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Originally Posted by Timbo
Hi Taymaishu,
Good question albeit way off topic! While I'd love to jump on the bank bashing bandwagon, that seems to have been taken care of above so I'll try and instead answer your original question.
Firstly, if you're paying $25/month in fees then yes you are paying too much.
Secondly, since you don't have a home loan as others above have said, you're not going to get the no transaction fee deals that get packaged with some of these home loan deals.
For your requirements (bank, online savings, credit card) you should be able to get fairly low fees with any of the big four with conditions as follows:
- direct credit of salary - if you do this then most banks will waive the monthly $5 - $6 monthly service fees (it usually has to be over $2000 of deposit/month)
- Credit card - with any of the banks you will be up for an annual charge - should be around $50 for a no frills credit card up to $150 for a gold card (ie travel insurance and reward points). Non-bank providers will be able to give you a fee free card but you then lose the convenience of single point internet banking etc.
- Online savings - all banks have a zero fee online savings product - interest rates are pretty average at this point though but no one should be charing you fees on these online savings accounts
Then the main point if you want to minimise your bank fees is the "traps" like overdrawing your account or using other banks atm's.... there is no way around the other bank atm charge this is standard everywhere. So if your $25/month is in atm charges you're going to cop that everywhere.
Hope this helps!
Tim
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This helps more than you think you know!
My $25/m charges are non-ATM related, they are intra-Comm bank account charges.
So the charges are paid on any movements like this:
Account -> Netbank Saver
Account -> Commsec Cash Management
Account -> any direct Commsec-brokered trades
Account -> Pay bills (Credit Cards, Phone bils, Foxtel etc)
My bank account is the devil of the situation. I do possibly 80 transfers in a month, and this is where i'm being hit. Not only do I have an account keeping fee, but then also excessive usage fees for all of my transactions.
So, thank you kindly to everyone who has written here. After some pretty extensive research, your feedback, feedback from friends and family, i've opened an account with ANZ.
And thank christ:
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Originally Posted by ANZ
For just $5 a month you can make unlimited transactions via ANZ branches, ANZ ATMs, cheques and through EFTPOS, ANZ Phone Banking and ANZ Internet Banking. If you make frequent transactions, the ANZ Access Advantage account is the ideal account for you.
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On top of that I get the equivalent of the NetBank Saver that Commonwealth offers, and access to some pretty good interest rates on Credit Cards.
There will be deposits in excess of $2000 a month, so that will all become free
On top of that, ANZ E*TRADE will act as my new brokers, but i will keep my Commsec account for 2 lots of advice
Thanks everyone!