Our eldest son is entering the permanent full-time workplace at last (after years of study and unemployment). He has a legacy St George student bank account and a very low balance industry super account from part-time work in retail. He has a debit card linked to his bank.
He will not be travelling overseas in the foreseeable future, so I am not sure that the banks often discussed here for their suitability in money transfers and foreign card purchases are particularly relevant.
He may soon want a car loan for a cheap 2nd hand vehicle for access to work.
What banking avenues should he be looking at?
We have a local bank that evolved out of a credit union, allied to Bendigo Bank alliance. It gets good feedback.
I have banked for years with Macquarie and no complaints. His mother works in admin in the NSW state education sector.
Bill
Which Bank? for New Workplace Participant
Last edited 17/02/2018 - 16:50 by 1 other user
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I thought with ING,only one savings account gets the bonus interest. Isn't it the case?
All the banks are roughly the same really. I personally look for the following:
- a good netbank webpage and good apps
- low/no fees, although full time work should net enough money to waive fees (ie CBA over $2000 no account keeping fees)
- credit cards on offer, if anyNAB doesn't have monthly account keeping fees, so a deposit of $2000 is not required.
A much better choice of the big 4.Another vote for NAB. No fees if you bounce an automatic payment.
CBA
The old me would have said that. LOL
Too many scandals. They have provisioned $HALF A BILLION for possible fines.
NAB Classic.
I'd consider a good savings account, separate from his day to day transaction account.
Here is a good discussionhttps://www.ozbargain.com.au/node/360088
If his transaction account has no monthly fee, and he is happy with it thus far, not much need to change that.
I’d use ING, if you use a referral from here he will get $100
They have also enabled instant payments so if your bank has instant payments and you need to top up his account it will be convenient.
He's a grown up already. Just let him do his homework.
ING or Maquarie or any bank that offers low / no fee accounts. One good thing about ING is that he can have up to 10 savings sub accounts. I use those to budget on a fortnightly basis for larger expenses (rego, insurance, rates, etc.). By working out the cost in advance there are no nasty surprises when the big bills become due.
By budgeting and putting away for these items as well as establishing an emergency fund (check out Dave Ramsey for information on that), he will know exactly what he has left over from his pay-packet that he can justifiably spend.
Gone are the days when you had to be with a particular bank for years before they would give you a loan. Now they are more interested in a demonstrated ability to save or more likely the ability to service the loan.