Good evening all dear Ozs, just wondering who do you currently bank with and what is the best experience you have with that bank.
I'm currently with Commbank and is thinking of opening another account and is happy to get some unbiased recommendations.
Multiple banks.
Bank (profanity).
Bankwest - Banking with them for 15 years and love them. This is my primary account for salary and direct debits. Great customer service, great app and little wait time to speak with someone.
AMP - No OSKO, but not a deal breaker for me as it's purely used for savings.
Macquarie - mostly used for $0 international transactions and my Argentinian YouTube Premium account. Will likely dump some savings for my car and bike fund into the transaction account for the extra interest % from June 17th.
uBank - Recent account opening when they were 86 400. Very little experience with them so far.
Virgin Money (soon to be shi7canned) - where the hell do I start with these jokers…
I'm also a Bankwest customer, they are so much better than the others it's incredible. I have my mortgage with ANZ, before that was at George. St George were ok, much longer wait times than Bankwest, but livable. And are terrible. Hours on the phone, can't answer simple questions when you get through. Rubbish in-branch hours. Would love to switch my home loan to Bankwest if they do a cash back offer again when I'm ready.
HSBC. Only bank that sends mail quickly in my experience, despite not actually having a branch in my state. Mystate take forever and instead of declining transactions when there are no funds in the account, they just let the transaction through and charge overdraft.
Their support is also quick to fix issues.
86400/ubank
ÏNG and soon to be Macquarie Bank. Mac Bank seems to have much higher interest rate for earning interest on your savings with term deposits. Apart from that ING is still great with free ATMs locally, Low international conversion fees and free ATM use international, which comes in handy with country like Thailand that love to charge AU$15 to use an atm. I'm happy with ING everyday product, but not their saving maximiser.
Edit: Both banks have local call centres and pick up quickly. They are also helpful, which past banks like ANZ, weren't so much.
Term deposits ?
You do realize it means you not having access to those funds, and your interest rate is also locked. If the RBA increase interest rate and you stay at locked term deposit rate, you might be worse of after other banks adjust their interest rates.
Add bank of mum and dad
NOYB
Other
DeFI
At least you're consistent.
☀️ 🐦 🐛 👍
Some of the above, plus others.
Started off with People's Choice Credit Union, then they started charging fees. They used to be known as something else but it's been so long I forgot. Then went to Bank SA, but then they started charging fees. Now I'm with NAB.
Suncorp
I suggest you wake up and choose wiser!
I don't think there are other banks that would not charge fees and give a better interest rate in my position. I understand people going with Banks that's require substantial deposits or transactions each month to get the better interest rate etc. but that does not suit my position. Having worked in lending in banks my whole working life, I do my research and pick the bank that is right for me at the time.
Suncorp is really not that bad, would I use them personally as my primary no but there's definitely a lot worse in the market.
I don't think there are other banks that would not charge fees
Lots of banks these days have gone to fee free models. OzBargain has a poll every year and you can check this wiki
give a better interest rate in my position. I understand people going with Banks that's require substantial deposits or transactions each month to get the better interest rate etc. but that does not suit my position. Having worked in lending in banks my whole working life, I do my research and pick the bank that is right for me at the time.
There's a lot of good providers out there that will give pretty good interest without many hoops to jump through monthly if you haven't already take a look at the OpenComparison Spreadsheet
Dad was a mortgage manager. He asked me what card to get. I advised anything but Amex.
He came with an Amex. Later he muttered: They ripped me off! So I gave up teaching bank employees.
Lesson one in life: NEVER ever attempt to teach a teacher!
UBank
Used to be ING until the BS conditions
got downvoted for exposing that!
Yeah the degrading of their product offering over at ING and the addition of conditions is really led to the downfall of that product not to mention their app really does suck.
ing, commbank, hsbc, amp, mystate, boq, mebank, ubank, illawarra credit union, racq, suncorp, macq bank, st goerge, anz, nab, maybe westpac, nationwide
Sounds like you might like to get a good deal on your interest…
sceptical of bail in laws, bonus opening offers, and yeh just swinging between banks. somedays i think its under control and others im like wtf
Up
Same here. I like their approach to budget planning.
I keep trying to get away from CBA but I find their online platform quite good - It's always really easy to do things in a couple of clicks like renew cards or change pins and open accounts.
Whereas I was with CUA - Now Great Southern Bank (sung to Great Southern Land tune) - and every time you wanted to do something they were always like "Print out this form and fill it out and then email it to this random place" which was so annoying.
Bank Australia.
I was with some smaller institutions, but switched to ANZ about 6 years ago.
Android phone app is great!
I did take a loan out with them to pay out the balloon figure on my car , which cost a small fortune, but other than that good.
Sadly most keep on playing the deceptive game. So I have become a professional footballer: Kicking money around where it gets most interest. (lots of admin work)
Commbank for day-to-day
Bankwest for home loans
Suncorp, they are shit but Ive got so many things set up with them that I just grin and bear it.
I said this above but if it makes you feel better they're not exactly the worst option and their app is definitely not the worst in the market.
eating excrement has not improved my life!
Was Citibank but NAB have just bought Citi’s Australian business, so I guess i’m about to become a NAB customer.
Used Up for a couple of years. Never had an issue. But it’s just a bit of a pain having to explain to lenders or brokers that they cannot get the statements directly by connecting to the account. Also, there is no branch and no phone support, but that didn’t really bother me.
I just switched to BankWest with the Qantas account as I am back on the points chasing game. So far customer service has been brilliant.
Can’t you just export the account statements from the app?
Yes you can also create custom statements and proof of balance. But the problem is the automated statements that they pull directly from the account. Up does not have login details and therefore cannot integrate
But why can't they just use the PDF statements instead?
I guess i dont not really like sticking to one bank, different banks have different advantages.
Like ING, BOQ etc. have 24/7 Calling - this is vital IMO, but not really much ATM's or physical branches near me. So best to pair this with a bank that has physical branches for any cash deposits etc.
NAB Everyday account has no fees, ATM's and Branches at a lot of places. Not too long waiting period.
Westpac offers good savings interest rates for 18-35 year olds, and their Westpac Paywear is pretty good.
Anz- For Cashrewards Max
Combank - I'd genuinely prefer not be their customer only because they cannot care to fix up their waiting times on phone, and at branches.
HSBC is good for 2% cashback on tap and pay with <$100 purchases, But their CS is pretty darn rough barely better than eBay.
ING is also good because they auto decline any account overdraws BY DEFAULT, so you can be assured most of times that no scammer in the very unlikely case they managed to get your info, they cannot overdraw your account, maximum OSKO of $1000 safeguards the money a little in a way that sorta helps prevent big dodgy fraud transactions. By no means I am saying you cannot get these features in other banks, but for them generally you gotta talk to the Team to cancel overdraw etc, limiting OSKO is kinda hard.
Up/86400 are decent too for digital neo banks with good app and spending details as I have heard..
HSBC 2 percent cash back on tap on go