What bank accounts should I get for my needs? (1 Viewer)

[dyara15]

I'm in the process of getting a (proper) job. I am also currently working for Coles Myer. As a result, I haven't really paid too much attention about the various bank accounts on offer and the interest rates that they yield and I want to open two bank accounts with different objectives, that is,
(a) One in which all of the money I earn from my (proper) job will go in; I don't intend on touching this money, and if I do, it will be once a month. I purely want to use this account for savings and if possible, get some interest out of it.
(b) Another in which all of the money I earn from my Coles Myer job will go in; I intend on making 2-3 $800 withdrawals a month from this account, and I intend on purely using this account as my financial base, that is, this is where I will be getting money to spend, go out etc.
I'd prefer to use the Commonwealth Bank of Australia accounts, however I was curious as to which Bank would offer the best accounts to cater for my needs.

Thank you for your help.

 

[John0]

Unless youre still a student you will end up paying fees to maintain both bank accounts. You can open a "streamline" account with CBA where wages etc will get paid into. You can open a netbank account which is linked to a streamline account, interest rate is roughly 3 or 4% also there are no fees to maintain this account. The "streamline" account will be accessable through ATM machines and would facilitate your transactions, funds can be transfered instantly between the "streamline" and "netbank" accounts. Visa Debit cards, credit cards etc are not too hard to set up either if you need them, CBA has a credit card which doesnt charge fees if you make over $1000 worth of purcahses each year. This set up will allow you to earn some interest on your savings while maintaining ease of access and keeping fees to a minimum.

 

[J.a.d.e :-)]

Credit Union doesn't have account keeping fees...

 

[justanotherposter]

Commonwealth Bank Group - Accounts - Complete Access
Comes with an attached debit card, not a keycard, so you have the convenience of having a mastercard. If you want a plain keycard then go with the streamline unlimited. $6 per month or free if you're a student.

Commonwealth Bank Group - Personal - Accounts NetBank Saver Summary page
good interest rates and no fees.

Set all this up for netbanking and it makes things very convenient.

 

[lala2]

If you're going to earn more than $2k a month, you can open a BankWest Transaction Account. Account keeping fees are abolished if $2k or more goes through the account each more. That's only "goes through", so it can go straight into your savings afterwards, if you time automatic transfers right, i.e. your balance at the end of each month can be less than $2k. They use the Commonwealth ATM network.

Otherwise, as Jade said, credit unions have no account keeping fees, just a shareholder fee you pay on membership entry (usually about $10 or so and which is refunded when you leave the union). Be aware however, their ATM range is not as extensive as the major banks. I would recommend Big Sky Credit Union--their joining fee is only $2.

 

[Peartie]

I dont know about non-student fees but NAB has an iSaver which has very good interest rates, and only accessible from the internet (making it harder to get money out of) which you could use.... but that would mean going to NAB rather than commbank.

 

[sharon8h]

check out www.infochoice.com.au it lists a whole bunch of fin inst accounts and the rates. I basically use CUA for my day to day stuff, I link to a st george dragon direct account for my high interest savings. Neither charges me fees.

There are some good internet accounts, just read the fine print.

 

[breaking]

go with police credit union and then show everyone your card and pretend you're a cop

 

[bregitta]

Yeah if you can get invited, I recommend Police credit union. You can have several accounts under your name, eg an electronic high-interest one as well as a general one attached to a Visa