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…
$100 for a transaction account
$100 for a credit card account.
I think you only get the bonus for one of each.
I opened up an account this morning and I was been told that only one payment can be claimed, either its through account or credit card.
No love for existing CBA customers?
Can i open additional smart access account for bonus credit?
P/S: i do have a NAB transaction account.
has anyone noticed that unless you deposit $50,000 into the CBA account, they will take out a $4 or $6 monthly account keeping fee if you have the Smart access or Complete access account? so the bonus is already down to $96 or $94, not to mention the $2 fee for the "assisted withdrawal", so any withdrawal at the counter costs $2??
and don't get me started on their interest rates, "Balances between $50,000 and $99,999 0.05% p.a.
Balances over $100,000 0.20% p.a." i'm beginning to hate CBA all over again!
Thats why so many people are breaking up with them (and now want to buy you back like a cheap hooker), cant bag them completely I used them for a number of years, but seriously NAB is the bank you want to be with at the moment IMO, best home loan rates for last 12 months, no fees, and even their T's and C's are usually very small and easy to read.
Ever tried reading through the fine print on some of the other banks?? Even more proof is the 100 questions raised in this 'forum' and people are still asking about this 'deal'
Good luck with your new bank! I'm not getting sucked in to this one, love it how people think they can just get money for free….. seriously ;)
but their online banking functionality is sucks badly and is extremely buggy. they manage to give the most non-descriptive transaction descriptions they possibly can and the transaction descriptions change depending on what date range you select (try reconciling your account with that sort of bs). i opened an account with them but once their introductory high interest period is over i'm closing the account, simply because of their hopeless online banking.
Are you using IE2? I would suggest your browser or OS is buggy as the website works very well IMO
I am an IT administrator and I can safely say that its up there with the other banks, but I cant argue that Netbank is bad, as it is also quite good.
I have visited a branch once in 2 years, and bank online daily with NAB with various different connections and its more than fine for me.
"Ever tried reading through the fine print on some of the other banks??"
I have actually. It doesn't look like the T&Cs are that different in language or size between CBA and NAB.
For transaction accounts:
CBA: http://www.commbank.com.au/personal/apply-online/download-pr… - 5 page addendum + 27 double pages
NAB: http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_… (click PDF on right) - 35 double pages
For home loans:
CBA: http://www.commbank.com.au/personal/apply-online/download-pr… - 104 pages
NAB: ?? can't find it.
I personally find the NAB ones far easier to follow, but thats just my opinion.
Also the info they send you in the mail regarding any changes in your accounts is quite straightforward.
No amount of money (well everyone has a price lol) would attract me to swap to another bank, I want it simply easy and I want the best deal.
No fees on my accounts and the lowest home loan rate (to ME) is very attractive and saves me more in the long term than any bribe to switch over.
As previously stated, some people may benefit from this, but it will be short lived.
If CBA DROPS ITS HOME LOAN RATE TO BE COMPETITIVE, then my ears will prick up :) :)
yes, i agree, i'll never be a long-term customer of the cba because they are the least competitive bank with exhoribitant fees and low interest rates paid on accounts.
has anyone noticed that unless you deposit $50,000 into the CBA account, they will take out a $4 or $6 monthly account keeping fee if you have the Smart access or Complete access account?
do they still take it out if you close before the end of the month?
from http://www.commbank.com.au/personal/accounts/everyday-accoun…,
We will waive your monthly fee if you:
* Are under 21 years old;
* Opened your account after 1 June 2010 and deposit at least $2,000 each calendar month;
* Have a balance of $50,000 or more in eligible contributing accounts;
* Have your aged or war veterans pension deposited into this account; or
* Are currently part of a Wealth Package where the annual fee is paid.
so you just need to deposit $2,000. it doesn't refer to maintaining a minimum balance of $2000, do it once before closing your account.
You don't pay a fee on either the $4 or $6 account if you deposit $2k a month if you're a new customer. If you're an existing customer, you should call up/visit a branch, ask for this deal and maybe ask if they'll refund some of the fees.
If you have the $6 account you don't pay for assisted withdrawals or cheques drawn.
