CBA is offering NAB customers $1200 to refinance their home loan. To open a credit card or deposit account, CBA is also offering NAB customers $100.
I cannot find it on the website so I have provided a link to an article in The Age.
http://www.theage.com.au/business/cba-tempts-nab-customers-w…
So can we start a new NAB account, than goto CBA for the money?
yeah i was gonna open one at NAB anyways
did nab forget cba's birthday?
They is trying to nab customers.
best one i've heard in a long time, well done :).
another one for the epic threads :)
| To open a credit card or deposit account, CBA is also offering NAB customers $100.
sounds too good. there must be a catch. maybe you need to take out a loan as well. otherwise the nab account i opened at christmas for their promotion will come in handy for this promotion!
i don't think cba have any transaction accounts which are free of monthly account keeping fees. am i right? i don't think i'd stay a long term customer.
If you have a relationship balance over 20K, I think they waive the account keeping fee.
$100 should be enough to cover account keeping fees for several months (close the account after you receive the $100 I guess).
It use to be $20K, its been increased to $50 K now.DAMn 11
If you deposit over 2k per month (wages for most people), account keeping fees can be waved for life so will be a totally free account for everyday banking.
im a student and its free
I have a CBA AwardSaver account, it does not charge any fees if you do not withdraw. As the name implies, it encourages you to save!
I will +ve the deal once the detail information is out (the deal is not official yet).
How about existing Comm. bank customers? We get nothing? So for being a loyal Comm. bank customer gets $0?
yeah, i think existing comm bank customers get screwed (even more than they currently do).
For loyalty? Hmmmmm, let's see. Yes, I know, you get SQUAT!
:D
Its the latest advertising campaign going on. NAB is offering CommBank, Westpac and ANZ customers money to change to a NAB homeloan. NAB have recently lauched their new 'Break Up' campaign, saying that NAB has broken up with other banks because they have nothing in common anymore. Therefore, if you, as a CommBank customer, want to get any benefit out of this, its probably wise to see what deals NAB have to offer you and switch banks.
All in all, wherever your loyalties lie, just remember that there is nothing like some healthy competition to bring down bank fees and interest rates :)
youg down mean bring down bank fees and up interest rates?
Depends whether we're talking about loans or savings.
why would they give you anything, they already have your business (and fees etc)?
They need more customers to bring in more fees to bring in bigger share prices to justify their $10M salaries…
Why would they give you anything? You are already a customer with them - the whole point of this is to get them new customers.
Sure it would be nice if they did, but banks are around to make money - not be nice!
edit: Just noticed the person above said pretty much the exact same thing!
There seems to be an apparent lack of clarity and information about the credit card/deposit account offer. Can't find anything on their website. Has anyone got any further information to share?
also from http://www.investsmart.com.au/news/news.asp?Action=Display&D…,
THE banking-sector stoush has turned into a three-way war, with Commonwealth Bank planning to offer up to $1200 in cash to National Australia Bank customers looking to switch loans.
It will also offer new customers deep discounts on home loans and $100 to open a credit card or a deposit account.
but little other info
CBA is offering existing NAB customers $1,200 in cash to refinance their home loan or line of credit with CBA, $100 in cash if they open a CBA credit card account and $100 if they open a Smart or Complete Access transaction account.
those transaction accounts cost $4-6 per month.
I have 2x NAB accounts that I opened last year to get $200 credit (thanks to Ozbargain) I'm happy to convert them to CBA accounts for another $200. $400 for reading Ozbargain :)
CBA has higher interest on home loan, so if you have a sizable mortgage, it would be shortsighted to switch over simply for the $1200 cash.
If however you have a very small mortgage, then it would work well!
cba don't offer the greatest rates do they
agreed
Everything is negotiable, most people use the CBA wealth package which reduces the rate too, and I would be pretty damn sure CBA will match NAB for any rate to get your business. They really are in a corporate war.
I have been a loyal CBA customer for 20+ years and recently drew down a home loan. I went to CBA with the standard packaged that NAB can offer me, and CBA won't even cut their rate by 1 basis point for me despite being so loyal with them. I have since switched my credit card and home loan to NAB and very close to moving all my other accounts over too.
and i had the exact same experience.
ive got both NAB and CBA accounts, what can I do? =S
http://www.investsmart.com.au/news/news.asp?Action=Display&D… describes it as being for new customers.
we really need to wait and see the details of the promotion.
Quick, close your CBA account first thing tomorrow morning.
$100 will be paid once $500 is deposited into account within 60 days. Only one $100 payment regardless of the number of new accounts.
Where did you find this info from?
Nope, thats not true….nothing to do with $500…….but yes, only one $100 payment will be made.
I am guessing you work in the bank too, you should read over the bulletin properly and come back tomorrow.
and what about the existing NAB customers only, does it make any difference if I open up a transaction account with NAB tomorrow morning and come to Comm Bank with my NAB account details in the arvo, would I still be eligible for that Bonus?????
the way it's worded i think it's only for existing NAB customers with a home loan/line of credit who re-finance with CBA and take up all the offers, i doubt you can just pick the CC/transaction account offer alone, but i suppose someone will find out soon enough… ;)
Nope, you can just do the transaction account or CC offer if you want.
you can take all three accounts, HL, CC and everyday account. in this case you get $1200 and thats it.
