Help Me Select Savings Acc - New Migrants

• 

  moksha on 02/01/2017 - 12:00

  ING sounds best. THe MEBank savings account is slightly higher interest, but it is perhaps a bit complex for new arrivals to navigate?

  In the end, the MEBank account isnt worth the hassle for amounts less than $100k, which is the limit on the ING savings bonus interest.

• 

  whooah1979 on 02/01/2017 - 12:07

  http://www.bankwest.com.au/personal/savings-term-deposits/sa…

  • 

    s0805 on 02/01/2017 - 12:19

    Thanks. Telenet Saver @ 2.75% is seems to match their needs. Good thing is no deposit clause. However I am thinking with introductory 4 months rate they may come unstuck after that. Thanks for sharing.

    • 

      whooah1979 on 02/01/2017 - 12:22

      if they've children, then have a look at the kids saver.

      • 

        s0805 on 02/01/2017 - 12:41

        That's good option. I think with that would be better for them to divide 30k between ING (3%) and bankwest Kid's saver (4.75%). transfer money from ING to Bankwest to meet its bonus clause. can't find info on withdrawls allowed from Bankwest. On the contrary, I assume bankwest account will be in kid's name so high tax bracket after $4xx something…

      • 

        whooah1979 on 02/01/2017 - 12:51

        @s0805:

        I assume bankwest account will be in kid's name so high tax bracket after $4xx something…

        it will never come to that.
        http://www.thecalculatorsite.com/finance/calculators/compoun…
        (interest compounded monthly - added at the end of each month)
        Month Month Deposits Month Interest Total Deposits Total Interest Balance
        1 $250.00 $1.98 $500.00 $1.98 $501.98
        2 $250.00 $2.98 $750.00 $4.96 $754.96
        3 $250.00 $3.98 $1,000.00 $8.93 $1,008.93
        4 $250.00 $4.98 $1,250.00 $13.92 $1,263.92
        5 $250.00 $5.99 $1,500.00 $19.91 $1,519.91
        6 $250.00 $7.01 $1,750.00 $26.92 $1,776.92
        7 $250.00 $8.02 $2,000.00 $34.94 $2,034.94
        8 $250.00 $9.04 $2,250.00 $43.98 $2,293.98
        9 $250.00 $10.07 $2,500.00 $54.05 $2,554.05
        10 $250.00 $11.10 $2,750.00 $65.15 $2,815.15
        11 $250.00 $12.13 $3,000.00 $77.29 $3,077.29
        12 $250.00 $13.17 $3,250.00 $90.46 $3,340.46

      • 

        s0805 on 02/01/2017 - 12:54

        I was thinking more of starting the account with balance of 10k and add 250 a month (i.e. 3000 a year). So 4.75% on 13000 all togather….or have I misread something?

      • 

        whooah1979 on 02/01/2017 - 12:57

        @s0805:

        balance of 10k

        http://www.bankwest.com.au/library/pdf/PDS_20060615-172046.p…
        2.5 The maximum opening deposit is $250 and the maximum amount(s) which may be deposited in any calendar month is $250.

        edit
        2.6 If you seek to make a single deposit in an amount greater than $250 in a calendar month, or if a deposit you seek to make would have the effect that total deposits to your account in a calendar month would exceed $250 in that month, the deposit will not be accepted by our system.

      • 

        s0805 on 02/01/2017 - 13:00

        Yap. you are right….back to ING…

• 

  Marcsie on 02/01/2017 - 12:20

  Check out UBank,Rams,RaboDirect as well,good luck :)

• 

  s0805 on 02/01/2017 - 12:21

  having 2 debit cards for husband and wife is something I am not finding on ING website. does anyone know if its available with ING or fees around it something.

  • 

    Colombian on 02/01/2017 - 12:54

    I have a joint account with my wife at ING and each one of us has our own debit card.

    • 

      s0805 on 02/01/2017 - 12:57

      Oh great. Just to be sure we are taling about the right account…is it ING Direct - Savings Maximiser?

      • 

        Colombian on 02/01/2017 - 13:00

        You won't get a debit card for a savings maximizer. That is an online savings account and the only way to take money out is through a linked account. The account I'm talking about is called Everyday Banking.

      • 

        s0805 on 02/01/2017 - 13:04

        Oh yes…I meant to say Orange everyday account? So to get benefits of 3% IR open Savings maximiser with linked joint Orange everyday and it will have two debit cards linked to orange everyday account??

      • 

        Colombian on 02/01/2017 - 14:53

        @s0805:

        Yes, that will do.

• 

  bluesky on 02/01/2017 - 20:54

  ING is good - high-interest and most flexible overall, as long as you don't mind the Deposit $1000 requirement. Which is not that hard at all.

  ME Bank may not be a good idea. The every week paypass requirement is doable. But when you go overseas, to places where paypass is not possible, you lose the bonus, and interest rate goes very low (1.3%).

  Initially, ME was quite good - they accommodated my twice a year travel overseas for a few weeks (when I called up pre-trip and provided travel dates). Even then, the lower interest was given and I had to follow-up to have the interest added back. But just after two times of this, I received a phone call informing me that in future, regardless, if the paypass is not done, the lower interest will apply. And if I did not wish to have low interest, to move my money to a more suitable product.

  I can imagine at sometime or another, one is bound to miss the paypass, due to travel, sickness, other crises, forgetfulness or whatever. And whenever this happens, you will be hit with low interest. So, as a main transaction/savings account, I don't think ME is practical. ING is definitely a better option.

  • 

    s0805 on 03/01/2017 - 14:44

    +1

    thanks for your reply.

• 

  jemppy on 03/01/2017 - 09:42

  We signed up for NAB,
  We could sign up before we got to Oz and then went into the branch with your ID (100 points worth) to pick up the cards.

  Initially you can sign up to the isaver which offers 1.9% (although you have to renew it every 4 months)
  They didn't require a minimum balance and they have a savings account offering 2.7% providing you make consistent deposits (no minimum) and no withdrawals.
  (http://www.nab.com.au/personal/banking/savings-accounts/nab-…)

  But you do get charged fees if you don't withdraw from the NAB or red cash machine though.
  Their phone app is pretty useful.

  It works as a good starter account before they look into potentially moving to one of the other options.

  Here is some info about NAB
  http://www.pomsinoz.com/forum/showthread.php?t=87528

  • 

    s0805 on 03/01/2017 - 14:44

    I'll see if they can sign up before they come with ING. comparing IR rates and 4 months period ING still stacks up good. I just need to figure out how two accounts linking would work.

  • 

    bluesky on 03/01/2017 - 18:57

    Just a heads-up about the NAB rewardsaver.
    Have a look at my former post about it. Under certain conditions, what they say about the account - as would be understood by the reasonable person, and which other banks follow - is not followed by NAB. Which can result in you losing some interest and winning for them. If you complain, they have this covered by fine prints, which they will no doubt point out to you. But to me, this is still rather dodgy. So I don't use their rewardsaver anymore. The other accounts - like isaver, is fine.