Most banks do not pay high interest rates on transaction accounts. Put it into a savings account - CBA has GoalSaver or Netbank Saver - once you're a customer, you can open these directly from Netbank without filling in paperwork and without visiting a branch.
cba rates are 5.85% vs 6.5% elsewhere for the introductory period.
to me, the amusing thing is that the nab will also probably experience a surge in new customers as non-nab customers open new accounts in order to qualifity for the cba bonus. how ironic!
$100 give me more details lol. Well worth it to transfer some money around.
Branch in Karingal, VIC wants to see that my NAB account was closed, so I have to return with the closure statement that NAB will send in the mail. I opened the CBA account, though it isn't finalized until I bring them proof and deposit $500 dollars.
lol that sucks. but would be a condition I would put in if I was the CBA ;)
i'm waiting until all the promotion details are in writing on the cba website before i do anything.
Best advice yet in this string of unanswered questions.
This deal should not have even been published until it is official. Im tempted to Neg on this basis, but would cop the wrath of OZB.
add that branch to the cba branch blacklist and try another branch? if everyone avoids those branches the staff their will get no incentive bonuses :)
open a disposable nab account? isaver account?
I did it today. Just showed them my Nab card and thts all so i didnt need to close my nab account. Only condition was to deposit $500 in the CBA account.
so did they say how long it takes to get paid after depositing the $500?
Yeah.. how long to get our filthy hands on the cold hard cash?
lol @ lack of tact!
surely it must cba a fair bit for people to open accounts. wouldn't it be cheaper just paying people $100 in cash and foregoing the account opening bit.
I did this today as well. They just asked to see my NAB card. I was told that I needed to deposit $500 by the end of the week, and the $100 would be credited 'a few days' after that. I transfered the $500 about an hour later. Branch was Sydney CBD
Sorry didnt ask anyone else know?
The downside is, there is an annual fee of $30 minimum on NAB credit card, regardless of interest free days or balance transfers etc. the comm bank want us to close all the accounts with NAB
Any one got the bonus $100 yet?
Guys, I have checked with CBA - the $100 bonus is valid for one CBA account only. Doesn't matter how many NAB accounts you got and how many new CBA accounts you open
IMPORTANT - make sure you deposit at least $500 within 60 days of opening the new CBA account and the bonus should be there within 6-10 working days (that’s what I have been advised)
thanks! 6-10 working days isn't too long to wait. i thought it might be paid at the end of the promotion period or something like that (end of april).
they told me up to 6 weeks after the deposit of the $500
I have accounts with Commbank. Can I still qualify this offer if I have an account with NAB and then open a new transaction account in a branch of Commbank?
yes you do. I'm an existing CBA account holder and also got NAB. got a new CBA account and qualified for bonus
I am a part time univeristy student. I opened the NAB Classic account in december and got the $50.
Can I open up this CBA everyday account and get the $100 while keeping my NAB account? And will the CBA account be free as I am a student? If it isn't free I will get the $100 and close it.
I will do anything for free money, I need everything I can get!
CBA accounts are free for full time students only
Also if you deposit $2000/month, the account keeping fee will be waived
I have kept my NAB account (just provided them my bank details)
How will they know if im full time, I still got a student ID I can show em?
i don't think it matters as long as the card has not expired.
nah it's a 2011 card I just picked it up 2 weeks ago. Should be fine.
Anyone know if you can apply for an account online and get the $100 bonus?
might be wiser to do it over the phone?
so how will the nab retaliate? $100 to close your newly opened cba account?
Nope, people will take the money and naturally switch back once they get slugged with CBA fees, contempt, low savings interest rates and high home loan rates ;)
Yes this is true, the targeting of NAB customers, who already enjoy no account keeping fees, makes this a very strange offer by CBA. You have to wonder if CBA will also abolish account keeping fees soon, or make it difficult to close the account, or do as they always do and charge fees.
