I just returned to Australia after living overseas. I have a bank account here already with nab, but I was wondering if there is a better general savings bank that offered low fees, good internet/mobile banking etc.
Looking for a new bank
Lozsandpiper on 09/05/2022 - 11:00
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Plus it also has great Android support.
Nab already has no account keeping fees and has good internet/mobile banking.
What have you reseached so far? If you gave some numbers/names about what you like, we could have told you what's better.
What have you researched so far?
OzBargain, probably. If savings rates are part of the puzzle, then there’s the Savings Accounts Leaderboard
Quick look at the savings rates shows that none of the banks mentioned have yet passed on the new RBA rate, not even partially
If it's going to happen it will be later in the month that's normally been typical for savings account rate rises and decreases.
ING Direct, NAB, don't go with anyone that has a monthly fee.
was surprised recently to discover that ING Direct doesn't have Samsung Pay. Only Google Pay.
I'm surprised Samsung Android Phones don't support Google Pay.
They do (obviously), it's not as good though.
- No screen off tap for transport
- Nifty slide out widget on Samsung Pay (workflow is better for loyalty cards etc).
St George is also fee free now. But dont expect anything greater than NAB.
Mobile App wise CBA is miles ahead of ANZ or Westpac, and I am currently using all three. With CBA Apps you can do everything, literally everything. It also has options to notify you in real time whenever a transaction is made on your account.
It also has options to notify you in real time whenever a transaction is made on your account.
So does the Westpac app, which you should know already if you're using it.
Yes, but with CBA App it allows you to do more. For instance you can manage your home loan and insurance product without having to log into the webpage, because the App can automatically log you in. With Westpac the App brings you to the web page and you need to enter your credentials again. It also uses the App for security code instead of SMS so SIM swapping trick can't get you, because the security code is locked to your phone not your number. It also got some budgeting function which I don't need but I can see it's being useful for people.
So I'm not sure why I'm being downvoted.
With CBA Apps you can do everything, literally everything.
Does the app 📺 high interest on savings?
macquarie transaction account is the best ive used
Seconded. Makes ING look like the stone age.
Discounted gift cards are great too.
HSBC is good too for the 2% cashback
Macquarie is missing EFTPOS cards. Means no cash out at supermarket and no beem transfers.
Wonder how sweet a deal they struck with Mastercard to ignore cashouts as a feature in debit cards.
Nab is the standard friendly people's bank.
Use the one that gives you high interest on savings.
really comes down to what you need. Fees really is not a deal breaker, because most of them are free if you fulfill the conditions.
Westpac, if you are under 30. For the interest rate and discounted movie ticket. Pretty shit app.
Macquarie, fee free, discounted giftcard, no international fee. (Not on Samsung pay)
ING, good interest rate (no age limit), no international fee. Pretty shit app also.
HSBC, 2% cashback on <$100 transaction, up to $50 per month.
NAB, fee free, nothing special, low fees on nabtrade if stock is your thing.
Citi, fee free, no international fee.
That's the end of my research.
Thanks for sharing will be adding transaction accounts in the future. As some may have noticed recently there's been structural changes to the spreadsheet.
But in the meantime OzBargain already has some pretty good resources on that front that the OP might want to take a look at.
https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…
Best Australian Transaction (Day to Day) Account (OzBargain Polls)
2022 https://www.ozbargain.com.au/node/681645
2021 https://www.ozbargain.com.au/node/618677
2020 https://www.ozbargain.com.au/node/532073
As ever, it depends on what you are specifically looking for.
Any of the larger banks (big four, plus other significant operators) will give you a decent transaction account, debit card, internet banking, and mobile app, with ways to eliminate fees. You'll also be able to link it directly with a savings account that again will be more or less integrated with the transaction account depending on provider.
Some are biased more towards one or some of those factors than others.
If you simply want to have your pay go into it, have a debit/ATM card, set up direct debits, pay bills, and send any surplus to savings, I'd probably go with CBA.
More specific needs might change that recommendation.
I'd go with Up. The best app, decent savings interest rates.
Plus one for Up
Makes even the other more modern banking apps look like the Stone Age. Up is the way to go.
Most of the banks have sh1te apps.
But who really cares about the app?
Be more concerned about their cybersecurity and response if someone happens to gain unlawful access to your account. On that score, once again, they're all pretty cr@p.
So just go with any one of them.
But as @rektrading has said above (and got negged?), choose an online savings account that offers high interest rates. e.g. 86400, UBank etc.Another vote for CBA. I have used online and apps from many banks, and CBA is by far the best experience.
ANZ is my preferred option. Good app with modern features and one of the first Apple Pay support. But I'm assuming most banks are pretty equal in basic features nowadays.
Standard savings accounts are all pretty low interest across the board. You'll want something different if want to maximise it.