings with them.

          • peterwilliams83 on 03/01/2023 - 13:34
            +2

            @Mugsy: fyi, the Macquarie debit card is Visa only (no eftpos), so you can't get cashout at the supermarket, and can't get instant Medicare rebates paid to your account. Good news is they will allow multiple transaction accounts though.

            • Mugsy on 03/01/2023 - 17:05

              @peterwilliams83: Thanks for the heads up that Macquarie has no EFTPOS options and that instant Medicare rebates aren't an option. Both I make use of though, I can often get around not getting cash out at the supermarket as most of the ones I go to have an ATM in the complex. The Medicare rebate I just made use of too.

              I'm starting to think that I'm better off using one Macquarie account as a strictly online account for bills and online/international purchases, and then keep my current one as the card I carry around everyday. I was hoping both these accounts would be with the same bank so that I can move money between them without limitations but I think I can make this work.

              I guess this means that I can also consider ING instead of Macquarie and the month before I go overseas, I'll meet the minimum requirements so that I can use the card for overseas rebated ATM withdrawals but I won't be hassled with having to do it every month.

              EDIT: Macquarie is suppose to have more secure online banking that ING though… so much to consider!

              • peterwilliams83 on 03/01/2023 - 18:22
                +2

                @Mugsy: Definitely recommend having accounts with two separate banks. That way you always have a backup if one bank has an outage that prevents you paying bills or when out shopping.

                One negative of ING is the osko instant payment limit to external accounts is $1000/day which is ridiculously low when compared to others. Macquarie for example has I think $20k/day limit by default which can be increased to $100k if you use the Macquarie authenticator app (this provides a security token via a separate app). You can also customise your security settings for various account actions too, which is pretty good :)

            • Ughhh on 03/01/2023 - 18:21
              +1

              @peterwilliams83:

              the Macquarie debit card is Visa only (no eftpos

              Huh? I have a debit card with them and its a Mastercard.

              • peterwilliams83 on 03/01/2023 - 18:24
                +2

                @Ughhh: You're absolutely right, my mistake, thanks for the correction :) No eftpos is the point I was trying to make :)

          • orangehead911 on 04/01/2023 - 08:35

            @Mugsy: I'd recommend reading or listening to the Barefoot Investor by Scott Page before embarking on this journey. You can find his book in a number of convenient format.

            Does Macquarie wave ATM fees for non-network ATMs? What about fees for overseas purchases and travel expenses?

            • Mugsy on 05/01/2023 - 14:22

              @orangehead911: From what I've been advised by other financially aware friends, the Barefood Investor is good but probably won't add much to my knowledge considering the amount of knowledge I've gained from reading stuff from Kiyosaki, Margaret Lomas, Noel Whittaker, etc, etc over the years.

              And yes, Macquarie waves ATM fees for non-network ATMs (technically they rebate the fees you're charged since they can't waive a charge that they didn't issue). Also no fees on overseas purchases (i.e. the no international transaction fees that I flagged as mandatory above).

              The best, no annual fee everyday banking accounts out there all seem to have their own shortcomings.

      • HeWhoKnows on 06/01/2023 - 12:06

        You can open both a Transaction account and Savings account and earn the same interest on both with up to $250K in each account ($500K total earning interest).
        You get a Platinum Debit Card to go with the Transaction account as well
        Have I missed something here for OP or has OP missed all the options?

        Macquarie have some of the best transaction and savings accounts by far
        But look at UBank as well as they give higher interest but limited to $250K in total

        • Mugsy on 06/01/2023 - 18:58

          Savings accounts are useless to me unfortunately… the Mrs and I will have over $1mil in debt once our construction loan is finalised.

          I'm better off keeping most of my money in the offset account for our house loan. It'll save me more in interest paid than any savings account will earn me after tax.

  • Pelicannn on 03/01/2023 - 11:09

    Ok not sure why my previous got unpublished as none of those were affiliate - I own neither of those cards.

    Bankwest Zero Platinum

    Or

    Latitude 28 Global Platinum

    • Moderatorscotty on 03/01/2023 - 11:29

      Your link to "Bankwest Zero Platinum" was taken from the first sponsored link in Google search result, which contains "promocode" parameter, which our system detected as a referral link & automatically unpublished.

