Looking for a New Bank

MITM on 08/11/2013 - 12:15

Hi all,
I'd like to move some transactional accounts to another bank.
The latest profit from the majors appalls me and I've been a contributor.

So this should be an interesting exercise - My needs are simple:

OzBargainesque fees.
Internet banking (where transfers made appear overnight/next day)
ATM network that accepts deposits (the odd cheque I receive)
Debit card for Visa/Mastercard purchases.
Possibly make payments to overseas accounts. (I know, I know "28Degrees" card - but sometimes cards aren't accepted)

@ Mods - could become a pole once a list is established.

Financial

Comments

  • tanoshiiki on 08/11/2013 - 12:18
    +4

    Citibank Plus
    http://www.citibank.com.au/aus/banking/everyday_banking/citi…

    All the following for free

    ✔ OzBargainesque fees.
    ✔ Internet banking (where transfers made appear overnight/next day)
    ✔ ATM network that accepts deposits (the odd cheque I receive)
    ✔ Debit card for Visa/Mastercard purchases.
    ✔ Possibly make payments to overseas accounts. (I know, I know "28Degrees" card - but sometimes cards aren't accepted)

    I would usually recommend ING Orange Everyday, but they have fees for overseas payments.

    • verio on 08/11/2013 - 14:12
      +5

      Citibank internet banking is a nightmare. Like their customer service. Other than that, it is ok.

    • docdocdoc9 on 09/11/2013 - 12:04
      +1

      Citibank is great as long as you don't have to interact with their customer service.

    • oringal on 10/11/2013 - 14:55

      you can deposit money at westpac atms?

    • hyp3dup on 10/11/2013 - 20:15
      +1

      Note: Citibank's VISA debit card doesn't have an EMV chip, nor does it support PayWave (which requires EMV chip)

  • c64 on 08/11/2013 - 13:26

    you are not limited to just one transaction account. citiplus is good for overseas purchases. ing orange everyday is great for shopping with a 5% rebate for paywave purchases for the first 6 months.

  • hashtagbargain on 08/11/2013 - 14:45

    I was gonna say bankwest zero, but it may or may not be the large bank you were talking about. May I ask which bank you moving out of?

    • Ahan on 08/11/2013 - 18:54
      +5

      I found Bankwest perfect. Their branches have the longest trading hours in Queensland. With the ability to withdraw from any big four ATM, there is no comparison.
      I am currently banking with Bankwest to receive wages and pay mortgage repayments and credit cards and ing to do shopping.

      • ujwols on 08/11/2013 - 22:07

        This is exactly how I do it too :)

        • MITM on 09/11/2013 - 00:04

          BW looks promising. Rewards are a great idea, but no interest means no tax deductions for fees. ie costs of earning interest.

          How long does it take to transfer funds from BW to ING (or to any other bank). Website says up to 3 days. BPAY is same day but may take 3 days to actually turn up.

          ATMs at most 7-11s, so that's convenient for parking, security, but are non-deposit ATMs
          I think they're suggesting cheque deposits are via AustPost counter. I dont receive that many cheques a year, but walking into a PO is a PITA.

          Cant find any Gold Coast branches - not that I use them ever, but branches usually have a deposit ATM

          Been looking at Bendigo, Heritage, Bank Queensland, even Suncorp

        • Ahan on 09/11/2013 - 00:23

          Suncorp is hopeless. Their system needs upgrade. Transfer from BW to ING is quick. I transfered this morning and received before dinner. I always receive transferred funds on the next business day.

        • roddo on 10/11/2013 - 12:40
          +2

          Bank west are owned by commonwealth bank… But I use them.

  • Tashaz on 09/11/2013 - 01:17

    Two weeks ago I joined the Citibank Saver Package after spending some time researching for a new credit card with “no fees”.
    http://citibank.com.au/aus/packages/saver_package.htm

    The Citibank Saver Package comes with:
    Citibank Plus – with Debit card as mentioned tanoshiiki
    Citibank Online Saver – with interest
    Citibank Rewards Credit Card – Platinum

    The advantages of this package:
    Citibank Plus:
    Australia's only fee free everyday bank account.
    Free access at over 3,000 Citibank, Westpac, St George, Bank of Melbourne and BankSA ATMs Australia-wide.
    Free international money transfers from Australia to any account, anywhere in the world.
    Free Visa Debit card, so you can shop online, in-store or overseas using your own money.
    Instant money transfers when sending funds overseas to another Citibank account using Citibank Global
    Transfers
    http://citibank.com.au/aus/banking/everyday_banking/citibank…

    Citibank Rewards Credit Card – Platinum:
    $0 credit card annual fee when you deposit $3,000 into your Citibank Plus each month, you'll save $199
    Complimentary International Travel Insurance
    Complimentary Transit Accident Insurance
    Complimentary Purchase Cover Insurance
    Complimentary Extended Warranty Insurance
    Complimentary Guaranteed Pricing Scheme

    Citibank Online Saver:
    Earn competitive variable interest.
    No minimum balance and no account fees.
    Online and phone banking 24 hours a day, seven days a week.

