Can you recommend a good savings account?

R

random

Hey people.

I need to open a new bank account. I don't want any of the main 4. I'm thinking of ING , saw one of their ads, they looked ok , any good ?

It would have my work cash going in and out of it but with the left overs staying in and hopefully growing . So I need it accessible but hopefully with what does stay in not being gobbled up in ridiculous fees and costs all the time.
We've had so many that we've chosen for this or that , usually low costs first of all but 6 mths after you join they start bringing in new costs all the time.

Maybe someone that's also good for financing or a loan later on , consistently nice rates , not too strict , tend to stick to original in fees and charges claims .

Cheers
 
My set up is simple but works well for me.

I've got a transaction account with Westpac (just your standard account, debit card attached). My pay goes in to this.

I then have a savings account with UBank (NAB's stab at an online offering).
6.5% p.a. if you deposit 200$ a month (maybe 400$, can't remember).

I get paid, automatic transfer takes a set amount out of the transaction account in to savings. I don't get it paid automatically into the UBank account as there's no card attached and there is a delay with transferring money in and out (usually a lag of about 1 business day from memory).
 
Maybe stating the obvious: accounts like ING needs to be linked to an existing savings account - you cannot close your old account and keep the ING one.
 
Any that are particularly fair and low on costs ?
I don't see why we should pay them anything when they're already making money with our money .
 
chran said:
Maybe stating the obvious: accounts like ING needs to be linked to an existing savings account - you cannot close your old account and keep the ING one.
Click to expand...

I don't believe that's the case anymore as they now have their own savings accounts (I have one).

I think ING are great. If you get a minimum $200 at any ATM, they reimburse you the fee (you have to pay it first, but they reimburse you immediately).

If you eftpos and get a cash out of at least $200, they give you a 50cent bonus.

Just little things that makes it a bit different. Works well for hubby and I as we usually get out that much at a time anyway.
 
chran said:
Maybe stating the obvious: accounts like ING needs to be linked to an existing savings account - you cannot close your old account and keep the ING one.
Click to expand...


Necessary evil ? unless there are every transacton accounts which pay ING interests rates which I haven't heard of, but would love to !
 
My various pays go into my obscenely-high-fees Credit union account that I've had since back before they had fees. I pay large infrequent bills (electricty, car rego) from mine and then transfer to CBA, which is fee-free. Partner gets paid to the CU account too, transfers his pay directly to a highish-interest (4.75%, it was 6.25% until last week) savings account with the CBA. Several other of our pays (don't ask) go direct to the CBA account, from which everything else gets deducted. We also have $50k sitting in a Virgin account getting 6.75%.

Since we need to pay out our largest loan ASAP I think we're going to lose our fee-free status with the CBA, I'm going to have to check the fine print if we can keep it even with a tiny mortgage. If I had a mortgage with our CU everything would be fee free and wondrous there too, but I don't ... the CU has per-transaction fees with a limit of $5 of free transactions if you have no savings or loans with them but they charge 60c for this, 80c for that, $2 for something else and you can blow the $5 within a week of normal transactions.
 
Fees aren't all bad

random said:
So I need it accessible but hopefully with what does stay in not being gobbled up in ridiculous fees and costs all the time.
Click to expand...

Random
I have come to the conclusion that if you can get a financial institution to provide a service to you for under $300 per year that is good as there is not much free today.

For that $300 per year...
  • Go in and bank money anytime in person.
  • Transfer money in and out online with security features.
  • reimbursed if money fraudently removed from my accounts.
  • Negotiate term deposits
  • Credit card to book stuff up on everyday of the week and pay for 30 - 51 days later.
  • Ring them up for information
  • They give me loans & manage my loans
  • They send me statements each months which saves me going online and printing out statements
  • Take my coins in to bank in little plastic bags
  • Redraw loan available
  • ATM I can get cash money out virtually anywhere is Australia
  • Offset accounts
  • Split loans

Now if you have money in a Comsec Cash Managment Account and transfer via internet to Comsec Investment you can get a return lower than term deposit rates so in essence you are paying a 'fee' so there is not a fee as such.

IMHO
The question you should be asking is what services can I access for one fee?


Cheers
Sheryn
 
Television said:
My set up is simple but works well for me.

I've got a transaction account with Westpac (just your standard account, debit card attached). My pay goes in to this.

I then have a savings account with UBank (NAB's stab at an online offering).
6.5% p.a. if you deposit 200$ a month (maybe 400$, can't remember).
Click to expand...

I do this too except use Commbank instead of Westpac. I don't pay any bank fees with this set up and Ubank's 6.51% is the best I know of.
 
luckyone said:
I don't believe that's the case anymore as they now have their own savings accounts (I have one).
Click to expand...

Had a quick look at ingdirect.com.au and it seems like we're talking about 2 different things: I was talking about their "Savings Maximiser" account and you the "Orange Everyday" account so we're both right (now that doesn't happen very often :p).
 
Thanks people .

Dunno about 300 py , I'm not paying some bank that if I can help it .
Funny , knowing how tight investors are I thought this place would have this one well and truly stitched up and be all over it but no one seems too fussed .

Well , I'm finding me a free one if it's the last thing I do ha ha. !

Thanks for the input

Cheers

Ps , just to show how bad they are , I had an ANZ I hadn't even seen in 3 yrs , found the account one day in a draw . It did have 600 bucks in it.
I thought hmm , should have a bit of interest on that , hu !!! Closed , gobbled up in fees over the 3 yrs , what a bloody joke .
Yet my trading account had $7 in it for 18mths , went back to throw some new money in to start trading again , checked it first and my $7 had grown to $8.50. Now that's more like it.
 
random said:
how tight investors are I thought this place would have this one well and truly stitched up and be all over it but no one seems too fussed .
Click to expand...
I wouldn't say no one :) I believe most mortgages come with free savings accounts. That covers most people in this forum (myself included). Also like I mentioned in my last post, ING has Orange Everyday account which is free & may suit you.
 
Thanks chran.

I didn't mean that as an insult by the way,it's smart but that's also just an observation.

Thanks for that I'll check it out . My trading account would be good except it's kinda hard to access , in or out . Which is a good thin as it stops me dipping but it does make everyday use outside of trading not practical and they aren't a lending institution either so.

Cheers
 
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