Yeah once its published I might do it if its worth it just for the short term quick few free bucks thanks to cba… But wont be closing my NAB accounts though ;)
You would have to have a very small home loan balance to make it worth it for the home loan switch. (probably less than about 2 years payments left)
I agree with posts below, what were CBA thinking letting this 'deal' out of the bag, then not having consistent guidelines or published T's & C's - Maybe a knee jerk reaction to being dumped??
we went down to the cba branch the lady said we were the first she had so she had to read up on the offer. She stressed that its only one lot of $100 each no matter how many transaction and credit accounts you bring over to CBA so we choose the CBA smart access account which comes with a master debit card and the $4 monthly fee can be waived if you are a full time student or deposit 2k every month. She said we had to keep the account open for 60 days so that it activates the $100 bonus deposit. Also they photocopied our Nab debit cards and entered it on their system. thus no you can not apply over the phone nor online you need to go into a branch. She said its open to existing CBA customers too. The staff member didnt mentioned anything about having to deposit $500 within a certain time frame but we will deposit 2k to avoid the monthly fee and after getting our $100 each ill just convert the account to a CBA GoalSaver account to avoid fees. btw I wonder if cba's computer systems are smart enough to pick up if you go to another cba branch and try to get another $100 bonus by opening up a new cba credit card account if you already claimed the $100 bonus for opening a new transaction account? on what date does this $100 sign up offer end?
sounds like too much effort for me and how do they know if you are a fulltime student?? Just show an ID and that should be enough. The NAB free $50 was easier..
Is CBA going to actually advertise this offer with all Terms & Conditions, or not?
Sounds that different Bank tellers at different Bank branches, make up different rules on the spot!
Some of them even want a bribe to do it!
Very bad form, CBA!
+1 i basically think the staff only have the general details (according to a previous post a bulletin exists) and are just ab-lib'ing many things.
Just signed up at Kingsford NSW: 20 minutes from walking in to sign up; ID check; photocopy NAB card; paid $500 deposit and logged on and changed to new online password. I will be able to check online in a week or so for confirmation of $100 paid.
Assume 10 minutes to cancel in 2 months time for total of 1/2 an hour effort. Earn $100 (tax free!)less loss of interest for 2 months on $500 deposit (assume 6.5% at ubank) = $5.50.
Net gain $94.50 for 1/2 effort. (assumes no problems with receiving $100!)
I only wish that Westpac and ANZ would price match (The chap at the Commbank branch mentioned Westpac were doing something to combat NAB…he also asked about service at NAB and where i found out about 'ozbagain' :).
I am sure this competition will end shortly and the banking oligopoly will return to normal trading conditions so my suggestion is make hay folks while the sun is shinning!
sounds too easy ;) Think I might do this too, have a branch within 2 min walk from work…. easy money lol
photocopy NAB card
gee, i'm not too keen on this photocopying your visa card business! make sure you get them to cover up some details so they don't have a COMPLETE copy of your visa details.
i might just show them the info card with the account numbers on it that you get on opening the nab account.
Earn $100 (tax free!)less loss of interest for 2 months on $500 deposit (assume 6.5% at ubank) = $5.50.
all the say is to deposit $500. nowhere has it mentioned that you have to maintain a minimum balance. again, the cba should release all the promotion details in writing.
yes i don't think you have to keep a minimum balance as i wasn't told that i had to. also i dont think cba will advertise this promo nor release all the promotion details in writing on their website as the staff member told me all they had was what was on her screen and nothing to give me but i got her business card and she will try to sell me other products in the future. i dont think cba want to start a war if they advertise it to the mainstream public.
fair point mattgal. thx
Perhaps someone could ask this question when signing up?
i was also considering shuffling $2k through the account (in overnight, out the next) to avoid the account keeping fees.
"Section 3: Fees and charges
When you don’t pay certain fees
Minimum monthly deposit
If you opened your account on or after 1 June 2010 and deposit at least $2,000 into the account each
calendar month (excludes Bank initiated transactions)."
i'm just trying to find the definition of "Bank"
edit:
"We, us and the Bank
Commonwealth Bank of Australia"
so basically $2k of external deposits.
Applied this morning, and the staff was quite helpful.
However, just received a call from her, saying she just found out in order to get the incentive, I have to close my Nab account. I guess it's not worth it if I have to do this, as there is no printed final T&C, nobody knows exactly what rules are behind.
