[gemma r]

We're going to Perth soon and I'd like any advice about which Australian bank to choose. There are a few out there that I am considering but I’d really appreciate any comment about which bank to pick.


Thanks

[dusty]

HSBC are worth considering. They have no fees on internet banking and I have not had any problems with them.

[quincy]

The Commonwealth Bank of Australia has lots of branches and ATM's all over Australia. Their monthly fee is waived if you have a 'relationship' with them over the value of $50,000.

OneDirect is worth thinking about for savings as they offer good rates of interest for instant access at the monemt at 4.5%.

[austin]

I would recommend ING as I have never had any trouble with them. Their savings interest rates are not as attractive as they were though. Their savings accelerator account is currently paying 3.0% if you have less than $50,000, or 4% if you deposit more than $50,000 (on the total balance).

When I have phoned them, I have spoken with a customer service representative almost straight away and have not been put on hold for ages or been transferred from place to place. The website and internet banking is very easy to use.

You are able to choose names for your savings accounts, which is very convenient if you are saving towards a few different things.

[clockwatcher]

Just stumbled upon this. anyone out there with more suggestions? I'll be arriving in Aussie without much money so any sort of free banking would be just what I need.

[Maguire]

Well NAB is fee free on most of there accounts, I'm with them for just my general savings but they don't seem to have any ATM's where I am so I often have to get charge 2 dollars to use a different ATM.

[flighty]

I don't know if there is free banking in Australia. I do know that free UK banking is a myth. In my internet bank accounts, if someone pays me electronically, the bank doesn't release the money into my account for about a week. Of course, they could put the money through immediately, but they hold onto it for a week so they can keep the interest. I thought I had read that this was going to abolished, but the banks are still doing it.

Be interesting to hear if Australian banks are also doing this interest skimming.

[clockwatcher]

Well NAB is fee free on most of there accounts, I'm with them for just my general savings but they don't seem to have any ATM's where I am so I often have to get charge 2 dollars to use a different ATM.

Thanks. What is NAB? What sort of accounts are free?

[Maguire]

Thanks. What is NAB? What sort of accounts are free?

I think all personal savings accounts are free however it costs to get your card replaced to use a non NAB or Redi ATM things like that.

[Bastiat]

The first thing that I would is check if the bank you are with right now has a branch or operates in the area you are going (might even be under another name, so you should ask them.) That way you know what you are getting beforehand and the transfer would be easier too.

[Heidi]

I use HSBC for my banking. They do not charge transaction or monthly fees and you can use your debit card at any HSBC or Westpac ATM, or post office, to get cash out for no fee. The main drawback is they have very few branches but I hardly ever need to go to a bank so that doesn't bother me.

[twish]

Hi,

Choosing a bank depends on what type of account you will open.

I have switched bank so many times before and now I am happy with Bankwest (subsidiary of Commonwealth). You can apply online and best thing about is they have different accounts that often has no fees (you only need $2k a month deposited to your account ie Salary).

Bankwest Hero - No fees. you earn interest on savings but same time serves as transaction account as they give you a debit card. Again you only need minimum 2k to go to this account each month (salalry). Debit cards can be used at no cost for eftos, atm withdrawals at CBA atms only.

bankwest Zero - no fees again needs min. 2k each month (salary is best). and you can withdram at major atms like CBA, westpac, BankSA, NAB with no fees.

Bankwest has been # 1 as well for savings account as they always have high interest on savings.

But recently UBANK came which seems to be really competitive being highest interest savings compared to any bank. No catch with UBANK as no fees, no maintaining balance and you get additional .10% bonus interest if you do automatic direct debit to your savings account of $100 each month. Ubank is only for Savings account and Term Deposits, easy application online or via mail. you dont need to open any main transaction account. You can link with your other bank or you can deposit anytime you want.

(PS bankwest 2000 deposit doesnt mean you have to maintain that balance. All they want is atleast each month total of 2k gets deposited to your account. What I do is I transfer money from my other account then transfer it back and also my salary goes in there.)

www.bankwest.com.au
www.ubank.com.au (backed by NAB)

[Martha]

Thanks. What is NAB? What sort of accounts are free?

NAB is National Australia Bank. They are one of the "BIG 4" major banks in Australia.

The ANZ has various accounts to choose from. A savings account may cost $5.00 per month but has other accounts linked to it for free. Use unlimited of their own ATM's which appear to be everywhere.

[flighty]

Does anyone have any more thoughts on the best bank /cheapest bank? I'm still trying to decide who to set up with. Ta.