Hi
Can anyone recommend a savings account with no account keeping fees? With the way I am structuring my home loan, i need an account that my wife and can use as an every day account. This account will probably have no more than $100 in it at any given time.
thank all
We have an account from National with a Yearly fee only. No bounced cheques fees, (thats people bouncing them on me) no maximum tranactions, no internet banking fees etc.
I’m sure other banks offer the same. Just go & ask, it may suprise you.Chally
Hey Wilko,
This link might help http://www.infochoice.com.au/banking/atcallsavings/compare/tables/savings/fees/QLD.asp
http://www.Infochoice.com.au is a great resource to find all sorts of rates and fees associated with many different banks.
Dan Lewis
[email protected]For what you need, the HSBC Online account sounds perfect.
I use an ANZ account for personal use. There are absolutely no ongoing fees. It does not pay any interest either. I use ING Direct for interest bearing accounts although BankWest has one that pays more. Either one of these accounts also requires a standard transaction account like my ANZ one to access the money.
Robert Bou-Hamdan
Mortgage AdviserI probably recommend HSBC.
HSBC has unlimited free transactions.
ANZ bank has only 6 free transactions per month.
Both accounts have no interest, except that HSBC has interest rate of 4.5% if the balance is $2000 or more.
Bankwest will give you 6% for one year with money at call
Liz2005
I’d focus on finding an account with no transactional fees – Heritage?? from memory may suit.
If your only wanting to hold $100 max in the account at any time, well, the interest earnt whether its 5.25 or 6% is totally irrelevant.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker BrisbaneHow about if you were wanting to put up a $10k savings. I heard quite a lot about compound interest saving. Which kinda savings account would that be akin to within the banks? What would you guys recommend in that situation?
@ Wilko:
I’m currently using Westpac One, which gives me 2 accounts. one transaction account for everday stuff, no transaction fees and includes internet and phone banking. The second account is a savings account that gives 4% per anum, calculated every month, so long as you do no withdrawals from that savings account that month.
Another tip, Wilko. If you still have your student card unexpired, you can get savings accounts from banks as a student, thus waving all transaction and upkeep fees.
My Commonwealth savings account was created when I was still a student. I went to update my information, and the clerk told me NOT to change it. Its free transactions and no upkeep, why change it… she said.
If you are looking for a return on your savings, I would use one of the online accounts because they pay higher interest and there are no fees.
Robert Bou-Hamdan
Mortgage AdviserI find ING great. Money always at call, min. balance $10 to start, no fees and you can have up to 9 separate accounts under one name – great for AIPs and budgets. Currently @ 5.75%.
Hi Scotty3,
I have 9 accounts with ING Direct Savings Maximizer and find it great. Did you know ING’s rate changed recently to 5.40% (Variable)?
Dan Lewis
thanks all for the replies!!
Just to clarify. I just want to a nonsense transaction account with minimal fees. it is for play money only, so interest is not a factor!
Thank
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