Very disappointed, CBA.
if they want to change the conditions from which you were advised then complain to the bank or the financial obudsman.
I guess I will deposit $500 into the account anyway, and wait until somebody report back when they get the $100 incentive. If anyone else got the money without closing his nab account, then I don't have to close as well. Thanks for the suggestion.
i opened today when i went shopping. they have an internal bulletin with a procedure to follow on it. the procedure includes photocopying the back of your visa card (not the front with the card info). i was told i didn't need to close the nab account. the bulletin says the trigger for the bonus payment is the $500 deposit. i also double checked that $500 only needs to be deposited into the account. once you have done that you are free to spend it or withdraw it.
so if thats the case has anyone deposited $500+ and already gotten their $100?
the bulletin they have doesn't actually say how long afterwards the bonus will be paid. that's why different people are getting varying answers as the staff are just pulling the times out of their asses i think. they really need to get their act together. allow for a month or two at the worst.
I dont want to cancel my NAB account.
I might sign up to the CBA on the weekend though. I only have $450 in my account at the moment so might have to hit the pokies to get another $50 to put into CBA lol..
you'll have to cut back on the cartons of coke … or put it all on the horses. how could anyone possibly lose money betting?
yeah win some lose some,but I only play pokies a few times a year and almost everytime I have come out on top :). Often just put $10 in and come out with double or more.
you must be one of the rare few how do come out ahead :)
yeah probably. You just got to manage it and not just play because you think you can make money, but for fun. Those idiots that sit there all day everyday thinking they will win big lose alot of money in the long run but just playing casually with a few dollars you get alot of small wins.
strange, seem like each of us have a different version of this promotion from CBA. I opened a new account at BANKSTOWN branch today. I'm already with CBA but also has a NAB account. The lady checked and confirmed that i'm entitled to this promotion and she opened a Complete Access account for me. I need to sign a form to agree that CBA will contact NAB to close my existing NAB account. She also said that i must deposit $50 into the new account from a third party bank, not $500 like s/o else mentioned. Oh, and the bonus will come within 6 weeks.
She also said that i must deposit $50 into the new account from a third party bank, not $500 like s/o else mentioned
you must've looked like a penniless student :)
yes indeed i am :) but she must have seen the >$5000 i had in my netbank account, that's why she emphasized it must come from a third party bank ;)
oh so you are an existing customer? maybe it is different. i just think individual staff are interpreting the vague guidelines differently.
That is bullshit if you have to close your NAB account. I wont bother if that is the case..
I don't even have $500 to put in the CBA account at the moment.
Nah you dont have to close the nab account. Well i didnt have to anyway…
go to a branch, enquire about the terms and conditions before doing any paper work. if they want closure of your nab account then go to another branch.
I applied for an account over the phone, which is much easier than going into a branch during business hours. Account was opened in a few minutes.
The customer service person said $500 has to be deposited, although she did slip and initially said $50, before correcting the figure to $500. This is for the complete access account, maybe its $50 for the other account.
It was also confirmed that my NAB account will not be closed.
Are we going to get slugged with an account keeping fee on the 28th Feb/1st March? This will not be a good start.
this seems like the easiest way to do it. did you just have to quote your nab account number?
Are we going to get slugged with an account keeping fee on the 28th Feb/1st March? This will not be a good start.
i was wondering that as well. i'm not sure if it is charged to the end of each calender month or, and this seems more reasonable, at the end of the 1 month from when you opened your account. in the end i just transferred $2k in today just to be safe. out on monday :) the interest rates for the netbank saver account aren't very good, even with the introductory bonus.
Yes quoted BSB, account and card number, but still have to go into a branch to show ID.
CBA loves charging fees, so i guess we will see if a account keeping fee is charged, not sure if i wan to risk moving $2k just yet, as all i have is my new CBA BSB/acc.
One thing to be cautious of with CBA is the delay for transferring funds to a new account for the first time, it may take an extra day or two.
Are we going to get slugged with an account keeping fee on the 28th Feb/1st March? This will not be a good start.
i rang up to supply my tfn and i asked them this question. apparently all the account keeping fees get charged on the first day of each calendar month.
