How many bank accounts do you have and who are they with? Do you separate your money into buckets to make things easier?
Currently I have
ING
Orange everyday – where my disability pension is deposited
Savings maximiser – long term savings
Savings accelerator 1 – short term goals
Saving accelerator 2 – emergency
Savings accelerator 3 – money towards investing
NAB
Classic banking/reward saver – splurge
CBA /commsec
CDIA acc for investing
Cc for all bills
Oh they do bank accounts now? I hope their bank statements are more accurate than their weather forcasts
The only reason one needs both a transaction account AND a savings account is if they are chasing high interest on thier "significant amount of parked money". Significant means "parked" savings over $20K
Currently best transaction account by far is the Macquarie Platinum Transaction Account which pays 4.75% up to $1M with NO CONDITIONS and its a fully fledged transaction account. So no stupid hoops to jump through designed to rob you of your bonus interest. And it comes with a Platinum MasterCrad debit card with zero overseas transaction fees and some useful insurances.
For those with balances under $10K there is no need for any other account.
My opinion is you'd have to be nuts to have your "working" money in a major bank transaction account earning nothing.
And crazy to have 6 banks accounts. take note OP ….You are only getting a lousy 2.85%…when you could be getting 4.75% with Macquarie.
Best savings account is uBank Savings paying up to 5.5% up to $100K and 5% on anything above up to $250K.
Alternatively AMP savings account pays a straight out 5.4% up to $250 and Rabo pays 5.45% up to $250K
All three have (different) minimum deposit requirements to achieve the high Bonus savings rate.
However AMP and uBank do allow withdrawals of any amount.
Does anyone need anything more than a Macquarie Transaction accoun and a uBank savings account?
Yes… HSBC everyday global for 2% cashback on sub $100 card taps up to $50/mth cashback.
I transfer $500/wk to mine and keep my other money in either my offset or Macquarie transaction account. Usually i keep a $500 balance with Macquarie for direct debits and get $1-2 interest per month.
Most months i will get $30+ in cashbacks. And being a cashback it's not taxed. Well worth the effort to set one up.
What if you have over 250?
Open a ME Bank HomeME account and start filling that up:
https://docs.google.com/spreadsheets/d/145iM6uuFS9m-Rul65--e…
The only reason
No, the only reason you have
Does anyone need anything more than a Macquarie Transaction accoun and a uBank savings account?
Some people like having separate accounts for different purposes i.e. the buckets method described in Barefoot Investor. Certainly merit to it if it suits your way of budgeting.
anz x 1 because im lazy and bad with money
You're closer to the norm. The Australian Banking Association (2023) says Australians on average have 2.4 accounts each. Seems to be an awful lot of outliers in this thread… not that there's anything wrong with that.
ANZ access advantage for everyday
BOQ future saver for savings
ANZ plus for uh, nothing. probs should close it
Dollarmite
ANZ Plus (Savings)
Macquarie (Savings)
AMP (Term Deposit)
ANZ (Everyday Transacting)
Bankwest - 1x transaction (everyday account)
ING - 1x transaction, 2 savings (long term savings)
uBank - 1x transaction, 7 savings (buckets)
Macquarie - 1x transaction, 1x savings (international payments and YouTube/Netflix geo-hacks)
Westpac - 1x transaction (for Shopback only)
St George - 1x transaction (for Shopback only)
Revolut (rarely used anymore)
Bank accounts in the Bahamas
ANZ for transaction account
Ubank for savings
Stake for investments
Tic Toc for home loan/offset
Under my mattress
Im not falling for that one Mr Taxman…
Taxman probably know more about you than your other half :)
Can't hide it, you either give the bank your TFN or the bank takes nearly 50%
Lots of you bank with ANZ
why you want know?
Do you separate your money into buckets to make things easier - one or many its same thing. it depennds how you save-spend them…
Imagine getting the disability support pension and having 9 bank accounts/investment accounts. That must be a hell of a pension….
