PommieLeague

Ive had a few accounts last time I was in Aus. Now as Im going back on a Spouse Visa, and keen to find permanent work, i want an account thats either free (like here in the UK) or a cheap as poss to hold?

Any suggestions?
Thanks

HiddenPaw

Can depend on how much money you bank with them. I never paid a bean in bank charges to Comm Bank for 18 months, but I had transferred a lot of money to them.

Don

HSBC?

Wol

ING savings for a good interest rate. It's tied in to one other account - say HSBC. The latter pays almost as good on an account with $2000+ in and has no charges if you are sensible. Internet transfers between the two make it easy.

mlbonner

I opened a Commonwealth one yesterday. $5/month and the savings a/c has no charges & a few good interest increases if you save regularly. Also you'll get 2.5% off a personal loan if you take one out with them, so longs you've been saving for 6months+

Cheers

RichS

Don't believe the no charges stuff - all current accounts over here will attract charges for:

a) use of ATM
b) EFTPOS (Switch equivalent)
c) going into a bank and doing anything at all

what you can get from some banks is a set fee where your first x atms/eftpos transactions are free.

Your best bet is to get an account with a VISA/MCARD debit card attached.

Credit transactions attract NO charges. So be sure to get one of these straight away and us it for just about everything. Then make sure you don't go to the atm and just withdraw $20 a time. Take out loads to minimise charges.

Another thing:

Credit Unions offer better service are much more personal and helpful and often charge less than banks. Unlike the banks they will also provide you with info on how to minimise charges. IMHO they are the best bet.

young_lad

As Rog says, if you're sensible with the right account you should very rarely get charged.

tinaj

Suncorp ( QLD) and HSBC offe free banking if you keep $2000 in the acccount. There are still the gov charges to pay on cheque accounts and transactions though.

Suncorp offer 5.26% INTEREST at the moment in a sub account.

HiddenPaw

I was being truthful when I said I never paid bank charges.

SInce I transferred most of my money back to UK and dropped my balance below the threshold, I've started paying charges on the CommBank account.

sassie

With HSBC there are no charges for having less than $2,000. the only difference is you get a lower rate of interest.

JAJ

There are no government charges on cheque accounts if the account is at a branch in NSW.

Jeremy

CadburysFingers

If you have over A$20 000 in your Commonwealth bank account, there are no charges whatsoever, you also earn in excess of 5% interest on said account, I think its a CMA account.

mlbonner

Same goes if you have a homeloan - no fees.

hevs

5.25% with ING (whatever your balance)

HSBC have no charges whatever your balance, but if you go over the 5 cash withdrawals from NON HSBC ATM's (does not include cash back or paying for goods with your card) you do get charged.

bob and ginnie

Since 1989, all employees in Australia have had a percentage of their wage / salary set aside, by the company, into a Superannuation account for the employee's retirement. Now, in 2004, the percentage has crept up to 9% of the employee's wage / salary. You ( the employee ) don't even get to see the money, as it's frozen in the super fund till you turn 55 or 60, depending on your age.
In the late '90's, the Super funds were awash with so much money, that they figured a good way to help employees was to introduce a banking product that gave little or no fees for its services, a lower interest rate on loans to its members for home financing or personal loans than the big banks, and a credit card that is only 9.9% a year interest . . . .among other things.
The credit card is a Mastercard, $30 a year to operate, but if you book up more than $7,500 a year on the card, the $30 is waived. You get up to 44 days interest free to pay the credit off before the 9.9% kicks in. This rate is full time . . . . not just a 6 month "honeymoon" rate.
The Savings account gives an EFTPOS card that offers 15 free transactions a month. Just do your shopping and get cash out on top of the grocery purchase to avoid using ATM's. (teller machines)
After $3,000 it offers 5.25%, I think????
Home loans are currently at 6.49% full time. . . again, not just a 6 month "honeymoon" rate before it goes up to the usual rate of 7.07% that 99% of banks are now charging in Australia. . . . big difference over 25 years.
There is no "set-up" fee or "establishment" fee (Commonwealth Bank charge $600) to set up a loan. You are required, by law, to pay the stamp duty to the relevant State gov't on the loan, which you can't avoid.
There are no "loan management" fees each month with Member's Equity. Since Oct 1997, the Commonwealth Bank has charged an $8 a month "management" fee to its home loans each month. Westpac charges $12 a month for the same privilege.
Every time I hear the stock exchange giving the half yearly profits of the big 4 banks in Australia, they are getting "record" returns . . . . at the expense of the man in the street, i.e. YOU
Member's Equity don't have any "shareholders" to take into account and thus, run their finances at very low margins that the banks can't compete at.
Check out their website
www.membersequity.com.au

Gotta be worth a phone call . . . but then again, you can always pay for some shareholders shiny suit and new BMW!