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bank account costs

bank account costs

Old Jan 10th 2009, 10:26 pm
  #1  
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Default bank account costs

hi, we are thinking about opening a bank account and i hear that you have to pay all sorts of charges, to have an account and to take out money and the such. are they all similar costs between the banks or are some banks better than others? i had a look on commonwealth bank and couldnt see anything about charges but cant imagine this is correct.
any help would be appreciated.
thanks
sarah
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Old Jan 10th 2009, 10:56 pm
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Default Re: bank account costs

Originally Posted by sormesher
hi, we are thinking about opening a bank account and i hear that you have to pay all sorts of charges, to have an account and to take out money and the such. are they all similar costs between the banks or are some banks better than others? i had a look on commonwealth bank and couldnt see anything about charges but cant imagine this is correct.
any help would be appreciated.
thanks
sarah
Hi Sarah - it really depends what account you go for and how much money you have going through it each month. They are all different.

I opted for Westpac Choice account to start me off as you can open it over the internet from UK - and they waive the charges if you have more than $2000 going though it each month (I think thats the right amount).

So far they have given me excellent customer service - and I believe they are quite a solid bank to be with (although how much that means these days is debatable).
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Old Jan 10th 2009, 11:15 pm
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Default Re: bank account costs

Originally Posted by sormesher
hi, we are thinking about opening a bank account and i hear that you have to pay all sorts of charges, to have an account and to take out money and the such. are they all similar costs between the banks or are some banks better than others? i had a look on commonwealth bank and couldnt see anything about charges but cant imagine this is correct.
any help would be appreciated.
thanks
sarah

I'm with the Commonwealth and don't have a monthly fee. Don't know if that's because it's linked to my mortgage though!

I have to pay $2 per transaction if I use any other banks cash machine
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Old Jan 11th 2009, 12:27 am
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Default Re: bank account costs

Hi, there are a few threads on this so do have a search of the archives.

Our cheque account is with HSBC and we pay no fees. The downside is there are FOUR ATMs in the whole of Sydney, but the plus side is that most merchants offer cashback when you use your debit card. I've been here since last May and used the ATM just once, and that was for the novelty. (Yes, I do need to get a life )
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Old Jan 11th 2009, 2:31 am
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Default Re: bank account costs

Originally Posted by Seasider
Hi, there are a few threads on this so do have a search of the archives.

Our cheque account is with HSBC and we pay no fees. The downside is there are FOUR ATMs in the whole of Sydney, but the plus side is that most merchants offer cashback when you use your debit card. I've been here since last May and used the ATM just once, and that was for the novelty. (Yes, I do need to get a life )
With the HSBC account, you are allowed to use any other banks ATM for FREE, but only 5 times per month. But you can also use the Post Office for deposits and withdrawals.

HSBC
  • No monthly account keeping fee
  • Fee-free banking options within Australia
  • Unlimited free HSBC ATM transactions
  • Five free ATM transactions per month, at any bank ATM
  • Free BPAY®, EFTPOS and Bank@Postâ„¢
  • Free automated Telephone Banking and Internet Banking access
  • As a local subsidiary of the HSBC Group, HSBC Bank Australia Limited is eligible for the Australian Government's guarantee.
http://www.hsbc.com.au/1/2/personal/...online-account
 
Old Jan 11th 2009, 2:37 am
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Default Re: bank account costs

Originally Posted by ABCDiamond
With the HSBC account, you are allowed to use any other banks ATM for FREE, but only 5 times per month.
I didn't know that! Thanks.

(Y'see, you can teach an old dog new tricks.)
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Old Jan 11th 2009, 2:57 am
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Default Re: bank account costs

And, with HSBC, you can pay *in* at any post office: just swipe the card and it appears in the account instantly.
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Old Jan 11th 2009, 3:47 am
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Default Re: bank account costs

Originally Posted by Wendy
I'm with the Commonwealth and don't have a monthly fee. Don't know if that's because it's linked to my mortgage though!

