Which Bank to Use for Transactional and Debit Orders

RenVilo on 07/03/2024 - 16:13
Last edited 07/03/2024 - 16:24

Hi, I've been in Aus for 6 years now. I primary bank with ANZ which is fine. It is a normal savings account. I then have a NAB savings account which I push money into every month to run some debit orders. Back home, I was with a bank that if you spend money at certain places you get money back and depending on the "reward level" you are on, the more you can get back. I manage to get a fair bit in a month to just shop at certain places for food etc.

Apart from this, we would select a date on which the debit order will run. So most of your stuff will go off on the last day of the month making paying things easy. The reason for the NAB account is to push money in there and just let the debit orders go off whenever due to not being able to always pick debit orders in Aus. It kind of works but it is a little inconsistent as I have some going off Nab and some off ANZ.

So, I'm looking to either stay with ANZ or find another bank that has some benefits banking with them. Possibly even have like "sub accounts" to move cash into and let debit orders go off there and have a certain amount for X and Y and Z etc. I just like to keep my things clean.

Any recommendations?

Edit: Was looking around, how good is HSBC? Seems you can upgrade to Premium for free but not sure what that really includes.

Financial Bank Account

Comments

  • Baghern on 07/03/2024 - 17:34
    +2

    Easy CBA, they have the best app and technology

    Definitely not HSBC

    Debit accounts dont do rewards, what you want is a credit card

    • RenVilo on 08/03/2024 - 00:33

      So I have to get and use a credit card to benefit from a reward system? Is it worth it?

    • askbargain on 09/03/2024 - 16:28

      And pay a monthly fee?

  • SharedSugar on 07/03/2024 - 20:54
    +2

    I have the cash back HSBC debit account . It’s fine. The app is getting better. It was never broken, but until recently felt a bit basic. They still don’t have payid sorted, but the cash back is enough to keep me using them. Their interest rates are not competitive so you would need another bank for a savings account.

    • OZBMate8911 on 08/03/2024 - 00:27

      May I suggest Macquarie as the second bank? Have access to Macquarie Marketplace, good savings rates, excellent site and app.

      I've just discovered the 2% cashback so I'll be opening some HSBC accounts now.

    • RenVilo on 08/03/2024 - 00:38

      If you say the cashback is worth it, mind sharing some info.. is it like $50, $400 etc? If its something like to bucks I'll rather have PayID and more functionality in a app and not having to call someone

      • OZBMate8911 on 08/03/2024 - 00:43

        details here

        2%, capped at $50 pm

        • RenVilo on 08/03/2024 - 01:03

          Cool tx.

          • rickb on 08/03/2024 - 09:28

            @RenVilo: It applies to tap'n'pay transactions < $100 or am I mistaken?

            • RenVilo on 08/03/2024 - 14:32
              +1

              @rickb: Yea if I had to pick between having a better experience vs $50 I'll take the experience. Was hoping a cashback would be more a few hundred bucks at least.

              • timhn on 10/03/2024 - 16:54

                @RenVilo: Not sure what "experience" you after. Why would anyone prefer looking at a flashy app over free $50/month?

        • dongltron on 09/03/2024 - 15:56
          +2

          Also only with tap and pay $99.99 and under.

          Also worth keeping in mind, their recent T&C update (applies in April I believe) has removed the ability to split your payment into $99.99 chunks. I assume they achieve this by not giving cashback if a tap from the same merchant is made more than once within a short time frame? I don't see how else they're achieving this.

          • OZBMate8911 on 09/03/2024 - 18:36

            @dongltron: Damn, there goes full cashback for the full grocery shops then.

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