Crownanchor, did they ask for your NAB account details if applying over the phone? how can you proof that you have a NAB account?
Yes, BSB, account number and also card number. No idea how they verify this, they probably have some system.
how will they verify im a student if i sign up over the phone. i dont want account keeping fee. i just want the account to be free and to get my free $100.
You will probably have to show your student ID at a bank branch.
I went in Commbank at King St Melbourne, asked the lady about this promo. She didn't have any idea at all and I ended up waiting for 15 minutes for her to find out. Told me I have to get a closure statement from NAB in order to get the $100.
Too much hassle…
Try a different branch, there is no need to close your nab account, and there sems to be so many variations of this offer, many of the staff seem to have no idea.
I went to different branch today and signed up with no problem at all. The lady asked her manager if I need to close my NAB account, the manager said no need to close account as long as I can show them my NAB bank card.
I was told the $100 will be credited to my new CBA account as soon as they receive my $500 deposit.
Just signed up over the phone.
Need to go to branch to identify myself etc.
Will get the $100 within 60 days apparently.
Did not need to say I would close any NAB account etc or provide proof of anything to that effect.
Can someone please let us know when they get the $100? I sure hope it's not 60 days…
stuff this too much confusion between branches. i'd rather stay with NAB, atleast they are organised and just gave me the $50 painlessly and quickly..
for someone with only $450 in their account, i would have thought an extra $100 would be a significant gain :)
I went to another CBA branch and they said its $100 per account thus if you apply for a CBA smart access account and credit card you get another $100 too thus $200 in total. they also have the $0 first year annual fee on credit cards offer extended to march 7th advertised on the windows. It contradicts what the other branch where i opened the smart access account said that the maximum bonus was $100 only. Im a bit confused and might call them up tomorrow and visit a third cba branch to get a 3rd opinion version of the deal lol.
Easy money - yeah right ;)
I went to Collins Street, Melbourne branch and the lady told me I can get extra $100 if I have credit card with NAB as well. Her manager confirmed this.
Does this mean setting up and applying for a credit card with CBA or just presenting the two catds to CBA and opening a savings account.
The details of the offer did suggest the savings acount and credit card are two seperate $100 bonus's.
I just called Cba free call 1800634700 and got a 3rd version. They said yes you can get another $100 if you bring over two different products and no its not compulsory to close your nab accounts but they can do it for you if you wish. also you should get your $100 within 6 weeks and no you don't need to make any deposits of $500 etc. also existing cba customers qualify if they show proof they have nab accounts at a CBA branch. I just wonder if you show your nab credit card then request to upgrade your CBA credit card if you qualify for another $100 or not?
just got off the phone with cba…the rep confirmed that there is no need to close the nab account..but to receive $100 bonus, there must be a "direct credit" like salary into the account and specifically said that fund transfer from a different bank wouldnt qualify the account for the bonus..bummer..dont want salary going to cba acct :(
there must be a “direct credit” like salary into the account and specifically said that fund transfer from a different bank wouldnt qualify the account for the bonus..bummer..dont want salary going to cba acct :(
i don't agree with that. i got a flyer that the branch made up and all it says is that the trigger for the $100 is an $500 deposit. a direct credit from an external bank will qualify. just tell them you get paid in cash :)
the whole promotion is a shambles because they haven't released the promotion t&cs in writing. the financial ombudsman will have a field day if they don't honour the bonuses.
There seems to be so many variations of the conditions to qualify for the bonus. I think in 2 months time when people haven't receive their bonus there is going to be a backlash against CBA. I think CBA might be digging their own grave.
agreed. i don't think the cba will want to screw new customers. all it will do is generate alot of ill will.
I used netbank to ask CBA about this promotion. Let's see whether they answer in writing or not. If they do, I can keep it as an evidence against them later if anything goes wrong.
60 days after you deposit $500 the bank will add $100.
This is what I was told having went back to my local (kingsford, nsw) Commonwealth bank branch.
thats what i was told too having returned to the branch to ask again. no mention of a “direct credit”. are you sure of this? i guess you can always do a paypal deposit which is a direct credit.
Is it $100 bonus regardless of how many account you open?