They have to make people want their products. If they offer $50 for sign up, people sign up, take the $50, then leave or it stays dormant. Unless they find something that stands out about the product. To be honest nothing stands out about this product for me, but I don't really know anything about it. If they offered 2% cashback on certain purchases or something up to $50/year people would have to use the account to get the money.
I signed up to HSBC for the free money, but I now use it for everyday transactions because of the 2% cashback. Plus free international transactions.
I signed up to Macquarie for free money, but I use it for free international transactions, when I need a Mastercard and was using it to load my crypto.com card, I even had some of my pay going in for a while, but it's mostly dormant now.
I signed up to ING many many many years ago for the high interest savings account and used it for various things they did over the years, but ditched them when they introduced all of the hoops
I originally signed up to NAB because when I was younger one of my jobs gave me a literal pay check and they banked with NAB, NAB also didn't have monthly fees, which set them apart from the rest of the Big 4. NAB is still my main bank because it was just easy to keep it and I have a bunch of savings accounts and 2 transactions accounts. One is an account that has no money, but a card linked that I use for things like buying on Amazon if I'm not sure I want something but I don't want to miss out, I buy it, payment fails because there's never any money in it, I update to a valid payment method if I decide I want it.
I signed up to Hiver for the 5% cashback, so I use that for the things I get cashback on.
Revolut I signed up to for the $$, I use it for the disposable card numbers which are ideal for signing up for things that require a payment method that I don't intend to continue, or if I need different card numbers to sign up to something again (so dodgy shit). Also good for instantly getting money out of HSBC which has OSKO in but not out.
I use Rabobank for their notice period account, because I'm not great with money. I've got a 31 day account, so I have to think before I blow all of my savings on something. It can be cancelled any time during the 31 days.
The rest, I signed up, took the money and left it dormant, or closed it if there are fees. Probably another 10 or so banks. I've actually been able to help people out who only have 1 card if they can't find it, they transfer to my account, I set the pin to something for them, they can use the card to do whatever they need until they find it again or their new card comes.
And now you're like, that's insane (or at least that's what people not on Ozbargain think). But it works for me. I know what accounts I use for what and day to day it was 95% NAB/HSBC, Hiver's come into the mix with their 5% cashback. None of them have fees for leaving it open. I'm also using super for my home deposit savings which is better than any interest rate (FHSSS). With OSKO it's not much different to using different accounts with the same bank. Different people have different things they want and yeah, they need to offer something if they want genuinely interested customers instead of scavengers (like me). But maybe good marketing teams can get non-ozbargainers to sign up without offering free shit.
peter on 19/10/2024 - 12:12 — Public
They have to make people want their products. If they offer $50 for sign up, people sign up, take the $50, then leave or it stays dormant. Unless they find something that stands out about the product. To be honest nothing stands out about this product for me, but I don't really know anything about it. If they offered 2% cashback on certain purchases or something up to $50/year people would have to use the account to get the money.
And now you're like, that's insane (or at least that's what people not on Ozbargain think). But it works for me. I know what accounts I use for what and day to day it was 95% NAB/HSBC, Hiver's come into the mix with their 5% cashback. None of them have fees for leaving it open. I'm also using super for my home deposit savings which is better than any interest rate (FHSSS). With OSKO it's not much different to using different accounts with the same bank. Different people have different things they want and yeah, they need to offer something if they want genuinely interested customers instead of scavengers (like me). But maybe good marketing teams can get non-ozbargainers to sign up without offering free shit.