emilov

Hi All,

I'm having trouble choosing the right bank. Since I'm moving to Brisbane in a month it is important to me that the bank has branches all over that city. They all offer online access and credit cards cost about 40-60$ yearly (except for ANZ Direct Debit Visa). I've narrowed it down to following 4:

Westpac: One: 6,05% on savings, 5$ monthly (> 2500$ free).
ANZ: Everyday Visa Debit: Visa Debit Card, 5% on savings, 6$ monthly (cool to get the credit card for "free" but only 5% on savings)
HSBC: Serious Saver + Online Savings: 6,3% on savings, 0$ monthly (for transaction + savings accounts, can it really be free or did I miss something? If not this one seems to be the best deal.)
National: iSaver + Smart Access: 5,9% & 5$ monthly

Each offers unlimited ATM & EFTPOS. Which one hast the most branches in Brisbane? Is there something else I should keep in mind?

Thanks for your patience

Cheers,
Emil

emilov

anyone?

ianandhelena

you can find the answer to this here

Tiawamutu

I am thinking of going for the HSBC serious saver when we go to Perth in 5 weeks. I thought this seemed the best one too

Also I have found, if you go to the various bank's websites, most of them have a branch locators, and show you where ATM's are too

emilov

Hi,
I've read somewhere that HSBC does not have that many ATMs so one has to use those of other banks (can anyone confirm this?). Only 5 of these transactions are free. Westpac, on the other hand seems to have twice as many ATMs in Brisbane compared to ANZ (branch & ATM searches on their websites).

Thanks for the yellow pages link. I was more interested in personal experience though.

Cheers,
Emil

ptlabs

Emil

HSBC ATMs: yes, you're right - there aren't that many around

5 free transactions: yes, HSBC online savings account offers 5 free non-HSBC ATM withdrawals per month. Withdrawal from HSBC ATMs are unlimited and free.

The trick is to use "cash out" when paying for day-to-day items with your HSBC ATM card - it's free, and you effectively bypass the 5 free non-HSBC ATM withdrawals a month.

Works for me, so I haven't had to pay a cent in bank charges in NSW.

Peter

Downies

HSBC seriously lacking in ATM's but can get cashback for free - use post offices for free and five non-HSBC ATM for free.

Considering there is absolutely no monthly charge for having your account if you follow this I still think it is the best deal!

I still have trouble getting my head around the fact that the majority of Oz banks charge for keeping your money - mind you the interest rates are so much better - go figure.

Good luck with decision - we have decided on HSBC Online Savings as we have a problem with monthly fees.

Paula

ptlabs

See

http://www.abetterdeal.com.au/

This pays the highest interest rate with zero fees for any bank account, as far as I know.

Peter

emilov

Cool, thanks for the replies.
Could someone explain this "cashback" or "cashout" thing to me?

Thanks.

Tiawamutu

Some places that you buy things with you debit card, offer cash back facility. This means you can get money from them instead of going to bank or cash machine.

Hope this helps

emilov

aha, cool

Does this work everywhere and how easy is it in practice?
I mean can you just walk up to a seven eleven or a gas station in the middle of the night, buy a pack of gum and then ask for 100$ cashback?

@Downies: So, you manage fine with only 5 free ATM withdrawals + cash back? Do you need to go to a branch sometime (i.e. if you need to sign for something etc.)? Are there many HSBC branches in Brisbane?

EDIT: I just checked, in Queensland there are no more than 5 HSBC atms. That really is not many.

Thanks,
Emil

Wol

The lack of ATMs is really not an issue. All supermarkets will give you cash with your HSBC debit card - in fact most checkout "persons" ask you whether you want any cash before printing out the bill. You don't even have to buy anything at many supermarkets!

And you can get cash out at any post office, and put money into your account there too. It will show on your account before you arrive home! I agree with the other poster - monthly charges should have gone out of the window at all banks!

Downies

Sorry, cant help you - not there yet! Only going on previous research and other BE advice received.

However - I think I have visited my bank branch here in the UK three times in the last five years and that was to deposit my Nieces penny money bags so dont think I will increase bank branch usage.

Good luck with whatever decision - we have opted with opening migrant account with Westpac, transfering all UK savings via Ozforex, same with house sale money and then when we land in Oz take steps to open HSBC Online Savings account and transfer money to them. Mind you we will be paying Westpac $8 a go to receive our money transfers into our accounts!!!! Then the $5 per month (until we reach $2500 mark).

Mind blowing isnt it!

Paula

noonard

I recently went with the ANZ Visa Debit option - mainly because I figured after always having Visa Delta in the UK, not having something similar in Oz would be a pain. It's unlimited transactions etc, I've seen branches in the most unlikely spots, they seem to be all over the place here in Perth, and so far, so good!

Swerv-o

I agree with Peter here. HSBC have been absolutely faultless since I opened my account nearly 18 months ago. They are very understanding of the needs of the migrant, and in my case the customer service has also been of a high quality. They give you a cheque book whilst still in the UK, which was useful for making payments before I arrived.

Transferring money into an account from a currency broker is easy too.

I have taken money out at the post office, and this is easy too. No need for I/D - just give them your card and type in your pin number. Job done. There are far more post offices in Aus than any other number of bank branches, so just think of a post office as being another bank branch/business hours ATM. This works really well if you're travelling out back when a town will probably have a post office, but not one of each bank.

Cashback is much more available here than in the UK - you can get it paying for a meal at a restaurant, groceries at a supermarket papers at the paper shop etc.

Say no to fees and vote with your feet...

S