brucekaren

Who are the best or better banks to open an account with in OZ?

Looking at Commonwealth Bank of Australia and WestPac, at the moment. Anyone thoughts on them or any other OZ banks?

ABCDiamond

What do you want out of a bank ?

Do you need local Branch access, or can you get by with using an ATM once a week, or getting cashback at supermarkets etc.?

Most Banks charge monthly fees, but HSBC don't, and they give good interest too. The drawback is needing to use the Post Office for deposits.

But I find them OK for our usage.

Brisben

I use Westpac, they are good as any.

comet555

I like Westpac as well. Haven't had any experience with the others though (except Macquarie for a mortage, and didn't like them).

As with all things, some will love it and some will hate it. So it just depends. Also don't forget that even if there is a monthly fee that they will often waive that if you maintain a certain amount of money in the bank (or at least I think they do).

mand8002

We are with the Commonwealth Bank and are happy with them. I reckon most of the banks are pretty similar, we opened our account with the Commonwealth as they were the first bank we passed on our walk into Brisbane a couple of days after arriving.

SNH

All of my family used to be with Commonwealth Bank, but we have all changed in the last decade for one reason or another. For me Commonwealth gave next to no freedom for me as I spend a lot of time working overseas.

Correct me if I'm wrong, but are St. George and Westpac not combining in the very near future??
I have a St. George account at the moment, but as I do little with banking in Australia I cannot really comment on their merits.
I do know however that they passed my details on to numerous marketing companies, and somehow they were able to bypass the 'Do Not Call Register' (which you should sign up for the minute you arrive in Australia to avoid all those telemarketers from India). I had to deal with dozens of phone calls EVERY DAY until I filed a formal complaint with St. George.
Just something to be aware of - banks in Australia are a bit dodgy sometimes.

MattW82

I opened a couple of accounts with ANZ last month (a current account and an online account) in preparation for my move to Oz at the end of December.

The reason that I went with them is that they provided the best service by far for setting up an account before I arrive, plus won't charge any fees on the current account until after I've got to Oz and have registered in person at the branch.

They also have competitive interest rates, low fees, and I've only heard good things about them from other customers. I've not had many dealings with them as of yet, but all have thus far been positive.

MarkMC

originally i opened an account with commonwealth - but they started charging me even before I had arrived and showed my ID, I lost my patience with them and spoke to a few locals, and am now with Westpac. they have been more than helpful.

Grayling

I have accounts with NAB, Westpac and Commonwealth.

Not much between them except I do not pay any charges with NAB

G

helsbells79

I have recently opened accounts with Westpac and they were very helpful! I spent a lot of time looking on the net before deciding which bank to use...but to be honest I think its just a personal thing. The concept of paying a fee for banking does annoy me slightly but it's fairly standard in Oz...although westpec waive it if you have more than $3000 in your account. I did nearly use HSBC until I found in their small print that you needed a certain amount of cash to open the account (can't remember the amount, but think it was £1000).

So, I would recommend Westpac, but no experience of other banks! Not sure if that helps at all???

ABCDiamond

I did once bank with Commonwealth, but I let my account go unused for a while, and it racked up the monthly fees, till it went overdrawn, and then they chased me for the penalties !

I closed it.

With HSBC, as helsbells79 said, they do require an opening deposit of $2,000 but you can then withdraw that the following day if you don't want to leave it there earning interest.

But the latest HSBC account, the Serious Saver Account, has no minimum opening or ongoing account balance requirements.

Tooterelli

We've just arrived (although have lived here before on a couple of occasions) and after doing the rounds have both decided on HSBC.

I haven't a job as yet however it appears to be the only bank that doesn't charge a customer to have an account (and I find it very difficult to pay a bank for holding my cash - okay I don't have cash in it at the moment). They also offer 4+% interest on current accounts. It wasn't a difficult choice for me. I looked at NAB (who I previously banked with), Commonweath and Suncorp.