      • Pelicannn on 03/01/2023 - 11:44

        Ahh I see I see. Ty

  • CyberMurning on 03/01/2023 - 11:14

    for overseas ATM, which is best now ? (good exchange rate like ING but unlimited not just 5x a month) ?
    some countries the nominal is so big i dont want to carry 2 wallets full of cash to store them.

    • Mugsy on 03/01/2023 - 11:56

      To my knowledge, ING is the ONLY bank that does rebated overseas ATM withdrawals.

      (at least amongst the no account keeping fee options)

      • Kyle-K on 03/01/2023 - 13:34

        You are correct ING is the only one that ever offered this functionality on overseas ATMs here in Australia there is no other solution.

  • Shadowsfury on 03/01/2023 - 11:22
    +2

    Are rebated domestic ATM withdrawals an absolute must? All big 4 bank ATMs are fee free for everyone no matter which bank's card you are currently using - would just mean you are out of luck with the kinds of ATMs found in pubs/casinos etc really which should be easy enough to plan ahead for

    There's an ozb wiki that might help you with selection of debit and credit cards somewhere.

    For CC - a 3rd option on top of what has been mentioned might be this https://www.ozbargain.com.au/node/742184

    • Mugsy on 03/01/2023 - 11:46
      +2

      Rebated ATM withdrawals use to not be an issue for me but the availability of the big 4 ATMs in my area have depleted over the past year. Both my two closest shops lost their Commonwealth Bank ATMs and non-bank branded ATMs are there now. The closest big 4 is at a major shopping centre which is a bit of a hike. My current everyday account has rebated ATM withdrawals but they have international transaction fees thus my need to change.

      Big thank you for bringing Bendigo's Ready Credit Card to my attention… this is looking better than 28 degrees and Bankwest due to $0 additional card holder fee. Seems to tick all the right boxes.

      • CyberMurning on 03/01/2023 - 12:08

        "My current everyday account has rebated ATM withdrawals "
        which one ?

        yeah agree. less big 4 and more ATMX black ones

        • Mugsy on 03/01/2023 - 20:46
          +1

          ME Bank rebates domestic ATM withdrawals… completely unlimited every month and there are no minimum spend/deposit requirements.

        • silenthillrocks on 04/01/2023 - 10:11

          ANZ / ANZ Plus/ Suncorp/BOQ has free access to ATMX

          • Mugsy on 05/01/2023 - 15:24

            @silenthillrocks: Thanks… though the local ones look to be Next ATMs.

            TBH, if I can get 100% rebated withdrawals, I'll opt for that. I hated the days I was using Citibank Plus and had to look at the little post it not I had stuck to the card regarding which bank ATMs were free for me (before commbank abolished fees for everyone using their ATMs). With ME Bank, I don't have to think twice about which ATM to go to or check if it's one of the ones I don't get charged a fee for. Even better that I can do this with Macquarie too if I ever have to get cash out from that account.

  • askbargain on 03/01/2023 - 11:37
    +1

    I'm not keen on carrying two everyday banking cards with me

    ever heard of apple pay?

    • Mugsy on 03/01/2023 - 11:54
      +2

      I do zero banking from my phone.

      Never been comfortable with having everything on the one device from a security point of view. Once upon a time, banks would be OK with issuing a security token for 2FA. Now they expect us to receive an SMS… what if my phone was lost?

      • peterwilliams83 on 03/01/2023 - 13:32
        +2

        What if you lost a security token, or the battery died? Banks have procedures in place to deal with lost phones.
        Paying by phone is more secure than carrying cash and physical cards which can be used far more easily if you lost your wallet…

        • Mugsy on 03/01/2023 - 17:20

          Valid arguments (and a topic I've debated in numerous forums over the years).

          My take on this is that certain systems work for some and not for others. When I had security tokens (when the banks still issued them), I'd never taken them out with me and banks like Citibank would give the option to send a OTP to my mobile so I always had that as an option if I was doing banking at work. I don't lose my token at home… I keep it locked up in my filing cabinet.

          As for physical cards, yes, they can be lost. But I will only lose the sub $400 on my everyday card. I never leave large amounts of money in the account that I have a card in my wallet.

          In contrast, I've left my phone back at the office more times than I have lost my wallet over the past 10yrs.

