commonwealth bank
May 17th 2004, 9:25 pm
#16
BE Forum Addict
Thread Starter
Joined: Aug 2003
Location: in adelaide and loving it
Posts: 1,086
its instant access to the account no charge for the debit card and interest is calculated on a daily rate paid monthly
the 3 month term deposit account is at 5.3%
hope this helps
arlene
the 3 month term deposit account is at 5.3%
hope this helps
arlene
May 17th 2004, 9:39 pm
#17
Joined: Aug 2003
Posts: 11,149
Originally posted by arlene
its instant access to the account no charge for the debit card and interest is calculated on a daily rate paid monthly
the 3 month term deposit account is at 5.3%
hope this helps
arlene
its instant access to the account no charge for the debit card and interest is calculated on a daily rate paid monthly
the 3 month term deposit account is at 5.3%
hope this helps
arlene
May 18th 2004, 6:20 am
#18
The Outback Beast
Joined: Mar 2004
Location: Perth
Posts: 292
Hi Arlene, I've read about the balance of $5k to get the decent interest rate, is this the opening balance or can the account be opened with a smaller amount, cheers
May 18th 2004, 6:22 am
#19
The Godfather
Joined: Feb 2004
Location: South East Suburbs of Melbourne
Posts: 7,336
Make sure you read the small print, I agree with BP the Commonwealth is usually tops when it comes to charges over here.
May 18th 2004, 12:45 pm
#20
Just Joined
Joined: May 2004
Location: sydney
Posts: 3
Be very careful with the commonwealth bank.Like most people who emigrate to oz we opened an account with them,simply because it was very easy to do from the UK.The bank charges are terrible once you get out here and start using their facilities.It can be said that there is no such thing as free banking in Oz,however if you shop around there is certainly a lot better (check out HSBC).
Good Luck
Neil
Good Luck
Neil
May 18th 2004, 1:24 pm
#21
BE Enthusiast
Joined: Sep 2003
Location: Maroubra
Posts: 753
4% is not a particularly good rate. Once here I'd shop around.
On a term deposit I'd be looking for around 6%, particularly as reading between the lines you have transferred a substantial amount. Anyhting over 100K gets a higher return.
Commonwealth does have swathing charges for everything. But then most banks do. Switch to a CU when you get here is my advice. You'll get all the same service for less cost.
When you say you'll be living off the interest, then please account for the tax on the interest also - in my case thats 47.5% tax on interest.
On a term deposit I'd be looking for around 6%, particularly as reading between the lines you have transferred a substantial amount. Anyhting over 100K gets a higher return.
Commonwealth does have swathing charges for everything. But then most banks do. Switch to a CU when you get here is my advice. You'll get all the same service for less cost.
When you say you'll be living off the interest, then please account for the tax on the interest also - in my case thats 47.5% tax on interest.
May 18th 2004, 4:32 pm
#22
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
I bank with HSBC and have had no charges yet.
(4.75% on accounts over $2000)
I have also opened an ING account (you get $15 at the mo for opening it, bargin!) they pay 5.25% on any amount. It acts like a savings account and you can just transfere money btween your on line bank account and ING at any time you choose. Works for us!
(4.75% on accounts over $2000)
I have also opened an ING account (you get $15 at the mo for opening it, bargin!) they pay 5.25% on any amount. It acts like a savings account and you can just transfere money btween your on line bank account and ING at any time you choose. Works for us!
May 18th 2004, 4:38 pm
#23
Joined: Aug 2003
Posts: 11,149
Originally posted by hevs
I bank with HSBC and have had no charges yet.
(4.75% on accounts over $2000)
I have also opened an ING account (you get $15 at the mo for opening it, bargin!) they pay 5.25% on any amount. It acts like a savings account and you can just transfere money btween your on line bank account and ING at any time you choose. Works for us!
I bank with HSBC and have had no charges yet.
(4.75% on accounts over $2000)
I have also opened an ING account (you get $15 at the mo for opening it, bargin!) they pay 5.25% on any amount. It acts like a savings account and you can just transfere money btween your on line bank account and ING at any time you choose. Works for us!
May 18th 2004, 4:47 pm
#24
BE Enthusiast
Joined: Dec 2002
Location: Melbourne
Posts: 805
Originally posted by hevs
I bank with HSBC and have had no charges yet.
(4.75% on accounts over $2000)
I have also opened an ING account (you get $15 at the mo for opening it, bargin!) they pay 5.25% on any amount. It acts like a savings account and you can just transfere money btween your on line bank account and ING at any time you choose. Works for us!
I bank with HSBC and have had no charges yet.
(4.75% on accounts over $2000)
I have also opened an ING account (you get $15 at the mo for opening it, bargin!) they pay 5.25% on any amount. It acts like a savings account and you can just transfere money btween your on line bank account and ING at any time you choose. Works for us!
We have exactly the same set up as Hevs.
Only one thing to highlight. If you set up an HSBC account before you get to Oz, you won't have a tax file number to quote them so you'll get charged a witholding tax.
Make sure as soon as you get your tax file number to ring them and let them know the number and that you are now a resident of Oz for tax purposes.
Regards
May 18th 2004, 4:50 pm
#25
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
May 18th 2004, 4:54 pm
#26
BE Enthusiast
Joined: Jan 2003
Location: Down the road, that's where I'll always be
Posts: 467
Originally posted by hevs
I bank with HSBC and have had no charges yet.
(4.75% on accounts over $2000)
I have also opened an ING account (you get $15 at the mo for opening it, bargin!) they pay 5.25% on any amount. It acts like a savings account and you can just transfere money btween your on line bank account and ING at any time you choose. Works for us!
I bank with HSBC and have had no charges yet.
(4.75% on accounts over $2000)
I have also opened an ING account (you get $15 at the mo for opening it, bargin!) they pay 5.25% on any amount. It acts like a savings account and you can just transfere money btween your on line bank account and ING at any time you choose. Works for us!
May 18th 2004, 4:55 pm
#27
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
oh. And there was me thinking that i was being some kind of financial genius
May 19th 2004, 6:29 am
#28
Just Joined
Joined: Jan 2004
Posts: 14
Hevs
We are heading for Cairns and as far as we know there is no HSBC there. Will this matter?
Elaine
We are heading for Cairns and as far as we know there is no HSBC there. Will this matter?
Elaine
May 19th 2004, 6:48 am
#29
Just Joined
Joined: Jan 2004
Posts: 14
Hevs
We are heading for Cairns and as far as we know there is no HSBC there. Will this matter?
Elaine
We are heading for Cairns and as far as we know there is no HSBC there. Will this matter?
Elaine
May 19th 2004, 5:27 pm
#30
High in the Dandenongs
Joined: Apr 2003
Location: Listening to Puffing Billy
Posts: 9,183
opening the account might be tricky, unless you do it from the uk.
All other transactions can be DONE AT THE POST OFFICE!!!!
All other transactions can be DONE AT THE POST OFFICE!!!!
