Major Banking Switch - CBA to Others?

mousie on 09/11/2023 - 10:04

Originally an ANZ customer during high school and with part time work, I moved the majority of my banking to Commonwealth bank approx 15 years ago.

I've had a very mixed customer experience with them since, Botched know your customer checks, lack of support during disputed transactions.

But the app I find extremely reliable.

Considering a change:

Priorities for me:
Good Stable Android Application - Limited outages
OSKO payments
Low / waived Account keeping fees with 2k deposit monthly
Ability to download or generate PDF statements
Reasonable level of fee-free access to ATMs
Deposit ATM access.

Any recommendations from the OZB community?
I switched to CBA because of their branch and ATM network, but it's terrible for me now (Blue Mountains/ West Sydney and CBD)

Thank you brains trust!

Poll Options

  • 40
    CBA
  • 8
    ANZ
  • 2
    ST GEORGE
  • 9
    WESTPAC
  • 5
    NAB
  • 27
    Other (Specify)
Financial Bank Account

Comments

  • heysi on 09/11/2023 - 10:18
    +5

    Bank Australia

    Deposits are via branch or post office, not ATM, but meets the other requirements.

    • ThithLord on 09/11/2023 - 17:34
      +4

      And they're an ethical bank

      • jrvb42 on 10/11/2023 - 10:59
        +1

        That's an extremely bold statement to make of any bank. Got anything to back the claim up? (Genuine question, as I'd love to find such a mythical beast, truly)

        • Tyrx on 11/11/2023 - 11:12

          They will claim they are "ethical" because they have BCorp certification, but so does Nestlé.

        • heysi on 11/11/2023 - 11:50
          +1

          Customer ownership is a good start, have a read of their impact report

        • ThithLord on 13/11/2023 - 08:59

          Customer owned and they don't invest in any Fossil Fuel industries. Investments are in Green Energy. No predatory lending. All employees are in Australia.

    • HeWhoKnows on 10/11/2023 - 07:56
      -1

      Bank Australia Interest rates are appalling

      Bankwest is far better if comparing like for like
      And they have by far the best ZERO fee credit cards!
      Otherwise thier Mastercard Debit card is a platinum one with zero foreign transaction fees
      Bankwest Qantas Transaction account earns points
      Hero savings account earns up to to 4.35% with $200 monthly deposit

      Why would you go anywhere else

      • heysi on 10/11/2023 - 10:16

        Bank Australia savings rates are similar to Bankwest but I wouldn't recommend either for savings accounts, which should return 5%+ these days.

        • HeWhoKnows on 11/11/2023 - 10:09

          Agree that that is not what OP was asking.

          Personally, I found Macquarie Bank to have by far the best transaction account in the country.
          Ubank has a higher savings interest rates but you need a saver account and a spend account.
          But both dont meet OPs requirement for DEPOSIT ATMs.
          Not sure why OP requires this.
          Work around is to use Commbank for their deposit ATMs and then transfer to Macquarie/Ubank
          This is what I do.

    • Tim-A on 10/11/2023 - 09:33

      In the rare times I need cash, they provide fee free access to any of the big 4 bank ATMs. So it can often be more convenient than looking for a specific bank's ATM

  • EightImmortals on 09/11/2023 - 10:23
    +1

    Dunno, which of them bumped up their saving interest as well as their mortgage rates yesterday?

  • Benoffie on 09/11/2023 - 10:34
    +1

    Atms are bad will all the majors but in terms of apps, limits and rates, currently happy with NAB

  • 87percent on 09/11/2023 - 10:51
    +3

    I can't remember a time i've had an issue with the CBA app??

  • Boioioioi on 09/11/2023 - 11:27

    I have had accounts with various banks, usually to get high interest rates. But in terms of service and what you outlined, CBA has always been the best. Especially in terms of reliability.

  • bohn on 09/11/2023 - 11:29
    +2

    I like Macquarie.

    • kerfuffle on 09/11/2023 - 12:40
      +1

      Deposit ATM access.

