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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
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..
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'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.
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
I had these set up last week. $95 fee waived.