Best Bank accounts/cards/cashbacks/rewards for daily and savings use?

m0tyrider on 25/08/2014 - 14:03
Last edited 25/08/2014 - 14:03

My current setup is;

Everyday Transactions;
ING 2% cashback transaction account - ONLY if the place accept paypass (Still trying to decide if its worth reeling in the 2% cashback, or moving to a credit card that offers better rewards)
Otherwise - I have my 28 degree credit card if i feel the price will drop or I want insurance on it or if its online. Or a regular CBA Awards card, altho I rarely use this now because I feel the rewards suck in comparison to the above two features.

Savings;
Ubank Ultra with debit card

Anybody know of a more efficient setup?

What are you fellow bargainers using for your everyday banking/savings needs?

Financial

Comments

  • PissLUR on 25/08/2014 - 14:11

    ME Bank. 5% cashback on paywave/paypass transactions.

    • m0tyrider on 25/08/2014 - 14:40

      Will be signing up tonight. Thank you!
      Even though its only 6 months. I will effectively be getting back 2.5 times what I could get with ING 2%.,

      Then switch back to ING after the 6 months.

  • tanoshiiki on 25/08/2014 - 14:29
    +1

    You have a similar set up to me. I wrote this blog last year before the Citibank Family & Friends offer. It might be time to tweak it a bit.
    http://tanoshiiki.wordpress.com/2013/07/09/banking-essential…

    Transaction Account
    You can earn QFF points if you have a
    http://www.bankwest.com.au/personal/everyday-accounts/everyd…

    I believe that a 2% paypass cashback is much better than accumulating points in most reward programs. The current barrier for the 2% deal is that many places still do not accept paypass (even places that have-paypass enabled terminals) and it can only be used on transactions under $100; splitting purchases not recommended!

    Credit Cards
    There have been so many offers recently, it's hard to recommend which one to go towards. If your income allows, my vote goes to the Citibank Visa Signature offer. My basic criteria is no annual fee and I ignore the interest rate, as I always pay the full balance.

    • m0tyrider on 25/08/2014 - 14:41

      Not too fussed about a annual fee as long as the benefits/features are worth it. I also have never paid any interest, so that's irrelevant to me also.

  • ethereal88 on 25/08/2014 - 17:32
    -1

    Why bother with Ubanks horrible website for a 1% in interest? Once you take into account tax and inflation. That cashback is pffft too, Mebank is horrible online, and will you really spend more just get back a tiny percentage?. I use cash only and am with Westpac for everything minus online purchases (for obvious security reasons). THAT is simplicity.

    • tanoshiiki on 25/08/2014 - 20:53
      +1

      I am curious. Do you bother at all on getting a return on your money or expenditure, or is simplicity your number one priority? If simplicity is number one, that's truly fair enough. There's so much going on all the time.

      Or do you make a return on your funds elsewhere, e.g. shares, business, property, etc?

  • donbot on 25/08/2014 - 17:35
    +1

    ING - Still on 5% Cashback + fee free ATMs everywhere. Use this for cash needs & <$100 purchases.

    Citibank Signature VISA - for those that don't qualify for <$100 payapass.

    Bankwest Platinum Zero - for overseas purchases.

    Citibank Plus - for overseas cash access.

    Will be signing up for MEBank tonight as it will give me another 4months of 5% rather than 2% ING.

  • PoRKroLL on 25/08/2014 - 17:52

    Citibank Signature VISA gets my vote for credit cards

    www.citibank.com.au/familyandfriends/

    uBank Ultra with debit is also win for savings account

  • tanoshiiki on 25/08/2014 - 20:47

    Inspired by commenting earlier, I decided to update my blog:
    http://tanoshiiki.wordpress.com/2014/08/25/best-banking-prod…

    Summary
    Transaction Accounts: ING Orange Everyday & Citibank Plus
    Transaction Account Runner's Up: Bankwest Qantas Transaction Account
    Online Savings Account: UBank
    Non-Rewards Credit Card: Bankwest Platinum Zero Mastercard
    Non-Rewards Credit Card Runner's Up: 28 Degrees
    Rewards Credit Card: Citibank Signature Visa under the Family & Friends Offer
    Rewards Credit Card Runner’s Up: ANZ Frequent Flyer or ANZ Platinum Frequent Flyer (temporary)

    Interested to hear people's thoughts.

  • rewardscompared on 26/08/2014 - 09:28

    In terms of a credit card, it depends on how much you spend each month/year, and how much of those purchases could be placed on an American Express card. Type in your estimates here to see what card will give you the best return: http://rewardscompared.com/cards

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