      Which Macquarie does not do

  • jv on 09/11/2023 - 12:08

    CBA

  • aidenh37 on 09/11/2023 - 14:05
    +6

    If you're limited to major banks due to ATM access for both deposits and withdrawals, I'd put both Westpac (including St George/BankSA/Bank of Melbourne) and ANZ (including ANZ Plus) above the others.

    Westpac Group has the best ATM access for withdrawals, including ATMx and Precinct ATM access. However, ATM access for deposits varies based on your local branches, but assuming you're in a major city, most branches will have Smart ATMs for notes and cheques, plus a seperate coin deposit machine.

    ANZ (and their new, enitirely online platform, ANZ Plus) are pretty close, including ATMx access. ANZ have also made a real effort to installing coin depsoit machines at all branches, so most now have a coin deposit machine installed with one Smart ATM, however this may or may not be 24 hour access depending on the branch.

    Do note their apps (yes, both) are quite simple, which whilst great for day-to-day tasks, might result in a higher chance of needing to speak to a staff member, compared to Westpac's app which I think is solid (even if it's mostly still a web wrapper).

    Also note that ANZ does not have Bank@Post, if that's important to you.

    As I'm sure you'll see here on OzB, there are plenty of other options with fewer or no branches available but with other features and the like that may offer a better deal, so do consider if you absolutely must have as much access to cash as possible.

    Edit: missed that you're in the Blue Mountains/Western Sydney/Sydney CBD. So, it looks like ANZ is rather terrible for branches in the Blue Mountains, forcing you to go to Penrith, whilst Westpac/St George have a co-located branch and one Smart ATM at Springwood open business hours. Both give access to the many ATMx locations along the highway, and then of course access improves at Penrith and in the CBD. CommBank do however have coin despot at Springwood.

    • burningrage on 09/11/2023 - 14:23
      +3

      I vote for WBC/BoM/StG/BSA too.

      Having moved from HSBC (which is not entirely bad), I am finding BoM is as good as I used to experience with banking in the 1990s with the exception of teller maintenance and the fact that BoM has been closing down branches in VIC. To elaborate:

      1. It has fee-free access to ATMx and Precinct ATM access in addition to WBC/StG/BSA/BoM ATMs.
      2. You can deposit money into WBC branches if you are a BoM customers and pretty sure can do the same thing for BSA/StG.
      3. Osko/PayID compatible. SCT compatible supposedly but noticed BoM to HSBC transfers are NOT instant (one reason why I left HSBC) but HSBC to BoM transfers are instant.
      4. Fee free account ($2k > deposit) and can generate at-will estatement (eg for Travel purposes) using Proof of Balance (Attested Bank Statement) feature.
      5. Can swap money for smaller changes at both WBC and BoM where the branch offers.

      The only drawback I am finding is that BoM ATMs tend to shut down more than WBCs and their online banking looks a bit old/jaded but otherwise functional and fast.

      • aidenh37 on 09/11/2023 - 14:32
        +1

        I am finding BoM is as good as I used to experience with banking in the 1990s

        I think that pretty much sums it up. If you're after a typical 'legacy' experience (and there's plenty of reasons to do so!) then Westpac Group is your best bet. CommBank is somewhere underneath on the leaderboard for lack of ATM network, and then ANZ and NAB are pretty equal for the branch experience albeit ANZ scores better due to having 24 hour coin deposit and ATMx access.

        SCT compatible supposedly

        This isn't the case, and is why your fast payment didn't go through - Westpac is sadly Osko only, but this covers almost all use cases and is a better service-level agreement for speed and reliability. Even Up is Osko only.

  • Seraphin7 on 09/11/2023 - 16:22

    As a default, I would suggest CBA for your needs, although I'd be surprised if the others provided a markedly different outcome for you

  • payless69 on 09/11/2023 - 18:01

    I would have said:
    Harvey Norman Bank
    Belarussian Kogan Bank

    But hey where is Ubank?

  • valuer on 09/11/2023 - 21:23
    +1

    You aren't restricted to having accounts with only one bank.

    • kiitos on 10/11/2023 - 08:52

      True, but the more you have, the more management needed.

      • valuer on 10/11/2023 - 15:52

        You just test them out and then settle on the two or three you want to keep 'active'. All fairly simple.