I have to pay $2 per transaction if I use any other banks cash machine
This is probably the norm Wendy as its similar to ours. Charges are much the same as UK
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Old Jan 11th 2009, 4:20 am
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Default Re: bank account costs

Originally Posted by sormesher
hi, we are thinking about opening a bank account and i hear that you have to pay all sorts of charges, to have an account and to take out money and the such. are they all similar costs between the banks or are some banks better than others? i had a look on commonwealth bank and couldnt see anything about charges but cant imagine this is correct.
any help would be appreciated.
thanks
sarah
The banks here waive most charges if you do enough business with them, such as having your mortgage with them. If you don't, and you need $50,000 worth of business for the Comm Bank, then you get charged for a lot more than the UK. The free banking on most current accounts in the UK is almost globally unique.
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Old Jan 11th 2009, 4:29 am
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Default Re: bank account costs

We just have a standard savings account with the Commonwealth and only pay $4 per month for bank charges
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Old Jan 11th 2009, 4:47 am
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Default Re: bank account costs

Originally Posted by seat151
We just have a standard savings account with the Commonwealth and only pay $4 per month for bank charges
Hi with the Commonwealth they have a few accounts depends how often you will be using ATM's and having direct debits, If you just want a basic account you can open the Award Saver account, This has no account fees. But you get charged for withdrawals at $0.50. So if your doing under 8 transactions a month this is cheeper than a streamline account. The streamline account has a $4 or $6 fee depend on how you want to use your account, The $6 gives you all transactions except non CBA account. The $4 accounts means if you withdraw in a branch you get charge $2.
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Old Jan 11th 2009, 6:05 am
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Default Re: bank account costs

Originally Posted by iamthecreaturefromuranus
The banks here waive most charges if you do enough business with them, such as having your mortgage with them. If you don't, and you need $50,000 worth of business for the Comm Bank, then you get charged for a lot more than the UK. The free banking on most current accounts in the UK is almost globally unique.
I had accounts in the States, and they didn't have charges - they paid interest on my balance.

I cannot understand why *anyone* in Australia pays bank charges on normal day-to-day accounts. The banks here just rely on customer inertia and ignorance.

Last edited by Wol; Jan 11th 2009 at 6:08 am.
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Old Jan 11th 2009, 6:41 am
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Default Re: bank account costs

I can understand what you are saying about paying fees, But look at how many American banks are having or had trouble compared to the Australian banks, The fees have helped Australian banks keep themselves in a good position while other countries are having problems.
Gary
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Old Jan 11th 2009, 7:15 am
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Default Re: bank account costs

Hi, try a Bakwest Zero transaction account or Hero transaction account. As long as you have $2000 per month going through the account, there are NO charges at all...wih the Zero account you can also use other banks ATMs without being hit with the $1.95 'other ATM fee'
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Old Jan 12th 2009, 2:38 am
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Default Re: bank account costs

Originally Posted by GaryVFR8
I can understand what you are saying about paying fees, But look at how many American banks are having or had trouble compared to the Australian banks, The fees have helped Australian banks keep themselves in a good position while other countries are having problems.
Gary

I think this is hopelessly optimistic at best - the small change made by banks through account keeping fees is a drop in the ocean compared to the many billions of $ of investment in bad quality mortgages that have been made.


Originally Posted by sj oldfield
Hi, try a Bakwest Zero transaction account or Hero transaction account. As long as you have $2000 per month going through the account, there are NO charges at all...wih the Zero account you can also use other banks ATMs without being hit with the $1.95 'other ATM fee'

For my 2c I would recommend the Citiplus account from Citibank - No monthly fee if your salary is paid in, and they don't charge to use competitors ATMs, which is a real bonus. I bank with them, and have found them to be very efficient - most business is conducted online.

HSBC are also good - was with them for nearly 2 years, and still keep an account running.


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