Savings account (1 Viewer)

[babydoll_]

OK right now I have an account with Commonwealth Bank which is what my Youth Allowance and pay from Myer goes into.

Now that I work, I have more money than I really need, so I want to start saving for other stuff like going overseas and a car.

How would I go about making another account to put my money in? I want to make an account which is easy to deposit money into, but hard to withdraw money. Do I need to go to another bank? Have any you recommend?

Cheers.

 

[yenta]

I think ING is really good. You could get a savings maximiser where they'd just link it up to your Commonwealth account and you can put any amount of money in, and you can deposit/withdraw whenever you want (all transactions are between the ING account and your commonwealth account). They give you 5.25% interest. They also have term deposits which give you 5.40%, which might be better for you if you're trying to resist the temptation of withdrawing. Best thing is they have no fees. Have a look on the website www.ingdirect.com.au

 

[iambored]

^^ with the term deposits, can you say put half your money on term deposit?


i think do the above, keep enough money in your account so that you won't be tempted to withdraw from ing, what goes in there stays there

 

[LeftrightOut]

ING is far from the most flexible and best yielding account. Like I mentioned in another thread Citibank have a 5.4% online account that gives you an ATM card as well so you can access your funds at any time. It's not much use having several different accounts to stop you from spending. If you don't have the discipline you will just transfer money when you need it anyway.

If you just want to stash your money away for a few months get a term deposit, you might not make as much on it as a citibank account but at least you can't touch it without paying penalty fees. You can get a term deposit from a number of different banks so check around for who has the best rate you want.

 

[yenta]

I like ING cos of the no fees, as fees are something I really can't stand so I would rather get lower interest and pay no fees that go with a bank such as Citibank that has higher interest but may charge fees.

With the ING term deposits, you can do 30 day or 90 day deposits. They don't have a minimum deposit but you can't deposit more money after the term has started.

 

[LeftrightOut]

Yeah that sounds real educated. I pay no fees with Citibank, I pay no fees with HSBC, I pay no fees with a lot of places and they just happen to be banks.

I still find it amusing that people hate banks so passionately, just because some people have no idea how to research a better deal does not mean there are no good deals out there.

I have netbank access, phone bank access, atm access, giropost access, eftpos access to my money at all times yet I pay no fees. Again I pay no fees. Now if I was a person who could not keep to a budget and likes to withdraw $20 from an ATM every 2nd day instead of doing large calulated withdrawals a couple of times a month i'm sure that would change and I would be hit with fees, but I rather like my emergency access to cash and I do plan ahead when I will take money out. I pay everything on credit most times and withdraw perhaps $50 once a month through an ATM that gives me plenty of cash where credit is not accepted.

I still pay no fees.

Feel free to go researching for better deals http://www.infochoice.com.au

 

[kylie_robbo]

You go into your local Commonwealth Bank branch, and you ask a teller at the money taking and giving area if you can open a new account specifically for savings. They will then take you up to the enquires counter and open an account for you.

I suggest that you set up NetBanking at that moment (if you haven't already got it set up) so you can transfer money from your spending account to your savings account.

Also at the enquiries counter, you can set it up so that both accounts are linked to your EFTPOS card... One will be cheque and the other savings.

 

[iambored]

i can't find anything about fixed terms on the ing site... does anyone know where the info is?

i also highly recommend netbank babydoll, that's how you'll do your transferring
i recommend not linking a card to the saving account so you can't use it

 

[yenta]

Yeah that sounds real educated. I pay no fees with Citibank, I pay no fees with HSBC, I pay no fees with a lot of places and they just happen to be banks.

I still find it amusing that people hate banks so passionately, just because some people have no idea how to research a better deal does not mean there are no good deals out there.

I have netbank access, phone bank access, atm access, giropost access, eftpos access to my money at all times yet I pay no fees. Again I pay no fees. Now if I was a person who could not keep to a budget and likes to withdraw $20 from an ATM every 2nd day instead of doing large calulated withdrawals a couple of times a month i'm sure that would change and I would be hit with fees, but I rather like my emergency access to cash and I do plan ahead when I will take money out. I pay everything on credit most times and withdraw perhaps $50 once a month through an ATM that gives me plenty of cash where credit is not accepted.

I still pay no fees.

Feel free to go researching for better deals http://www.infochoice.com.au

Are you a student or for all those things does your bank/s not charge anything, for any person? And I wasn't saying Citibank charges fees, I said may cos I wasn't sure. Anyway I'm happy with ING Direct..but I might go and do that research, thanks for the site

 

[LeftrightOut]

Nope they are actually standard Online Savings Accounts anyone can open. I am a student of some sort but it does not affect the accounts in any way.

Of course they charge for *some* account types the trick is finding the ones they don't I could easily go and open a HSBC account where they charge me $50 a month or a Citibank one that does the same, ING only has one type of account, other banks often have several so it pays to examine all the offerings from a bank.

A lot of banks are moving into the online account world with no fees and decent access to funds. I was deciding between citibank and INGdirect a while back and citibank has been at 5.4% for a fair while now whereas ING has only slowly been building itself up to 5.25%. The HSBC one is at 4.5% but i have it linked to a share trading account from them (both no fee except if I buy/sell shares) so it's a nice place to park cash as it goes in and out of the market.

You never know tomorrow another bank might make a grab for customers and come out with a 5.8% account with a Debit VISA thrown in for free, things constantly change and when I first started out I had one shitty student account from commbank for 9 years straight and was always a loyal customer but one day just decided they weren't giving me what I wanted.

Edit: Direct links

Citibank http://www.citibank.com.au/portal/c...ameval1=AU2HeroProm2&menuID=AU2leftNavDeposit

HSBC http://www.hsbc.com.au/personal/accounts/osa.html

 

[acmilan]

My mum made me save so she put 40g locked away in Community First Bank...its not a big company but they got good interest rates and its locked for 6 months so i cant be tempted to withdraw. Im not completely sure but i think the interest they pay me is about 5.5%. As far as i know there are no fees as ive been there for a while and havnt been charged anything

 

[iambored]

ing don't have term deposits


do they?

 

[theone123]

ing don't have term deposits


do they?

every bank offers term deposits

 

[LeftrightOut]

come on 2 clicks on their front page and you would have seen it
http://www.ingdirect.com.au/termdeposit.asp

Go to their front page
http://www.ingdirect.com.au/
Move mouse over Products and down to Savings and left click, it's the box on the right.

 

[iambored]

thank you!!! i was doing well to rep you on the first post i ever read of yours. i searched the site, googled it, clicked on as many things as possible but couldn't find it.

they just don't give much info, because someone above said you can do it for a month or 90 days at 5.40 interest. they just say a year on that site, but i might give them a call because i'd be happy to do it for a smaller number of months.

edit: the front page of this looks promising http://www.ingdirect.com.au/pdf/90dayTD_PDS.pdf

 

[LeftrightOut]

thank you!!! i was doing well to rep you on the first post i ever read of yours. i searched the site, googled it, clicked on as many things as possible but couldn't find it.

they just don't give much info, because someone above said you can do it for a month or 90 days at 5.40 interest. they just say a year on that site, but i might give them a call because i'd be happy to do it for a smaller number of months.

Yeah I fished around the site for a while before noticing the menus with the drop downs

that 5.4% would be p.a. though and probably not paid out on a monthly basis only at maturity. You'd be better off with the citibank account for that size of return.