dade

We recently opened a Westpac account and are a little confused as to what they all mean. There's a main account, Savings account (which we actually didn't apply for but they gave us anyway) and the Max-I Direct. We think the Max-I is the high interest saving account but are confused as to the other 2. what is the difference between the Main account and the savings account, i.e. why do we need both?

Vash the Stampede

Your main account is the everyday account; the one that your salary goes into, and your regular expenses come out of.

The savings account is exactly what it says on the tin: an account for your savings. It usually comes as standard with a main account. Generally regarded as a "spare cash for a rainy day" account rather than a long term fund builder.

The Maxi-I is indeed a high-interest savings account; it requires no minimum balance, and incurs no monthly service charge.

BTW, I haven't been with Westpac for years, so I could be wrong on one or two points.

Rudi

We have a savings account with Westpac and our mortgage account. The savings account is not a savings account at all though!! It's where the salary is paid into and where the cheque book it linked to. It has no interest on it as far as I know.

The mortage account is where we keep our savings......that way the monthly repayments are less or something!

Rudi

phoenixinoz

Main account is generally where your salary gets paid into. You can take out up to total of $1k per day via EFTPOS unless you ask them to set it at max $2k per day. You can access more if you go into branch with photo ID.

Savings account is where you can filter off some cash from main account to put in here for a rainy day or bills. Access is same as above.

Maxi Direct is a savings account which pays 5.8% interest so long as you have 2k in and the interest is only paid at end of month on balance. This is a self managed account i.e. you can only access this via internet or via telephone yourself. To obtain the money from this account you have to transfer via internet or own phone from this account to any of your other accounts and then in effect take this out via your other accounts. Or you can obtain it from the bank with photo ID.

saoghalbeag

Hey, I have these accounts! I can't really remember what the ins and outs were but in my day to day use...

Main account: accessed by ATM/cash machine

Savings: accessed by teller (in branch) or phone or online (by transferring funds to BILLS or to Main account so you can then go get it out via ATM)

There's an odd interest paid thing attached to this account whereby you must deposit a certain amount and not make any withdrawals in a month in order to get interest. I NEVER manage to do this so rarely get interest paid into this account.

However have 2 jobs so get main pay into Main account and 2nd pay into savings so it's harder for me to access. Works.

Maxi Direct: internet account. Supposed to help you save. They just tacked this onto my account when I opened them up as well. It's actually been really good for saving. Given you can only withdraw online yet can deposit via phone/in branch. I think the interest paid is quite good. For the first time in my life (I'm only young and so far I've been a uni student, backpacker and mum so have never really been in the midst of a 'cash flow') it's actually being paid in $$$ instead of cents!!!

I really don't think it matters what you do with the accounts - it's about trying to use them to your advantage really. Just try to set them up so they help you out!

I can't believe the branch staff did not explain all this to you properly - twits. They're supposed to be their most helpful during the sign-up process. Customer service is all down hill from there, I'm afraid!!!

wafc

I opened Westpac accounts online here in the UK prior to me going to Oz (which is tomorrow btw!! ).

We got the Main Account and then we had to chose one of either of the normal Savings account or the Maxi Direct account. We went with the Maxi direct as it pays a better rate of interest, but like people have said, the Maxi Direct account can only be accessed via Internet or Telephone banking.

dade

Thanks everyone, everything is much clearer now. We opened the accounts over the internet hence the confusion I guess.

Eltoro

We have also been looking into opening a wespac account from uk, We do not yet have visa but thought that at worst if we don't get visa then we would go on holiday to Oz and we would have the cash in Oz account to use on arrival.
I have all the west pac forms but there is a box that asks for visa reference number, does this have to be filled in or can I just put the DIMIA acknowledgment number on it?

Would be grateful for any advice on this.

phoenixinoz

You can leave it blank. It is to assess if you are an Australian resident ergo pay Aussie Tax....or not.

Be mindful that if you leave it blank, the bank are obliged to assume you are not an Aussie resident and they MUST deduct 48% Tax on any interest earned in this account. The bank is legally obliged to deduct this and hand it over to the Tax man. This will be in writing in all your bank bumpf somewhere. The bank holds you responsible to tell them of your Tax status, not the other way round

If for whatever reason you end up having 48% Tax deducted on your interest earned and it's wrong, then you can claim it back from the Aussie Tax man....but this is at end of the Aussie Tax year.

So leave it blank and go into the bank or ring them with your Aussie Tax File Number ASAP and you will pay the right amount of Tax on your interest

Vernons

We are with Westpac too and have the same accounts. All our money goes into the everyday account and that is the account we pay bills from. We don't use our savings account but instead use the maxi direct one which is fantastic. You have to transfer money into it from your other account via the internet and then back out again via internet when you want to use the money. It is really instant and is a good way to get some interest if you have a few dollars. Hope that helps
Vernons on sunshine coast

glittababe

Same here have everyday and maxi as a savings! Vernon's your just a wee 3kms down the road from us! A Huge welcome and Merry Christmas XXX

Vernons

Hi Glitterbabe,
you are in Peregian am I correct? How are things? We are loving it here, the coast is truly stunning and we can't think of a better place. Any hints on places to go?

Eltoro

Thanks for your info, this was very helpful.

glittababe

Where do I start? Noosa NP at sunset - take the kids, cheese/wine and a couple of glasses, set yourself up on a bench and watch the sunset! During the day do the walk, some nice secluded coves and beaches, wild koalas etc

Eumundi markets - wed and sat, nice local homemade stuff, car park charge $3. Go for a drive through the Eumundi Mountain ranges - its just beautiful.

Kenilworth rainforest 4WD and walk - lots of really good camping sites along the way. Its a big walk (over 54km's) but you can do the smaller ones, Fig Tree boardwalk is a good circuit only takes 5 mins!

Noosa's north shore - need 4WD again but great fishing/ coloured sands fab, surfing also good but be careful of other 4WD users (highway limit is 80k's) and also jellies/sharks as no net in place

Noosa harbour markets on a sunday, friday night there lots of live band playing.

Sunset cruise - departs from Noosa harbour at Tewantin at 5.30pm, cost $17 for the family.

The free outside gym circuit along Gympie Terrace, tai chi at 8am Mondays - free followed by a spot of yoga at the Spit (free) take BBQ stuff or get fish and chips!

Kondilia Falls NP - go for a swim, Mapleton Falls NP (lovely rainforest walk)

Lake Macdonald - Noosa botanical gardens - take picnic/kayak or anything floaty! Its at Cooroy about a 15 min drive from Noosa

Lake Baroon/Montville - picnic/play/kayak/walks etc
Lake Boreen and Elanda Point (have a free mud spa)! (camping and day use areas)

Coolum - climb Emu Mountain - or bike it. Only takes 10 mins and you've got views from Noosa down to Point Arkwright.

Glasshouse mountains - sun rise brekky or sunset bbq - tonnes of mossies tho

We're getting on ok, will attach some snaps. Carols by candle light and fireworks if rain eases at Lions Park, Gympie Terrace and also The Avenue Peregian. Think it starts around 5.30pm X

glittababe

and some more local ones