    • mousie on 10/11/2023 - 09:50

      True, but my post to to try and assess who has good reliable access before I just jump in the pool

      • valuer on 10/11/2023 - 15:50

        They are free to join. Sign up and try them out.

  • PeterSnoot on 10/11/2023 - 07:46
    +1

    I have accounts with Macquarie and Bankwest. Happy with both.

  • footscrayvic on 10/11/2023 - 08:10
    +3

    Not sure about all of your requirements but check out Ubank, which is an internet subsidiary of NAB.

  • jrvb42 on 10/11/2023 - 11:07
    +1

    I'm finding I use HSBC both domestically and internationally.
    Get 2% cashback on domestic non govt transactions without needing vouchers or deals, so straight forward.
    ATM access may be problematic though, but seriously who needs cash? (Oh yeah, anyone using Optus)
    The HSBC app hasn't caused me any grief, but CBA tech is the best, despite a couple of glitches recently.
    I'm moving my credit card from CBA (actually closing it due to ridiculous changes recently to fees) and the difficulty/hurdles in claiming their advertised bonus insurances (warranty extension and travel).

    • burningrage on 10/11/2023 - 13:13
      +1

      As HSBC Customers (and I am their customer too on another product), you can take monies from big 4 ATMs.

      You however, cannot deposit money into HSBC unless using HSBC ATM and I don't think you have free ATM access to ATMx and Precinct (one of the reason why I moved my primary banking to BoM).

  • H4nd0 on 10/11/2023 - 11:20

    I read your requirements as "how I would like to bank 20 years ago". ATM networks, in-person banking … that's all history. Can't remember the last time I had to use cash. COVID saw an end to that. I've adjusted my business and personal banking to reflect this. As for "fee-free banking", the only place I see fees is in maintaining our mortgage offsets. For transparency, we bank with CBA, NAB, and ANZ. But that's historical and being phased out. They are dinosaurs. Where we are heading:

    • Xero + Stripe for all invoicing and payments
    • Macquarie for business and personal banking including savings
    • UBank and ING for savings
    • HSBC for interest-bearing forex accounts
    • Revolut for credit cards (one-time use cards are a godsend to avoid fraud)
    • Wise and OFX for international currency transfers
    • Webull and Commsec for trading

    You can manage the lot on your mobile phone. Easy. If you are a cash-based business then keep perhaps one business account with one of the majors but then immediately transfer deposits out to the neobanks.

    *Edit: I wouldn't get hung up on the "Android" app. Use a handheld or desktop device that works and is secure. Without igniting a technology flamewar, we just rolled off legacy Android onto iOS 17. Game changer from a handset security and payments perspective.

    • valuer on 10/11/2023 - 15:53

      I think CBA customers still have fees on standard accounts.

  • Mugsy on 11/11/2023 - 09:43
    +2

    I would consider more than one debit card accounts. Most banks will satisfy your first four requirements easily.

    Macquarie excel with soon to be 4.75% interest on their transaction account, IMHO, have a really good app setup, and most importantly fee-free access to ATMs… they rebate all domestic ATM withdrawals! The only thing is that they don't do ATM deposits nor do they support EFTPOS.

    This is where you will need another card… probably with one of the Big 4 banks who have a conveniently located ATM to you and also don't charge a fee… maybe NAB Classic (I've been told NAB's app supports cheque deposits by scanning the cheque with your phone so that might be a nice perk).

    Alternatively, if you have good access to Suncorp branches/ATMs, I quite like their app setup and their Everyday Options transaction account isn't bad at all.

    Is Bank@Post an option for you for depositing money?

    If yes, I recommend HSBC's Everyday Global with the Macquarie debit card as a combo. HSBC will rebate you 2% on all card taps and Apple/Google Pay transactions under $100 up to $50 rebated (or $2500 spend) per month. With so many establishments with a 1-1.75% card surcharge these days, HSBC offsets this and also gives you a little profit.

    All the cards I mentioned have no monthly account keeping fees nor any international transaction fees.

    • kerfuffle on 13/11/2023 - 06:09
      +2

      (I've been told NAB's app supports cheque deposits by scanning the cheque with your phone so that might be a nice perk).

      Westpac does this too

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