You can pick and choose what you want, and yes, you can take only one account.
What's the point when CBA's interest rates are so crap… They'll make 10 times what they give you over the life of the loan…
They make 10 times or 20 times….how does that matter ? Seriously.
you dont have to pay it off in 30 years. knock it off ASAP. Pay ur mortgage weekly or f/nighty. Definetly NOT monthly.
Put every single extra dollar in the redraw….C mon guys, we all know this.
Huh ???
I assume JVs point (a very valid point, for that matter) was that if you stay with NAB (or any other bank) that 1,200 you would have made from changing will be yours in a matter of years anyway, because Commbanks rates are so terrible.
really? it sounded like they were offering to the same customers!
well, i'm game to try! NAB, here i come…
This is correct. Theres a staff incentive as well.
$1200 for a customer who re finance their HL from NAB to CBA……$250 for staff member.
$100 for credit card from NAB to the CBA———-$50 for the staff member.
$100 for opening new account——?$50 for the staff member.
You have to show evidence of having an acocunt with NAB. E.g,, bank statement, bank card etc.
They would like you to close the account with NAB but I guess you don't HAVE to.
Theres literally no catch to this. Its as simple as it reads.
Wait, theres one catch ! This offers starts today but finishes on April 30, 2011.
oh, for the records….I work for this bank.
do you mean that staff get commissions?
They would like you to close the account with NAB but I guess you don’t HAVE to.
i don't think i'd be that keen
Yes, theres a staff incentive as I mentioned above.
well, you don't have to close the account(s)if you don't want to.
Thanks love bargains for the details. Great to know. Is there a minimum requirement to keep a deposit a/c open?
April 30th it finishes. Time to open a NAB account and transfer it to CBA….
why is there no web page with the promotion details on it?
it must be like christmas for staff members to open new accounts for nab customers. $ signs must be appearing instead of customers' faces
"Cha-ching! More dickheads who don't realise they're throwing their money away by coming to the absolute worst bank in Australia!"
hahaha yes, but not really…people are smart now a days. its not just, hey would you like to do this ? and they say, yea no worries.
so how long does it take to get paid the $100 bonus? there is no mention of that anywhere.
no marketing campaign for it.. they wanna save the marketing campaign fee for now..
hey love bargains (so do I :P)
-do you have to open a new account or do you have to be a new customer to get the $$$?
I'm already a customer….
still trying to figure out if just a letter of account opening with BSB and account details work to claim that bonus??
Out of curiosity - Are there an incentives for opening term deposits? The staff are always adamant to open me one. If there are care to share? I would like to use it back on them when they try and offer it to me (as a joke of course)
Although i'm with the commbank and I think they're the best, this has got to be the worst way to promote yourself, nab has been making a genuine effort to beat the other bank, lowering fees and increasing interest in line with the rba. All commbank has to do is stop pissing off its own customers and itll be enough already.
lol… u have my vote.. they treat you like dirt when you're with them.. so much for loyalty.. its more like betrayal gets more money and benefits… but its so much hassle to move the home loan around.. its not playing cards or UNO …
@mattgal….If am not mistaken, it get paid the next month.
thanks for your help! i'll ring the bank tommorrow to hopefully confirm details.
their call center is open 24hrs, give them a buzz now and find out………….only if you cant wait till morning.
@ patientvalue …..no such thing mentioned, as in time frame…well if you take your mortgage to them, I bet you wont be closing it off the month after and moving it somewhere else as surely its not that easy/simple.
but for C/card or everyday account, its upto you.
Thanks Love bargains. will pop over to local cth bank to see about opening everyday account
so, does this mean you can open multiple accounts and get multiple amounts? (assuming you have multiple accounts with NAB)
i would guess there is a limit of one bonus per person.
i just got off the phone with cba customer service. they didn't know much about it. it was just launched today and apparently there should be some info on the website this week. they did mention requiring $500 to be deposited into the account within 60 days. an nab account number is required. it's probably wise to wait and see all the fine print in terms & conditions when they are released.
Will a ubank (backed by NBA) account number suffice?
i doubt it very much
Will be doing this for sure. Looking forward to hearing more details.
Screw dealing with banks in any form. While you might read 'bargain' rest-assured with banks involved, YOU will not be the one to come off on top. Which pretty much puts all Bank related 'bargains' exempt from this site.
If you need proof, have you ever heard of a bank making a loss? Or a profit <$1b? Now lets focus on real bargains.
Screw dealing with banks in any form
do you keep all your money under your matress?
there is lots of money to be made from banks keen to have your custom if you are savvy.
More like if you can be bothered driving an extra 2km for their teller machine . Are happy to line up for an eternity to take your money out and then jump through half a dozeb hoops . Banks are the masters of fine print and do not lose . The only way to win with banks is to buy their shares because at the end of the day thats who pays the CEO his multimillion dollar salary and customers are just there to be lied to and screwed .
