Search results

Yes this would work.

Personally I don't agree with the fee, but financial it does make sense to pay it as you will come out infront.

Was the 26/7 when your loan funded with them? As mentioned below if it was after the 1/8 it is waived. In your case I would say the fee will be charged if its before the 1/8 and it will be on the branch to refund the fee, pending how many of these the branch is doing they might get a please...

Are you an existing customer just adding the everyday offset? Or did you also borrow more funds?

Not quite correct Pete. MISA you can make what ever deposits in you like, it's a $500 minimum withdraw out. Everyday Offset is just like a complete or smart access, everyday day account that can have salary credited, direct debits and no minimum withdraws.

I don't believe you will have much luck on getting the $95 set up fee waived, I haven't seen it waived for existing customers. Although it is very earlier. When was your loan funded? As you said it's $9 min savings in the first year... Then $104 min after that based on your calculations on...

I can confirm that I have been able to set up the new Everyday Offset for an existing customer.

Good question, I had this on my list of questions but didn't a chance to ask it with the large debate on with the other questions. I would suggest the bank wouldn't want this to happen and have likely thought about it, although sometimes things like this can fall through the cracks ;)

Would be nice but no transactional offset for fixed. Just personal name SVR

Lol I asked the CEO each time he was in town ;) Agreed. $95 for life of the loan with multiple offsetting accounts is good value. Now fingers crossed they actually release on the correct date ;)

MISA will stay the same, no change. From my understanding if you're a existing CBA customer with wealth package (>$150k borrowings) that you can pay $95 per arrangement (loan) and link multiple everyday accounts which can offset against your PPOR. As mentioned above MC1 CBA was slow to...

It's a double effect, lose money on exisitng funds in everyday accounts then also lose money on interest savings. I believe this would of had a large impact. I also think that they wanted to offer something else with it, to be more marketable... the multi offset account feature.

The transactional offset account will only be available for personal customers borrowing in personal names.

MISA will be kept. There is no plan to remove the MISA, overtime it will become a thing of the past through new customers having a transactional offset.

I don't believe there has been an exact date given before. Previously had stated month (which is likely why they are waiving fee for those after 1/8) But haven't been given specific of fee's and features. Time will tell, but if you prefer next time I'm happy to keep the info to myself and...

What was the point of this post?

I think you would find that most existing CBA customers have managed fine with the MISA, I myself have a MISA and really doesn't bother me that much that its not transactional. I couldn't think of anything worse then having a large amount of $$$ available in my everyday account. For those...

Absolutely agree. This is something very smart that the bank has done. It's taken them along time to bring this product out, I'm glad that they have thought a little outside the square. Very unfortunate for the fees, but existing customers are used the the MISA it works for them and $95...

Sorry about the delay all :) There was alot of debate around this yesterday at the development day and at the function I was at last night... THE GOOD - Official launch date will be 27/9 - New CBA customers on wealth package (borrowing >$150k) will not have a fee to establish or...

27/9 more details on the good and bad when I can write it up.