I do my best
Maximum $1,116.30 pfn, must have some other non-assessable largesse allocated across the seven accounts
Could have accumulated wealth before getting injured. Could have got a payout. Many possibilities.
DSP is means tested though. Nothing wrong with being smart with your money!
And all these things contribute to reducing your payments past certain thresholds. If you have enough money left over on a DSP to be regularly investing, then you obviously don't need the DSP. It's absurd that people go to work full time and struggle to make ends meet spending as little as they can, but someone with a DSP has enough money for over a half dozen bank accounts to support investments with that money. I'm so glad our taxes can support someone else's investments.
Well my investing acc has $5 in it so far so doubt I can regularly invest. I’m just trying to grow my balance bit by bit.
I find it easier to categorise my money even if the balances are low so I have goals to achieve
You know nothing about me so don’t assume things . God forbid you ever need to be on income support. I do the best with what I get.
Interesting assumption that many accounts = lots of money. Most balances may be zero or close to it
Exactly
Bank of Mum and Dad
I hope they offer plastic
NAB - Transaction account (Salary + Direct debits)
uBank - Shared Expenses Account, International ATM withdrawals account (+ backup), High interest savings
Westpac - Savings account (uBank spillover), Transaction account (Shopback)
Bankwest - Credit card 1
ANZ - Credit card 2
Ubank and RaboBank for 5.5% interest.
I am still confused on what to get to replace 28 degrees for free international transaction fees debt card.
I keep a mortgage account, super saver account and an everyday transaction account. With a credit card for most fee free transactions, and of course 28 degrees for fx free international charges.
Bendigo Ready is all I have seen unless there are other suggestions?
That's a credit card, I would rather get a debit card instead with no fx fees and not be beholden to credit checks.
Your intentions probably got lost when it said 'debt card' and not 'debit card'… I too thought you wanted a different credit card that didn't have any annual/monthly fees.
But as for debit cards, start with Macquarie. There are a lot of options these days that don't have international transaction fees but I find Mac suits my needs best.
Only have ones that have more than 0.1% interest.
I have it sorted into a big bucket for everyday transactions and a bigger bucket for savings. Different banks. Then I also have the usual dozen or so accounts that every ozbargainer has accumulated for bonus deals and cashback etc.
Spread over several banks to ensure the Feds will guarantee the funds if the great melt down ever happens….
Spread over several banks to ensure the Feds will guarantee the funds if the great melt down ever happens…
Just make sure those banks are actually independent of each other.
Different ADi not just different bank
"The Financial Claims Scheme (FCS) limit of $250,000 applies to the total amount of an account holder’s deposits with each licensed authorised deposit-taking institution (ADI). This is important, as some ADIs operate multiple banking businesses under the one banking licence, but with different trading names. For example, BankWest is part of the Commonwealth Bank, while St George is part of Westpac. Some banks also offer accounts under the name of a different company, such as a subsidiary of the ADI: for example, deposit accounts offered by RAMS are actually Westpac accounts. Some accounts may also be branded or marketed under the name of a third party, such as Bank of Queensland offering accounts under “Virgin Money Australia” name or National Australia Bank offering accounts under the “Citi” name."
(By the way there is also a total limit of $20billion per ADI)
The limit of AU$20 billion per ADI would not be sufficient to cover the protected deposits of any of the
four major banks
This has to be a larp…
Ubank and Macquarie seem popular. Surprised not more WISE and Revolut call outs for international transactions and Australian Unity freedom Saver for a "no hoops" saver account.
ING with max accounts allowed for daily and savings buckets.
Ubank for separated savings.
Macquarie to purchase gift cards
Kogan credit card for bills. At the time it was the only no annual fee rewards card. Plus I got $400 kogan credit
Timely for home loan and stake for shares
Mine…
Then mortgage with what ever bank is good to me when refinancing. Multiple offsets so Mrs and i each have an account to deposit our own pay etc
And also a credit card depending on who i am churning through for frequent flyer points.
Soon to add Bendigo Ready as my main credit card for travel.
Are you exposing yourself to more fees? With more accounts.