    Others:
    Free bank cheques
    $120 - Cash back in the first year when you deposit $3,000 into your Citibank Plus each month.
    0%p.a - On balances you transfer (cash rate after six months) on your credit card.
    Enjoy the Citibank Dining Program: You'll receive a free bottle of award winning wine every time dine and
    pay with your Citibank card at Citibank Dining Program partner restaurants.

    Note sure:
    If “ATM network that accepts deposits (the odd cheque I receive)”

    So far with my limited dealing with them in branch (to setup the account quicker, bring supporting documents) and over the phone have been great.

    • LyndonBBear on 09/11/2013 - 11:23
      +1

      I have to say that I transferred all our business and personal accounts from Westpac to Heritage quite a few years ago now and I have been more than happy with their service and no fees. Also CUA is another good one to go with. Not sure about all the services they offer which you are looking for, but for what I need they are both highly recommended.

      • MITM on 09/11/2013 - 15:28

        Good for you Janny, when you look at the billions Westpac has gouged in the last four years, you must smile and say, "none of mine."

  • ethereal88 on 10/11/2013 - 07:16

    Commonwealth bank hands down. They have the best online banking, same day settlements (say if you get paid Wednesday it will be there Wednesday, Citibank takes an extra day from my experience), ATMs are everywhere and the Ultimate Complete Account has unlimited teller transactions in the bank too. You need to put $1K through under 24, otherwise $2K a month to avoid the $6 monthly fee.

    I only use Citibank for free online purchases, they are slow and worthless for everything else and the online banking is primitive. No wonder they are fee free.

    • c64 on 10/11/2013 - 09:54

      and commbank's interest rates are sh*t

      • ethereal88 on 10/11/2013 - 12:27
        -2

        Which the OP didn't mention. And who keeps money in a (savings account wise) bank with the current interest rates? After tax and inflation you get what 1%? Pffft, anyway.

    • [Deactivated] on 10/11/2013 - 15:24
      +3

      Commonwealth bank hands down.

      Did you even read what the OP was asking?

      He doesn't want a bank thats part of "The Big 4" i.e. Commonwealth, Westpac, ANZ or NAB.

      • ethereal88 on 10/11/2013 - 16:14
        -8

        Rubbish credit union or some minor bank? Pffft.

  • [Deactivated] on 10/11/2013 - 16:57
    +3

    Rubbish credit union or some minor bank? Pffft.

    All opinions of yours.

    The OP decision to move transactional accounts, as far as I can tell, is a moral one.

    Onto your next thread, ignorant keyboard warrior.

  • RefusdClassification on 11/11/2013 - 12:59

    It is becoming rather difficult to boycott major corporations now since they control so much of the world, unfortunately, and they bribe governments with donations to maintain their power. Things will end up like in cyberpunk/dystopian future RPG settings (or games like Syndicate) where corporations are the government :(

  • TtiGeR on 14/11/2013 - 02:14
    +1

    I've used transactions accounts with pretty much every major bank.

    • ANZ
    • BankWest
    • CBA
    • Citibank
    • ING Direct
    • ME Bank
    • NAB
    • Rabobank
    • St George
    • Suncorp
    • UBank
    • Westpac

    They all have pros and cons. Things to consider:

    • Fee (or monthly deposit requirement)?
    • ATM network
    • Online Banking (features, easy to use)?
    • Mobile Banking (features, easy to use)?
    • Interest (most nil or 0.01%)?
    • Paypass / Paywave?
    • Ugly card design?
    • Overseas / Foreign transaction fees
    • Bank Cheque price ($0 for Citibank Plus and ING Direct)
    • 2-factor authentication (SMS or Token or Mobile App)?
    • Bank statement frequency
    • …

    At the moment, my main account is
    Bankwest Hero (not Zero), which pays a bit interest (3% for up to $5,000 balance). Free withdrawal at Bankwest and CBA ATMs. I don't like Bankwest Internet Banking, but it's okay. Mobile banking has limited features.

    I still keep my Citibank Plus account (for large amount foreign transactions and fee-free bank cheques) and ING Direct.

    You will never find a perfect product (or there won't be any competition).

    In regards to your requirements

    OzBargainesque fees.

    There are many fee free transactional products.

    In regards to your requirements:

    Internet banking (where transfers made appear overnight/next day)

    All banks are very similar. If you make the transfer before the daily cut-off on a business day, the money leaves your bank that day and then it totally depends on the receiving party.

    ATM network that accepts deposits (the odd cheque I receive)

    CBA and Bankwest have real-time deposit machines. Cash appears in account straight away. Cheque appears as well but subject to standard clearance. The receipt prints a photocopy of your cheque as well. If it's CBA, you can also see the scanned copy of the cheque for two years if you click into the transaction history.

    Debit card for Visa/Mastercard purchases.

    Pretty much every bank provides it nowadays.

    Possibly make payments to overseas accounts.

    If you do not make these transactions often, consider having a separate card for this purpose.

  • loveedward002 on 03/12/2013 - 17:50

    To be honest i did not yet do this kind of stuff but i know some friend in Finland that use to know a lot about financing in fact he is working as an accountant in Espoo or what they called kirjanpitäjä espoo .

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