Bank Account Strategies (July 2020)

LStingy Student on 22/07/2020 - 16:55

Hi OzBargainers,

I've been accessing my current bank account strategies to (1) maximise the interest earned from my savings and (2) earn instant cash-back on everyday purchases.
Please find my current strategy below. Feel free to give any advice, comments, or suggestions.

Savings
Westpac: 3% interest PA (18-29 year olds) + $50 joining incentive:
https://www.ozbargain.com.au/node/550359
https://www.ozbargain.com.au/node/550459

Everyday Spending
HSBC: 2% cash-back on tap & pay purchases + $100 joining incentive
https://www.ozbargain.com.au/node/537431

Note: both deals have some specific requirements that I'm able to meet for bonus interest, $0 monthly fees, and joining incentives. See above links for more details.

So the plan in a nutshell is to use Westpac as the primary account earning 3% interest PA on savings, regularly transfer my weekly spending budget to HSBC to earn 2% cash-back on spendings. Additionally, meet both joining incentive requirements to earn $150.

Financial Bank Account Savings Account Transaction Account

Comments

  • Trying2SaveABuck on 22/07/2020 - 17:07
    +5

    Good for you bro

  • Godric on 22/07/2020 - 17:23
    +3

    Nice

  • Hithere on 22/07/2020 - 17:33
    +1

    Cool story bro.

  • prophet on 22/07/2020 - 17:34
    +2

    Very nice. Thanks for sharing!

  • Nalar on 22/07/2020 - 17:36
    +1

    2% back. looks like its time to ditch ING finally

  • Donaldhump on 22/07/2020 - 18:01

    may want to consider hsbc given bail-in laws

    • Nalar on 22/07/2020 - 18:25

      I don't think one would be really worried about a couple $100/week spending account.

  • modsec802 on 22/07/2020 - 19:06

    Beautiful

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