Only if one picks accounts with keeping fees and transacts in a way that incurs fees.
For my accounts above, the only definite fee i incur is the annual fee for the points credit card i am churning through. Everything else has no keeping fees and even no international transaction fees. And when taking money out overseas, I do my research into how to avoid ATM withdrawal fees (e.g. in Japan, use 7 Bank ATMs between 7am and 7pm with a Mastercard to avoid withdrawal fees).
Mostly Bank Australia with a French account for my pension & super.
Use The Barefoot Investor system, with an extra one for Christmas and Birthdays.
I really don't get why people have multiple accounts for different savings goals. The same can be achieved with budgeting software and one single account. Then you can have an arbitrary number of savings goals. It also allows you to maximise the money in a single offset/savings account too.
Whilst I can make one savings/offset account work for me, I do see merit in multiple offsets now that I'm married. I have 3 offsets… one for my pay to go into and so I can manage my expenses, one for my wife to get her pay and manage her expenses, and one to stash the bulk of our funds (has no card attached to it, and is not accessible from our mobile banking apps). All three offsets work towards lowering our interest paid on our mortgage so it doesn't matter which account money is in. But it just lets us manage the money better.
As for multiple savings, the main benefit I can see is if one has a lot of money… don't want to have more than $250k per ADI. Also, some accounts have a no withdrawal requirement so splitting the funds up so there's enough in a HISA which allows withdrawals to tend to living expenses might be needed.
But apart from that, I agree… stick all of one's savings in the account with the highest interest rate to maximise returns.
EDIT: I'm honestly more surprised more people aren't posting that they make use of the HSBC everyday global's 2% cashback.
HSBC's 2% cashback is the best banking offer ever. Been using it for years and have saved over $1000 just spending what I normally would spend. The cashback is better than any credit card rewards program, it pays instantly, and it has zero fees.
IKR.
In the past, I use to stick everything on my credit to effectively give myself another month of that money in my offset account. But upon doing the maths on the 2% cashback, it is so much better than offset account savings.
Of course, I try to maximise the time my savings are in my offset account by only transferring $500/wk to my HSBC everyday global. It ensures I hit the $2k monthly deposit to activate the cashback for the next month, but doesn't have it sitting there doing nothing for most of the month.
What makes GSB better than ING ?
Currently 4.2% with no Conditions for that rate. And it's a joint account, so we had to go into the branch for the ID check (my nephew only has a Photocard, no license), it was just easier overall.
I'm almost embarrassed to do this but here we go - strap in and hold on!
Suncorp - investment loan and line of credit (nil balance but I wince at the thought of closing it)
Seven offset accounts, one of which is my pay a/c /bills / groceries etc.
St George - transaction a/c which was the first a/c I opened when newly single. I find it hard to close that one….
Two savings accounts, one for grandkids and one for possible tax bills.
Credit card still with staff fee waiver and interest rate, even though I left there over 10 years ago.
Directshares account.
Macquarie - transaction a/c for discounted gift cards, one savings a/c.
ING - everyday transaction account x 2, one of which is used for my discretionary spending.
Savings Maximiser x 2 (both currently nil balance, having transferred to offsets)
Credit card.
Amex - fee free credit card. Basic but it has Qantas points.
Self Wealth a/c.
Ubank - transaction and savings, not currently being used.
Five dormant a/cs at NAB. One NABTrade a/c.
RACQ transaction a/c currently dormant.
I think that's it.
Macquarie Bank for as many named accounts as I want. Debit card here that I basically never use. All electronic transfers to other places. This is where income lands.
St George Legacy account because I can't be bothered to kill it. Credit card that I rarely use here.
Coles branded Mastercard that I use for everything and pay off in full every month. Used to be a better deal for points but I haven't bothered to do anything about it yet.
Nice try ATO
that i use, or that were created for bonuses?
St George x 2 (transaction, savings)
uBank - transaction and savings.
