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GTWTK the big 4 then what?

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  • #16
    Which bank? Any bank, just fill out a withdrawal slip and hand it over?

    They hung a sign up in our town "If you live it up, you won't live it down"-Tom Waits

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    • #17
      I've never had any issues with 2 of the big 4 that I've banked with. I've not seen/had any reason to group all my banking with one bank - go for a bank that has the account best suited to your needs - as such I've had 3 accounts with 3 different banks active for different purposes. My main requirement is there be no bs 'account keeping' fee (and of course a low interest rate for my home loan). As long as the internet banking for each bank is decent, that pretty much covers you for 99% of your transactions/requirements. I rarely go into banks but I've never had an issue with customer service with any of the 4 banks I've had accounts through - 2 of which are part of the big 4. The only time I go into a bank is when I'm getting a bank cheque for a bike or car

      Anyway, having paid off the home loan I now have a surplus of $20-25K/year* so I need a bank/account that has a decent interest rate but also one where I can access money at any time (i.e. no term deposits etc.) while I build up some spendings savings. Bankwest was fine for its prior purpose (for pay to go into and for me to then transfer it into my home loan [my first home loan was impossible to do daily banking with], so no money ever sat in the Bankwest account long-term, thus it didn't need to be a high interest account). Anyone got suggestions for a decent interest earning account with no fees? ING?

      Also need a credit card that has no foreign transaction fee as travel is on the horizon. Been meaning to get one sorted for ages but recent reminder/impetus is a $1200 c/card purchase that incurred a $35 foreign fee transaction - fuck that. But then there's the pain of changing all the direct debits :/

      Bank shopping for me is like insurance shopping, or any shopping for that matter - I tend not to enjoy the experience...

      *theoretically, not reality so far
      Last edited by Kristy; 02-04-2019, 10:31 PM.

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      • #18
        Originally posted by Kristy View Post
        Also need a credit card that has no foreign transaction fee as travel is on the horizon.
        Just did a month in USA/Europe/Canada and used my Citibank Plus card. Been using this for around 4 years for overseas travel.

        Not a true credit card, you transfer your funds into your citibank account and spend it. However, $0 fees when buying via Eftpos overseas or withdrawing money from any major banks ATM.

        Only little thing is you MUST press Credit for all transactions, and if an ATM offers to do a conversion to AUD for you that you decline the option to avoid fees. Oh and the app is kinda shit, but all I use that for is to check my funds and make sure my card hasnt been skimmed. I used ATMs like Bank of America, ING, Mandira, Deutsche Bank and so on.

        Exchange rates on the card is always top notch too. 11/10 from me.

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        • #19
          ^ I do use my credit card like a savings card - I put everything on credit (for the convenience of paypass and also not having to check if I have enough dosh in my account) and then pay it off before the interest accrues, so this would work. The other one I've seen touted as being quite good is 28 degrees. Also free global wifi something something as part of the 28 degrees card - haven't investigated yet - probably need to be wearing green, on a Tuesday and standing on one leg etc. to get reception..., but maybe not.

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          • #20
            Originally posted by Kristy View Post
            ^ I do use my credit card like a savings card - I put everything on credit (for the convenience of paypass and also not having to check if I have enough dosh in my account) and then pay it off before the interest accrues, so this would work. The other one I've seen touted as being quite good is 28 degrees. Also free global wifi something something as part of the 28 degrees card - haven't investigated yet - probably need to be wearing green, on a Tuesday and standing on one leg etc. to get reception..., but maybe not.
            I had a 28 degrees card for a while, and it was great to preload it with a decent amount before heading off abroad. I could then just use it at any ATM and withdraw cash at a great exchange rate and with no fees.

            Unfortunately they caught on to that and changed their T&Cs such that you couldn't preload the card.
            Adventure before Dementia

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            • #21
              Preloading card not essential. I'd just pay it off before the interest starts accruing. Either/or really.

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              • #22
                Originally posted by Kristy View Post
                Preloading card not essential. I'd just pay it off before the interest starts accruing. Either/or really.
                Although with a cash advance the interest starts accruing immediately
                Adventure before Dementia

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                • #23
                  Originally posted by Morgs View Post
                  Although with a cash advance the interest starts accruing immediately
                  Yup, why I don't do cash advances!
                  I still have access to the redraw in my home loan as a line of credit, so no need. Home loan interest rates much more preferable to credit card interest rates/cash advances! Banks hate people like me 😃

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                  • #24
                    Thanks again for the feedback, I went with P & N.
                    The debit card acts as a credit card as long as I have sufficient funds in the account.
                    The only thing wrong with a perfect ride to work is that you end up at work.
                    G T

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