          Each to their own… I'm just trying to do what works best for me.

          • askbargain on 03/01/2023 - 18:18
            +1

            @Mugsy: you can have the card on your phone but not the bank app/website…

    • Ade99 on 04/01/2023 - 07:59

      apple pay not much use on an Android device…..

  • BuyLowLetsGo on 03/01/2023 - 13:13

    Ubank is your best bet for your Everyday transaction + savings acc if ING is a no go:

    No account keeping fees - YES
    100% rebated domestic ATM withdrawals - YES
    No international transaction or ATM fees - YES

    Easy hurdle of only requiring $200 deposit every month. Nice 4.1% interest at the moment to boot, which activates immediate upon $200 deposit… unlike ING, which only kicks in the month after.

    As for credit card… I'm a Qantas/Velocity cc churner, so hard to say. But I'd recommend you look into it if you have the time. These bonus offers more than compensate for the annual fee + intl txn fees.

    Edit: This might point you in the right direction: Best $0 annual fee credit cards that earn points [December 2022]

    Good luck!

    • Kyle-K on 03/01/2023 - 13:37

      Probably not going to be something they're going to consider given the highly mobile first nature of this option. Per OP's comments above.

      • Mugsy on 03/01/2023 - 17:47

        How app dependent is UBank? If their web banking is decent enough, this might worth considering.

        After finding out that Macquarie don't support EFTPOS, if UBank does in addition to meeting my needs, it might be the card/account for me.

        I just won't get any interest like with Macquarie's everyday account.

        • peterwilliams83 on 03/01/2023 - 18:29

          You need to use the Ubank app to open an account. Once you've done that, you can access internet banking and access your account that way. But to login, you will be sent a verification code by SMS, so I'm not sure if you can access it without having your phone on you.

          If I were you, I'd open accounts with the different banks you think might work for you, try them out, and close the ones you don't need :)

          • Mugsy on 03/01/2023 - 20:44

            @peterwilliams83: I see. UBank doesn't sound that bad. Though, after reviewing their website, it looks like ATM withdrawal fees aren't rebated by UBank. They just don't charge a fee themselves:

            https://www.ubank.com.au/banking/transaction-account

            Regarding opening the different accounts, between my wife and I, we already have our loans with 3 different banks and it's gotten very tiring juggling cash between them (I'm the financially literate one so I handle all the loans… even her property's loan which I have no stake in). I just closed all my Citibank cards today and am in the process of closing joint ME Bank accounts too.

            But today's discussion has been good and I think I've settled on the two banks right for me…

            I think I will stick to ME Bank for the card in my wallet. EFTPOS, unlimited rebated domestic ATM withdrawals, and no monthly hoops to jump through. I opted for the card that donates to the Breast Cancer Foundation every time I use it and that holds importance to me (mum went through breast cancer a few years back). No monthly minimum requirements is good as once I get a credit card, the bulk of my spend will go through that. I use to go for months without transferring money into my everyday bank account as I wasn't taking money out of it.

            My second account for international transactions will be Macquarie. Looking at ING, I still need to do the stupid minimum monthly thing to qualify for no international transaction fees. If ING had unlimited domestic rebated ATM withdrawals so I could replace my ME Bank card, I would consider this. But it doesn't so Macquarie has the upper hand. I will use Macquarie to avoid international transaction fees until I get my credit card situation sorted and becomes my primary account for all online/international purchases. I've had experience with Macquarie's web portal so know what I'm getting into here… I'm happy with it.

            Thanks for the help everyone!

    • Mugsy on 03/01/2023 - 17:53
      +1

      Regarding the points churning, yeah, I use to do this but atm I am in the middle of finalising a construction loan and within a year may need to refinance after selling up existing properties to drive the new house's repayments down. As such, I may need to get rid of all my credit cards yet again so I'd prefer to not be tied to a card where I am still trying to meet a spend requirement to get XYZ points, or still have a free domestic flight to be used.

      Once the new house is built and I've disposed of all existing properties, I will probably look into churning points again to pay for future international holidays.

  • Mark1159 on 04/01/2023 - 17:55

    No covid cover on credit card travel insurance last time I looked. Or prexisting.
    Hoping someone shows me I’m wrong

    • Mugsy on 05/01/2023 - 14:31

      Go to both the Bankwest Zero Platinum and Bendigo Bank Ready insurance PDS', hit ctrl+F, and search for COVID.