HSBC - international usage, and tap pay under $100 gets 2% cashback
St George is the main account
HSBC is best debit for overseas usage
But HSBC doesn't seem to have an Osko link with St George, so transfers take a while - whereas they both have instant transfer processing. So uBank is a buffer/intermediary. I should streamline down and drop St George, but it isn't an issue most of the time and I'd like having backup cards for international usage for :just in case" situations.
uBank - Savings has a small amount of savings in case I need to transfer over $1000 via OSKO (ING and ME Bank have a $1000 per day OSKO limit)
uBank Transaction account is only used to receive pay and cards are locked. I transfer the money out to ME Bank HomeME Saver account or a uBank Savings account as soon as I receive the notification that money has hit the account.
I use a variety of credit cards for everything I can that doesn't charge a surcharge to get rewards points and only pay an annual fee for one of my AMEX cards as the Citi Premier is FFL and the CBA Smart Awards fee is waived for spending over $2000 a month.
Commbank for Commbank Yello
HSBC for everyday transactions
ING for nothing, I need to close it.
Macquarie for ATM rebates and discounted eGift Cards
Me Go for savings
RACQ for discounted Event Cinemas vouchers
Revolut for virtual cards
St George for Shopback
uBank for a backup savings account
Up for income splitting and online transactions
Westpac for Shopback
Wise for international transfers
Why are people so cagey with their bank accounts? People genuinely think the government is going to post on OzBargain to find out how many bank accounts anonymous user 398479 has?
I have:
- Joint account for joint expenses paired with a CC
- Joint account for business expenses paired with a CC
- Offset account linked to home loan
- One account where all our salary and rent money goes into because we want to set up our scheduled transfers from one account.
- 4 high-interest savings account (ING w linked Everyday account, ME Go x2 and Ubank) but we're looking into how we might want to consolidate this down to 3
- Commsec/CDIA + Commbank Pocket
- Wise for international travel
Man, nobody here uses Commonwealth huh?
Personal accounts:
1x Transaction at CBA, 2x savings at CBA (buckets), 1x Transaction at TD Canada
Joint accounts with Mrs. Chips:
1x Transaction at CBA (mortgage, rent, utilities), 1x Transaction at ING (groceries, petrol, parking), 1x High insterest Savings at ING
I have an envelope under my mattress
I put most of my savings into my ANZ offset account, but keep:
ING & Ubank for savings & travelling
NAB classic for depositing/transfering money at a branch.
NAB credit card for paying bills & earning Qantas pts.
BOQ as a back up saving account.
Anybody know of banks that offer multiple offset accounts?
I have 1 offset linked to mortgage but want to open a joint account soon.
You can have up to 99 offset accounts with St. George.
I wonder how many out there even use 20 offset accounts.
why the hell won't others follow suite?
What? And miss out on potential interest they could be charging you? Those poor banks have given enough as it is! (joking of course)
In all seriousness, there are other banks that do offer multiple offsets… ME Bank and Macquarie do I believe, and Suncorp has the ability to create sub accounts under your main offset that won't have a card associated with them (good for stashing the bulk of your funds in and leave a bit in the main offset if it has a card).
Just note that offsets tend to have to be exactly in the name of the loan holder so if your loan and current offset is in your name only, you may find the joint account won't be allowed to be an offset. I found this when I was with ME Bank… opened a joint account with my Mrs and they said I couldn't use it as an offset.
Crypto.com for cashback, free airport lounges, discounted gift cards, spend discounts & staking rewards.
HSBC for cashback.
Macquarie for discounted gift cards, no foreign currency fees, ATM fee rebates & no hoops interest earning transaction account.
Ubank for high interest savings.
CBA for Yello deals.
Revolut for digital cards & single use cards for subscriptions etc.
KYC verified & on the wait list for when the CL card becomes available in Aus, for cashback & spending crypto.
Amex Essential credit card for points, free insurances & Amex rewards deals.
Bendigo Bank Ready credit card for free insurances & no foreign currency fees.
Use them all via PayPal for safety & deals e.g free returns when they had them.
None of them have fees & all of them have different benefits.
I have…
One transaction account and one savings account with BOM