Looking to open CBA everyday account.
Just wondering if there is easy to avoid their fees.
They have following terms:
"Monthly account fee waived for accounts with at least $2,000 deposited each calendar month (excludes Bank initiated transactions)."
What does bank initiated transaction mean? So you can't transfer from another bank account? But technically aren't all transactions coming from some bank account or the other including salaries.
Thanks
Transferring in from another bank is fine. The only transfer I make to my CBA debit account every month is an Osko payment from another bank, which I then immediately transfer over to my credit card account.
Ok perfect.
just open the account through Comsec not Commonwealth bank. You will get a free account saving account
OP wants everyday account.
Other banks may offer better conditions.
What's the fees for the comsec account?
https://www.commbank.com.au/investing/commonwealth-direct-in…
If you link it to a Commsec trading account, there is no monthly fee.
Interesting. So it is possible…
"Other fees may apply. Please see the CommSec Financial Services Guide
$0. There are no monthly fees associated with a CommSec Share Trading account."
No fee for the CDIA account but you will not be eligible for CBA yellow program.
By "Bank", they mean Commonwealth Bank. Any other bank is fine.
Thanks
Usually it means transfers between your bank accounts within Commonwealth. If you have a savings and separate transaction account you can’t just keep bouncing money between them. Should be OK for money coming in from external accounts.
That is false - fact checked with the bank a few years back when I had to walk into a CBA branch for identity verification (present my passport) & that is how I found out
You can move $2K from/to the Smart Access and NetSaver or Goal Saver acounts and avoid paying the SA montly account fee.
There is no requirement to deposit from an external account (but up to that point - for over 20 years I thought so as well -:)
What I do find odd is all the hoopla about CBA charging a $3 fee to withdraw your own cash at a branch, when CBA has always been doing that and nobody even raised a whisper. The only difference now is that they are migrating a small number of legacy accounts that did not have the fee (and no longer on offer) to the Smart Access account. CBA will simply keep servicing the legacy accounts until the old holders are all deceased in a few years time and keep charging a fee to the majority of new account holders. Win-Win for the bank and lots of free publicity for CBA not charging a fee (what a lot of horse s$%^*)..
Thanks for the update. Generally those sort of things require external transfers.
It is the same for AMP (or was the same) with the $1K deposit requirement to get the bonus rate - move $1K between Access & Saver accounts. Unfortunately they now changed the rules so balance must now increase (in the previous month) by $250 to qualify for the bonus rate.
I know it is a different topic (fees vs bonus rate) but for reference, the below accounts have external account deposit requirements for bonus rates
ME Bank Saver ($2K deposit to SPEND), BOQ Saver ($1K deposit to SPEND), ING ($1K deposit anywhere), UBANK ($500 deposit anywhere), Great Southern Bank Home Saver ($2K deposit to Edge) all must be a deposit from an external account
Actually CBA is the only bank in Australia that ever charged me a fee for having a bank account with them -:)
Exactly what it means, the bank did it. So things like refunds initiated by the bank, any kind of bank run cashback things, etc. You should be able to transfer from another bank account.