I take it you live in the middle of nowhere… In towns and cities there are cash machines everywhere and you rarely have to queue for them - or you could just use the card in the shop you want to buy from - the entire point of having a card!
And please explain what hoops you have to jump through to get your money out? I go to a machine, insert the card, type the PIN then select how much I want. How can that possibly be described as "jumping through hoops"!
How can CBA afford it? If 10m people open a NAB deposit account and then a CBA deposit account between now and end of April, that may cost CBA $1b in bonus costs. If I'm the NAB retail manager, I would help spread the word and get as many people as possible onto this plan.
i dont know how you can compose a sentence that that says "How can CBA afford it? i mean, did you forget the emoticon? or a lol?
there are 21m people in aus. Assume with the given options of the big four… around 20% have money in CBA. This is only targeted towards NAB customers… that's the other 20%
Now only a small fraction will change from NAB. So CBA may have people in the 10,000s but no way towards 10m.
Their losses are minimal when you find out the money they make on your deposits that they lend out.
Is NAB gonna strike back?
I'm already with CBA, so suck for being loyalty to them. They even offer free 1st annual fee for CR card but not for existing customers :(
If any bank offer me a good deal…I'll ditch them!
Nope, they've moved on……
seriously, move to ING, they currently have a 40 dollar reward for starting an orange everyday account,
i am currently with both, (CBA, ever since I was in primary school and Orange Everyday for just over a year now - longer with their savings maximiser) and will be closing my CBA account soon I think.
So your loyal to them, but you'd happily ditch them if another bank gives you a good deal?
Just staying with a bank because you can't be bothered to change doesn't make you "loyal" to them, nor does staying with them on the condition that they keep giving you discounts.
Do I understand the terms of the transaction account correctly in that I can open a complete access account and pay no monthly fees because I'm under 21 years of age?
If I already have a commbank account (which I'm planning to cancel after already having shifted to NAB), if I cancel it, then re-open it do I get the $100?
Not sure if the $1200 is worth a higher interest rate than NAB. Maybe if Commbank had a lower interest rate it would be beneficial to move over.
Would a NAB Visa debit card count as a credit card? Would it be possible to use Ubank account number as a savings account & NAB Visa Debit as the credit card account and get $200?
So many questions, so little answers.
If you swap your home loan to this bank at a considerably higher rate, then you deserve this 'bargain' I feel like negging it just for that.
As for the $100 for opening an account, I have too many questions to be bothered, and CBA charges $6 a month as an account keeping fee unless you maintain a balance. So after 17 Months, they have the money back.
If you wanted to muck around opening and closing accounts etc for the $100 then you will come out in front, but my advice would be that if you have that much spare time on your hands, it may be more beneficial to find a second job.
NAB killed the asterisk (if you didnt know) and has no account keeping fees on savings and debit accounts whatsoever, and no minimum balance conditions.
I broke up with CBA years ago, and I dont miss them and have no plans of re-kindling the relationship. Its still over.
Make a deposit of $2k each month (no minimum balance requirement) such as your salary and you'll be exempt from account keeping fees. I find that CBA has the best in-branch service amongst the Big 4. Not that I need it or use it regularly but it's good to know that it's available to me.
So whats the easiest and quickest way to make a new NAB account?
Also for the $100 does it matter what NAB account you have?
NAB
Transaction accounts
NAB Classic Banking
NAB Gold Banking
Savings accounts
NAB iSaver
NAB Smart Reward Saver
NAB Smart Junior Saver
Investment accounts
NAB Term Deposits
NAB Cash Manager
Are they all OK to get the $100?
Unless the Comm Bank posts a rep here to answer the questions I think people will have to ask the bank directly (and hopefully post back their answers here) or wait for official info to be posted on the Comm Bank Site.
Existing customers - must open new Transaction account ($4/ month or $6/month - note some customers may have this fee waived if they already have a mortgage with CBA)
New customers - as above
Both customers - must deposit $550 within 60 days, $100 bonus manually processed as they put in a form for you
edit: They will ask for your existing NAB account details.
I just set up a CBA transaction account and credit card app. $200 woot!
Staff knew about the offer, but it was 'very new'.
They gave me a copy of page 1 of the new marketing campaign - Bulletin 054/11 - 18 February 2011 - that lists the products and incentives, as proof of the offer
Campaign kicked off Monday 21st
$1200 for refince NAB to CBA home loan
$100 for Credit card (pres liability, consumer or business)
$100 for Complete or Smart Access transaction account
Hi kingsville..Did you do it online or at branch? Did they ask for NAB acct details?
At the branch, I just had to present my atm and credit card to show I was a NAB customer.
They were very helpful, I just stood there drinking a coffee while they entered all of the information very quickly.
were u been informed that U wud be getting $100 bonus for each account, thats transaction account & credit card????
so when does the $100 bonus get paid?
the cba teller chicks will be making a fortune @ $50+ per customer. what a rort.
no, Thats $50 per savings account and $50 per Credit card for the staff, hopefully, our OZbargainers wud take both together, everyone likes $200 in pocket… hah hah a
Hey Kingsville, are you a completely new CBA customer or have you had any accounts with them in the past to snap up this offer?
will have to investigate!