Finally switching from CommBank, need advice on best way to go

Ldkmvs_com on 09/09/2012 - 15:47

Hello everyone. I'm finally ready to set up a better financial system here in Australia.

I would like:

1) a savings account with high interest
2) an everyday account that is fee free
3) a fee free credit card with the best benefits

I've looked around and it seems like these are the best for the respective category:

1) UBank USaver account: http://www.ozbargain.com.au/node/74578
2) Citibank Plus account: http://www.ozbargain.com.au/node/61969
3) 28 degrees credit card: http://www.28degreescard.com.au/

I am wondering if these will all play nice together? (i.e. transferring from Citibank to UBank and back, and paying off the 28 degrees balance easily with the Citibank account)

Has anyone else tried a setup like this one? Should I just stick with one bank for all three? Is there a better option? Thanks!

Financial

Comments

  • verio on 09/09/2012 - 15:57
    +1

    Regarding Citibank: imho, this bank the worst possible customer service! If you want an everyday account without monthly fee, check NAB.

    • dkmvs_com on 09/09/2012 - 16:03

      I should have stated that I'm not depositing any money at the moment. I think NAB is only free if you're depositing $2K or more a month, is that the case? I can't find it on their site but I'd read it somewhere.

    • verio on 09/09/2012 - 16:03

      Besides that, I would suggest getting qantas american express discovery card, which does not have monthly fee and gives you 1 qantas ff point per dollar spent:
      https://www.americanexpress.com/au/content/frequent-flyer-ca…

    • sparkles on 09/09/2012 - 18:00

      Agree, avoid Citibank.

      • SKiZO on 25/09/2012 - 10:57
        +1

        Don't go anywhere near Citibank. The worst customer service.

  • Typical16-bitEnjoyer on 09/09/2012 - 16:35

    Um CommBank is great, why do you want to switch?

    I use several banks and their internet banking is great, sending and receiving funds is quick (NAB is the worst) and have plenty of different account types to suit. NAB sucks, ANZ is alright, and ING is great for just leaving cash stashed away with high interest but slow to transfer funds around.

    • dkmvs_com on 09/09/2012 - 17:19

      The problems I have with CommBank is they charge me a $6/month fee on my everyday rewards (my deposits aren't high enough) and the netbank savings account pays 3.5%. Otherwise I've been happy with them.

      • Holysmoke on 09/09/2012 - 19:21

        have a look at the CWB goal saver account - has a bonus interest factor but balance needs to be $200 higher than the previous month to get it.

  • Typical16-bitEnjoyer on 09/09/2012 - 19:29

    If you earn less than $500 a week, why exactly do you need a high interest bank account or a credit card with benefits/rewards? Surely you can't be living on a hundred or so a week unless you live at home and don't pay any bills whatsoever.

    • dkmvs_com on 09/09/2012 - 21:46

      I have savings, but no income at the moment. The life of a fledgling entrepreneur. And I'm half way around the world from home mate.

      Coming from the States this idea of banks charging you to hold onto your money is foreign to me.

      • StewBalls on 10/09/2012 - 10:53
        +1

        Hey, I was born here & the idea of banks charging you to hold onto your money will always be foreign to me…I have the same issue with the exhorbitant 'mis-management' fees on superannuation funds! :s

      • dasher86 on 20/09/2012 - 23:12

        i'd stick with commbank and open a ubank saver.
        select a direct deposit (asp)to go in and out your account of 2k per month from one account to the other - day after or so.
        This will ensure you don't have to pay the account fee and get the bonus interest from ubank.
        Just need to keep an eye on balances so you don't over draw.
        If that doesn't work call commbank and see if they will waive the account fee by threatening to leave them.
        =)

  • c64 on 09/09/2012 - 19:41

    imo the citibank internet banking interface is horrible

    i opened a commbank account a while back when they were running a promotion but there was no compelling reason to keep it open - everyone else was more competitive.

    • verio on 09/09/2012 - 21:25

      imo the citibank internet banking interface is horrible
      100% true. You can't use a keyboard to enter internet banking password… ridiculous

  • c64 on 09/09/2012 - 19:46

    ing direct savings maximiser account gives 5.6% for the first 4 months. 50c bonus for each $200 eftpos cashout as well. allow up to $300 overdrawn for 3 days without any interest (good for direct debits you forget about). no branches though. can use atm or auspost

    • Daabido on 10/09/2012 - 09:39

      ING may approve overdraws but not necessarily.

      • c64 on 10/09/2012 - 14:00

        you're right - the t&cs say "may allow". anyway it's gone through for me with a couple of $200 ubank asap debits i forgot about. actually the limit might be $200. CHOICE states "The account doesn't apply direct debit dishonour penalties, instead applying overdraft interest. ING Direct will only allow overdrafts of up to $200 to go through, and gives customers three days to get the account back into the black before charging interest at an annual rate of 10% (monthly interest of about 0.8%). "

  • cuteduck on 09/09/2012 - 21:14
    +1

    CBA has the best internet banking interface, followed by ANZ bank.
    NAB has the worse one

    • eug on 10/09/2012 - 17:24
      +2

      Obviously you've never used HSBC's internet banking. ;)

  • scarletshoes on 10/09/2012 - 00:48

    How about Bankwest?
    When I joined a year ago, they gave me a bonus interest rate (for new customers) that lasted for a year.
    They also gave me a free debit Mastercard that is linked to my online account so I could easily withdraw from any ATMs for free. Their mobile app was easy to use on the go - I can easily transfer money into my debit Mastercard right before I used it.

    Sadly my 1 year was up and I lost my bonus interest so I naively moved my money to uBank - Worst decision ever. They don't even have an android mobile app. I guess that ensured my money stayed put as I couldn't even access it anymore except from home!

    • Typical16-bitEnjoyer on 13/09/2012 - 10:46

      Bankwest is owned by Comm Bank
      and Bankwest internet banking blows goats.

      • rewardscompared on 26/09/2012 - 14:21
        +1

        Best thing about Bankwest as a savings account is the zero fee from withdrawing money from the Big 4 ATM's. This is a massive plus on the convenience scale for mine - I hate paying those pesky $2 fees :)

  • pikapika on 10/09/2012 - 10:12

    Maybe look into Members Equity..Pretty good online savers account.

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