CBA's Transactional Offset

My branch (Mascot, NSW) and call centre person I spoke to INSIST they don't yet have the feature available to them.

They insist it will be available from the 12th.
And yes, multiple offset accounts for 1 loan makes sense.
ONE offset for MULTIPLE loans makes no sense :)
 
Ie Mr A and Mrs B buys a property and they wish too have 3 accounts ( ALL LINKED TO THE MORTGAGE OFFSET)

Offset account Mr A
Offset account Mr B
Offset account Mr A and B

^ this is great for couples who wants to have seperate account and joint accounts....also useful for JV purchases.

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Hey Mick,

Do you know if a mortgage in one name can be linked to a joint account?

IE:
Mortgage Mr A
Offset Mr A & Mrs B

Regards
Murphy
 
No.

The Mortgage and the offset "link" must be in the same name. This applies too guarantor loans as well. Must be a BORROWER can not include non-borrowing party.
 
Some interesting data here:

https://www.commbroker.com.au/Net/Documentum/marketing/everyday-offset.aspx

Interesting that it says netbank won't show the interest savings from the Everyday offset..

Thanks Zubs that's quite interesting.

Of particular note for me was that the $95 is paid at the home loan account level - so one fee allows you to have multiple complete access accounts offsetting against the one loan for one fee.

Also that you can move the "arrangement" to a new home loan without paying an additional fee.

Jason
 
So that info I posted above DOES seem to indicate that 14th Oct is the earliest date an 'existing' CBA customer can move over to this...
 
So that info I posted above DOES seem to indicate that 14th Oct is the earliest date an 'existing' CBA customer can move over to this...

I can confirm that I have been able to set up the new Everyday Offset for an existing customer.
 
Hi Brady
thanks - seems you are in SA though?
The info seems to be that NSW/VIC/QLD can't do it until 14th.
I just spoke to the call centre + 2 branches again this morning - they all said next week.
 
I've done a quick calculation to see if this CBA Transactional Account will be worthwhile. I aim to have $2,000 in my transactional account at all times so $2000 x current variable interest rate is 5.20% equates to a saving of $104 per year. So in the first year I would be better off by $9. Hopefully I can have this upfront fee waived since I am on the Wealth Package with CBA.
 
I've done a quick calculation to see if this CBA Transactional Account will be worthwhile. I aim to have $2,000 in my transactional account at all times so $2000 x current variable interest rate is 5.20% equates to a saving of $104 per year. So in the first year I would be better off by $9. Hopefully I can have this upfront fee waived since I am on the Wealth Package with CBA.

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 your current rate.
 
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 your current rate.

Not too fussed. But yeah in year 2+ i would only save $104/year as i only ever have circa $2,000 in thst account and the main savings go into misa..
 
What's the diff between the misa and the everyday offset? Why have both?

The everyday offset allows you deposit your salary into the account and transact like any normal transactional bank account. The MISA is more of a dedicated savings account as you can only transfer minimum amounts of $500 in and out from another CBA account. You can't use it on a day-to-day basis for your regular banking.

You could use the two jointly. Use the everyday offset to make the most of your day to day cash and the MISA for your longer term savings (although you could also use a second everyday offset for this which is why the MISA will probably be phased out in the future).
 
A big issue I had with the MISA is that the descriptions on the transactions in or out didn't contain any information - only "MISA Deposit" or "MISA Withdrawal" - which is a pain in the neck if you are trying to reconcile your bank account.

As PT suggested, if I wanted to keep everyday banking and long term savings separated I would now use two everyday offset accounts rather than a MISA for this reason alone.

My everyday offset is setup and by my calculations based off interest accrued on the home loan is working successfully (on a sample size of 1 day anyway!).

Regards,

Jason
 
The everyday offset allows you deposit your salary into the account and transact like any normal transactional bank account. The MISA is more of a dedicated savings account as you can only transfer minimum amounts of $500 in and out from another CBA account. You can't use it on a day-to-day basis for your regular banking.

You could use the two jointly. Use the everyday offset to make the most of your day to day cash and the MISA for your longer term savings (although you could also use a second everyday offset for this which is why the MISA will probably be phased out in the future).

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.
 
A big issue I had with the MISA is that the descriptions on the transactions in or out didn't contain any information - only "MISA Deposit" or "MISA Withdrawal" - which is a pain in the neck if you are trying to reconcile your bank account.

As PT suggested, if I wanted to keep everyday banking and long term savings separated I would now use two everyday offset accounts rather than a MISA for this reason alone.

My everyday offset is setup and by my calculations based off interest accrued on the home loan is working successfully (on a sample size of 1 day anyway!).

Regards,

Jason

I am with you on this one Jason,
Biggest pain ever to try an work out were the money has come from as I use it to have rents from 4 properties go in. Cant wait to see the transactional account!
Tegan
 
Hi Guys,
Just got my Everyday Offset account activated today, it's quick and easy by calling the CBA home loan specialist.
I was advised that if "enough" people submitted feedbacks, their management may consider to waive the $95 set up fee for existing customers. So please go ahead and submit your voice! I said it doesnt make sense to charge us loyal existing customer. DANG.
 
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