Serious Help Needed: Is This a Good Bank?

ThePensioner on 30/07/2017 - 19:47

Hi all,

I apologise for creating another thread, but I have very few friends so I don't have anyone else to ask.

Since OzBargain has many financial experts I thought this community would be the best place to ask.

How does this bank compare to others? Link: http://bankvic.com.au/

I know nothing about banks so I'd appreciate any help.

Thank you for any advice!

Financial

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BankVic
BankVic

Comments

  • altomic on 30/07/2017 - 20:14
    +2

    what do you need from the bank?

    • altomic on 31/07/2017 - 08:53
      +4

      Hmm, not sure why I was negged.

      The question was aimed eliciting a response in regards to the requirements of the bank eg, home loan and rates, off set accounts or in regards to banking fees or better than other banks % rates.

      I.e. what is so serious about needing information about this bank

  • original15 on 30/07/2017 - 20:41

    Having been a bank vic member at one point, I think you need a family member to be a bank vic member, or you have to work in a certain field to be eligible to join bank vic, might have changed, anyone know?

    • ZippyRoo on 30/07/2017 - 20:56
      +1

      Yeah I thought so too. You have to be a public servant or a member of the police force to join I think. My husband works for Justice Victoria and he was given an account automatically, but we never use that account at all because it really gives us no benefit and they're not really competitive in terms of rates. According to the website, you have to be any of the following to join.

      • A police force member
      • involved in health, emergency or public services
      • family member of a person admitted under (1) or (2) above
      • working within 5km of our offices
      • introduced by an existing member of at least 12 month standing
      • approved by the Chief Executive Officer or an Executive Manager of Police Financial Services Limited
      • a corporate body (Contact us on 13 63 73 for more information).

      http://bankvic.com.au/bank-with-us/how-to-bank-with-us/how-t…

  • ThePensioner on 31/07/2017 - 02:20

    This is correct!

    I'm already a member so I just wanted to know how BankVic compares to other banks?

    • iamw0man on 31/07/2017 - 08:41
      -1

      ThePensioner is at it again!

  • ThePensioner on 31/07/2017 - 03:46

    I thought that since membership with BankVic is so restrictive there would be many benefits compared to other banks…?

  • ozshaz on 31/07/2017 - 06:58

    I agree with the comments above. Looks like very restrictive membership and I hope the rewards are also exclusive :-) Just had a quick look on the rates for investment loans is 5.23% and the interest rates on saving deposit is 2.4%. Not sure if these rates means exclusive benefits :-) unless someone can detail out the benefits.

  • John Kimble on 31/07/2017 - 08:20

    What would non serious help be?

  • scanuck on 02/08/2017 - 18:30

    It's the old police credit union - I have a dormant account somewhere, didn't offer much for me

  • ThePensioner on 04/08/2017 - 20:54

    Right. It used to be called "Police Credit".

    I'm still trying to find out the biggest benefits?

  • ThePensioner on 05/08/2017 - 18:36

    The savings interest rate is 1.73%.

    How does this compare to other banks?

    I just checked and it says this:

    You can enjoy the following benefits:

    no minimum balance or deposit
    no account keeping, management or annual fees
    funds accessed through online or mobile banking and Rapid Response telephone banking
    unlimited deposits and withdrawals
    interest calculated daily and paid monthly
    apply online via internet banking
    allows for direct credits and debits to and from the account
    unlimited free PayAnyone – Mobile Email feature on mobile banking to send funds by providing the recipient’s mobile phone number or email address.

  • ThePensioner on 23/09/2017 - 19:20
    -2

    Any advice would be great!

  • ThePensioner on 30/05/2024 - 09:07

    Hi all,

    It's now 7 years later and I'm still with the same bank!

    I'd appreciate anyone who could do a review for me just so I know how BankVic compares to the other options out there.

    This is their largest interest savings account:

    "Bonus Saver
    Interest rate (% PA)
    Standard variable rate
    0.05%
    Bonus rate up to $1 million (1)
    4.55%
    Bonus rate $1 million plus
    0.01%

    (1) Deposit $100 per calendar month,

    with no withdrawals and we'll reward you with bonus interest.
    Bonus interest rate is capped at a maximum balance of $1,000,000."

  • ThePensioner on 30/05/2024 - 09:34

    Sorry to be asking this question, but I'm completely unaware of what other banks are offering!

    There is also this savings account which doesn't require a deposit of $100 per month and no withdrawals. So you're able to withdraw and treat it like a regular bank account and these are the interest rates:

    EasyInvest
    Interest Rate (% PA)
    Balances up to $5 million
    3.00%
    Balances $5 million plus
    0.01%

  • ThePensioner on 15/06/2024 - 01:00

    I'm still looking for reviews for BankVic.

    I'm reading this now and there are soooo many negative reviews!

    Link: https://www.productreview.com.au/listings/bankvic

  • ThePensioner on 28/10/2024 - 21:04

    Does anyone know the best way for me to compare bank savings interest rates between multiple banks?

    I thought this topic would be constantly discussed on OzBarg…????

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