sloake

Well today I got a rather nice letter from the Commonwealth Bank, they have decided to up all their charges.

Not only this, but they have upped the amout of money you need to have with them from $20,000 to $50,000 before you become fee free.

I never liked the idea of being charged so that they can invest my money, make a profit and then give me a ridiculas (sp!) low interest rate..

so thats it people.. I am moving account..but who to?

I am looking for an account with no fees, I would also like interest on my current account, and I certainly dont want to be charged for the priviledge of taking my own money out.

Any ideas of who.. and also who not to go with? Are their any decent website comparing accounts (simular to Which in the UK?)

Thanks guys

sandradee

ingdirect.com.au

sloake

I already have a savings account with them, do they do Current Accounts as well?

ptlabs

HSBC Australia?

ABCDiamond

There are a few banks that you can go with that will give free banking, or even more that will do minimum fee banking.

It depends on how much you use the banks and their ATM's.

I did a poll recently http://britishexpats.com/forum/showthread.php?t=305698 to see how much people used the ATM's, and almost 60% of us use them less than once per week, so these people would find fee free banking at HSBC for example, who allow 5 free ATM transactions at ANY banks ATM in the country. The only downside is if you need to go into a branch, as they only have a few. But how often do people need to do that these days ?

If you have a mortgage, ask your bank if they do linked accounts and waive the normal fees. Some of them do.

ANZ have an account that charges a flat $5 per month, and allows unlimited transactions using their own ATMs.

Make sure that your bank allows Unlimited EFTPOS transactions. HSBC and ANZ advantage do, but I am aware that some don't, and I think that the Commonwealth is one that doesn't (They charge 30c or 50c after you exceed their limit.

Kiwipaul

I've just swapped from ANZ to HSBC because of the excessive charges from ANZ. HSBC have free banking and you can make 5 free ATM withddrawals from any ATM per month. Also they pay 4.75% on balances over $2,000.

They also give you $30 if you open an account with them.

CadburysFingers

HSBC sounds a good choice, does anyone know where the nearest HSBC is in the northern suburbs. Dont think I have seen one at Whitfords but I could be wrong. I know there is one in Perth, but I rarely go to Perth.

CadburysFingers

To answer my own question and for everyone else, here are the HSBC branches in WA;

188-190 St George's Terrace,
Perth WA 6000 1300 308 008 (08) 9320 9837

Garden City Shopping Centre
125 Riseley Street
Booragoon WA 6154 1300 308 008 (08) 9316 6712

Looks like a trip to Perth is on the cards.

ABCDiamond

In case you need to make deposits to a HSBC account, you can use any Post Office, also cash withrawals there are free.

And here are the Queensland HSBC locations:

300 Queen Street,
Brisbane QLD 4000 T: 1300 308 008 or (07) 3835 7877

Sunnybank Plaza,
Cnr Mains Road and McCullough Street,
Sunnybank QLD 4109 T: 1300 308 008 or (07) 3323 2682

83b Scarborough Street,
Southport QLD 4215 T: 1300 308 008 or (07) 5509 2799

Kiwipaul

Also to open an account you need 2 forms of id (passport, drivers licence, etc) and $2,000 to deposit into the account. You don't need to keep $2,000 in the account for free banking but you must deposit $2,000 initially.

Also you can open the account via the internet but you need to complete a id form which requires you know someone of standing to vouch for you. I found it eaiser to go into the branch and show them my id instead.

sloake

http://www.flickyourbank.com.au

Found this site, looks like Fee Free is a dream, but its very good for comparing accounts.

ABCDiamond

Here are some examples I looked at today:

Based on:
12 - EFTPOS transactions per month
5 - ATM transactions per month
$2,500 ave balance

HSBC Online saver - they pay you $9.90 pm
ANZ Access Advantage - charge you $5.00 pm
ANZ Acess Select - charge you $5.50 pm
CBA Streamline account charge you $5.98 pm
Westpac One - charge you $5.00 pm
National Smart Access- charge you $5.00 pm

or

Based on
12 - EFTPOS per month
5 - ATM per month
$500 ave balance

HSBC Online saver - they pay you $0.21 pm
ANZ Access Advantage - charge you $5.00 pm
ANZ Acess Select - charge you $5.50 pm
CBA Streamline account charge you $6.00 pm
Westpac One - charge you $5.00 pm
National Smart Access - charge you $5.00 pm


OR

Based on
20 - EFTPOS per month
10 - ATM per month
$2,500 ave balance

HSBC Online saver - charge you $0.10 pm
ANZ Access Advantage - charge you $5.00 pm
ANZ Acess Select - charge you $12.00 pm
CBA Streamline account charge you $12.48 pm
Westpac One - charge you $5.00 pm
National Smart Access - charge you $5.00 pm

OR

Based on
20 - EFTPOS per month
10 - ATM per month
$500 ave balance

HSBC Online saver - charge you $8.02 pm
ANZ Access Advantage - charge you $5.00 pm
ANZ Acess Select - charge you $12.00 pm
CBA Streamline account charge you $12.50 pm
Westpac One - charge you $5.00 pm
National Smart Access - charge you $5.00 pm

All figures quoted are net of any interest received

kiwichild

Try a credit union, building society or community bank eg; bendigo

Most of these have none of the monthly fees on their accounts

JayDeee

I have a westpoac 1 account and a westpac credit card, I just transfer money onto my credit card each month and use only the credit card. you dont get charged for credit card transactions.

Just gotta remember what button to press at the EFTPOS machine.

Kala

hevs

I beg to differ. We opened an account with Bendigo and we got stuffed by £25 plus a month

HSBC IS fee free banking, havn't paid a fee yet