Hi which banks are best to use in setting up a 100% offset account to be used as a normal savings/transaction account.
Be able to have mortgages etc deducted from it and have all salaries and rent etc paid into it.
Is CBA good or any of the other Major banks?
Most of the major banks are good. I personally like Westpac at the moment.
Beware of St George. Their ways of calculating interest are weird and they have several different offset accounts – some where the principle is reduced and not the interest.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
As most of the transactions you winn need to perform will be electronic, I would recommend an institution with strong internet banking facilities.
Other than that, just make sure you do the sums if there is any kind of fee attached to the account. Figure out how much money will need to be in the account to cancel out the fees, and make sure you are gettign a good deal on the loan itself.Best of luck.
CBA do not offer a fully transactional offset account so personally would not use them.
Either Anz, NAB or Westpac offer a fully 100% transactional account but i guess we all have our preference on lender due to the level of customer service.
Each has their own pecularity so just need to be make sure they meet your needs.
Richard Taylor | Australia's leading private lender
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