Wife and I are looking to combine our savings accounts into 1 dual account as we are constantly transferring each way depending on what bills we have.
I am on Up and she would prefer a more traditional bank experience, currently Commonwealth, are the any decent alternatives to 2up?
Our mortgage has no offset and currently we plan to keep it this way for the lower rate.
OP is clear they want “the best”. You know
Never settle for second best! Always THE best and there can only be one!
60cm
Why do you need a 'dual account'? Just open an account with the bank with the highest interest rate (and whatever other functions you need), in the name of the partner who earns the least.
If you cant work this out then how will you cope with real issues in life. FFS.
I was thinking this exact thing LOL
One with my name on it?
As noted above, better to select based on interest rate (or future mortgage?) and fees than irrelevant criteria.
As far as I'm aware most bank accounts can exist as a joint account in my experience so as others have suggested would probably be worth looking at who has the highest interest rate but for what it's worth my wife and I have at times had accounts with NAB, ubank and ING and all have been fine.
Whats wrong with CBA? At least she got good taste 😅
Imo ubank because of the 1 hurdle of depositing 200 per month to activate the bonus interest and you can transfer as much money in and out and still get the bonus interest.
I think it's also tedious to keep transferring money, my housemate and I has 1 account we transfer money to as a pool of money, this pays for everything household related.
Works for us. May work for you.
HSBC? You get automatic 2% cashback on tap purchases under $100, plus they have a decent branch network in the major cities.
Edit: Oh, savings. Easy mode would just be uBank or Macquarie (Macquarie has 1 branch :P).
I wouldn't go with a bank you can't physically walk into. Even if they're out of state.
Lots of credit unions etc with good products. Do some research.
Why not offset? Have you considered the tax payable on a separate interest bearing account compared to the reduced (tax-free) interest charged to your loan?
The other thing to consider is if it earns interest and who is the higher income earner.
We had joint accounts ATFs our daughters that we have saved money into for years and my husband's income was much higher than mine. The interest that he had to claim became a pain in the neck so we changed those accounts into my name ATF only.
When I inherited money from my late father's estate, I initially put it into our joint account, but have then put it an account in my name only for that reason.
Just something to think about.
Pretty much any account can be joint, so as above I would focus on interest rate etc.
2 up is great by the way even with this criteria.
As another question… does anyone know of a joint account that can be set up with more than 2 people without having to go into a branch?
Trying to get something with my siblings and we're all over… And so want to be able to add them online
AMP pays 5.20% on the savings acc & easy transfers to & from transaction acc.
ING pays 5.50 % on the savings acc & easy transfers to & from transaction acc. a few more hurdles to get the best interest
How long is a piece of string?