      My interpretation is that it's not the most comprehensive coverage for covid and that Bendigo covers more than Bankwest does but might be adequate… but I'm a bit tired from a lot of crap happening in the past 24hrs so a second pair of eyes to confirm this would be good.

  • borgainerz on 06/01/2023 - 10:06

    I had pretty much the same expectation and went with the CommBank Low Fee Gold Credit Card.
    (I don't understand all the hate about commbank, they've been great to me so far).

    I got 300$ cashbak after spending $1500 the first 90 days. (I consider this better than a regular x% cashback on purchase).
    I got no international fees on payment (and a $3 on cash advance)
    I got international travel insurance
    I got 1 year extra warranty on product,

    the card cost $0 if you spend more than $10.000 each year, which I'll make sure I'll do, even if I have to buy Amazon gift card to make it.

    I don't care of the rates either, as I paid it full every month.

    • Mugsy on 06/01/2023 - 19:27
      +1

      I'd take a guess that in this case, a lot of people wouldn't want to consider the CommBank Low Fee Gold Credit Card due to the $10k spend requirement in order to get no annual fee, especially when there are other options that don't make you jump through hoops for no annual fee.

      $10k spend is a lot… I certainly didn't spend that much on my credit cards per annum when I had a credit card. Some of my sizeable property expenses such as body corp fees will charge a surcharge when using credit card so I never paid them on credit. Never pay more than what you have to.

      But yeah, the general consensus on credit cards is that a $0 annual fee one shouldn't require you to do a minimum spend.

      And if you do spend a lot of money, look into cards that gives you a butt load of bonus points. Every now and then, the Amex Velocity Platinum card will give 100k+ bonus velocity points. Despite having an annual fee, the card comes with a complimentary return domestic flight which pretty much pays for the annual fee. The bonus points are worth more than the $300 you'd get with CommBank… I've still got enough for 4 return trips to Europe from churning cards for velocity points over the years. Take a look…

      https://www.americanexpress.com/au/credit-cards/velocity-pla…

      You can still get a Bankwest Zero Platinum or Bendigo Bank Ready card to cover off on most of the other perks your CommBank card gives (up to 2yrs extra extended warranty in the case of Bendigo).

  • rickb on 08/01/2023 - 10:06

    Can someone clarify the issue of not getting Medicare claims made instantly into a Macquarie account?

    I have read something about this on Macquarie’s website but it states “You can use your Macquarie Transaction Account details for electronic claims”.

    My interpretation is that you can use some other credit/debit card to pay the doctor and the Medicare rebate can paid to your Macquarie transaction account?

    Edit: I’m certain that I can tap with my Mac debit card and the rebate will be paid into my transaction account over night.

    • Kyle-K on 10/01/2023 - 18:12
      +1

      If you want a in person instant refund that's done via a EFTPOS payment terminal, You can't complete it because the eftpos payment network is not supported on Macquarie's cards they're only Mastercard and no longer issue you with a dual network Mastercard/eftpos debit card.

      You can still receive a Medicare rebate if you've set up your Medicare account to pay it into a bank account when you make a claim. It's not instant but has a short processing time as it's an old style banking transfer.

      And for my sanity as always.

      EFTPOS - Electronic funds transfer at point of sale, this means the payment terminals that you tap insert your card into.
      eftpos - is a payment network operated by the banking and retail industry here in Australia owned by Australia Payments Plus
      Eftpos - New Zealand not relevant here.

      • rickb on 10/01/2023 - 21:20

        Thanks for the comprehensive explanation @Kyle-K

        The above is exactly how I get my rebates now albeit with a credit card and bank account from a different bank.

  • randomthought on 08/01/2023 - 19:38

    If you don’t tap/swipe an EFTPOS card then you get the Medicare rebate into whatever bank account you’ve registered with them. So no big deal with the Macquarie card not having EFTPOS.

    • Mugsy on 22/01/2023 - 20:01

      Just can't do Bank@Post or get cash out at supermarkets. The latter I might be doing less of since I have a credit card again but the former I do a lot. Still good to hang onto my ME Bank card for this.

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