Best Australian Bank

[Viridis]

Looking for recommendations - without providing financial advice, obviously - for an Australian bank

Having all sorts of issues with CommBank. Bureaucratic, insufferably conservative with credit card limits, etc etc etc. Applied for an increase in my CC limit today and, despite a $400k+ salary, largely rejected (I understand the criteria and our situation should warrant an increase)

My main bank is HSBC and weirdly they are faaaaaar easier to deal with

But I use a second bank for ‘redundancy’ with a small percentage of my salary being deposited each fortnight and a credit card just in case my primary banking option is compromised (me, as much as them)

Any insights greatly appreciated

 

[lilkid28]

Hi,

1. UBank also good interest rate for up to $250k savings. There's also a small referral fee for new user signup.

2. ING good interest rate for up to $100k savings, there's a $125 referral (referrer and referee) going on.

I'd say Ubank is one of the better/simpler bank with a good banking app too.

Otherwise, I have bank accounts with all the big 4 banks. Can't say any of the big 4 are the best.

 

[p--and--t]

Have accounts with all 4 big banks and 2 others. ANZ is the only one not to stuff me around unduly in last 20 years. However, their home lending criteria usually tighter than others - not sure about cc criteria.

 

[SYD]

Hi,

1. UBank also good interest rate for up to $250k savings. There's also a small referral fee for new user signup.

2. ING good interest rate for up to $100k savings, there's a $125 referral (referrer and referee) going on.

I'd say Ubank is one of the better/simpler bank with a good banking app too.

Otherwise, I have bank accounts with all the big 4 banks. Can't say any of the big 4 are the best.

Ubank (and ING*) have the advantage also of providing international transaction fee free debit cards.

NAB (also owns UBank) has some interesting CCs promos at the moment. Whilst they’ve announced they’re increasing the int tx fee to 3.5%, their NAB Rewards cards are supposed to be int tx fee free.

Have you looked at AMEX?

*ING have some hoops and jumps to get several benefits that can be a turn off. But they do also have a CC that’s fee free.

 

[Viridis]

Have accounts with all 4 big banks and 2 others. ANZ is the only one not to stuff me around unduly in last 20 years. However, their home lending criteria usually tighter than others - not sure about cc criteria.

Thanks. Mrs V has ANZ, in addition to HSBC, so as a preference I’d prefer an alternative but looking at their online-only offering.

 

[Viridis]

Ubank (and ING*) have the advantage also of providing international transaction fee free debit cards.

NAB (also owns UBank) has some interesting CCs promos at the moment. Whilst they’ve announced they’re increasing the int tx fee to 3.5%, their NAB Rewards cards are supposed to be int tx fee free.

Have you looked at AMEX?

*ING have some hoops and jumps to get several benefits that can be a turn off. But they do also have a CC that’s fee free.

Thanks

Have the Amex Plat and Reserve. Happy with that.

I like the Commbank Ultimate but the credit limit they’re offering is very limiting for international travel. Non of the big 4 seem to offer a comparable product. I’m tempted to ditch it and just suck-up the 3% with another card.

I’ll have a look at NAB & U Bank though. Thank you

Post automatically merged: Sep 20, 2024

Have you looked at AMEX?

Sorry, just realized that I posted in the Amex forum - didn’t mean to do that. Poor tech skills

 

[dxwell]

We moved from ANZ to Macquarie Bank a few years ago for our business banking.
We subsequently moved our personal banking there.
Zero fee accounts, zero fees to use ATMS, great overseas transaction rates, amazing interest rates for our business cash holdings.
Only regret I have is that I didn't move earlier!

 

[SYD]

We moved from ANZ to Macquarie Bank a few years ago for our business banking.
We subsequently moved our personal banking there.
Zero fee accounts, zero fees to use ATMS, great overseas transaction rates, amazing interest rates for our business cash holdings.
Only regret I have is that I didn't move earlier!

What interest are you getting on Biz cash? I resorted to opening a parallel NabTrade account that has 4.5% even though the company has never bought nor sold a share…

 

[Viridis]

We moved from ANZ to Macquarie Bank a few years ago for our business banking.
We subsequently moved our personal banking there.
Zero fee accounts, zero fees to use ATMS, great overseas transaction rates, amazing interest rates for our business cash holdings.
Only regret I have is that I didn't move earlier!

We actually moved away from Macquarie. Good, right up until there was a problem. Utterly, utterly appalling to deal with. Family member had their account hacked. Macquarie were complete ar**h***s. AFCA involved. They said the matter would be resolved within the week had it been Commbank (for example). It took 12mths to resolve and resulted in Macquarie losing the case and paying compensation. But completely unnecessary. They seem to apply their corporate banking ethos to retail banking. Wouldn’t touch them with a 30ft pole. And, I’m led to believe that they’re not even signatories to some of the Australian electronic banking codes. Buyer beware!!

 

[dxwell]

We actually moved away from Macquarie.

Oh that is terrible to hear.
I do carefully assess this type of move and I saw many many of your type of issues occurring with the big 4.

 

[Viridis]

Oh that is terrible to hear.
I do carefully assess this type of move and I saw many many of your type of issues occurring with the big 4.

Ironic. That’s why we went to Macquarie in the first place …. to avoid having to deal with the Big 4 . Macquarie appeared to be innovative, with good tech and commercially agile. But the experience of this (close) family member was an eye opener. Account compromised and all funds lost through no fault of the account holder. Macquarie appeared to have incredibly immature security protocols (or just lazy & inept) and allowed funds to be siphoned out of the account despite being alerted by the recipient bank that the transactions were suspicious and possibility fraudulent . Extraordinary and ultimately ‘the system’ agreed with the account holder. But a traumatic 12mths for them.

 

[Mr_Orange]

My main bank is HSBC and weirdly they are faaaaaar easier to deal with

I assume that with that income level you are Jade, assuming HSBC offer that in Australia, or some other variant of private banking.

 

[Viridis]

I assume that with that income level you are Jade, assuming HSBC offer that in Australia, or some other variant of private banking.

No, never offered, never asked. Happy with Premier; and even that is really only for access to easy international banking. It is difficult to see the benefits the tiered banking system is alleged to offer - my interactions are almost exclusively online and self directed.

I have friends who toyed with Private Banking at Commbank & Westpac but have reverted to a standard banking relationship in each case.

 

[33kft]

Having been inside the sausage factory, previously working for 2 of the big 4 I can tell you that their entire business plan is just to converge upon one another, and as a result picking one over another is a fruitless endeavour.

That said, there are minor differences which entirely align with your experiences, and my advice would be:

• For daily banking, CBA have the best technical platforms. Netbank and their mobile app have always taken the crown and probably always will
• For CC products, CBA suck. I have never bothered with a CC from them despite their being my "main" FI for the reason above, because they have never been competitive in the CC space
• For CC products ANZ is hard to go past if you are sticking to big 4 and excluding AMEX. Be aware that their backoffice team is incompetent and any application is likely to shorten your lifespan if you need to deal with them
• On the topic of AMEX, their offering has diminished greatly of late but is still a nose and some ahead of the domestic competition. Don't expect magic, but if you haven't considered an AMEX card you probably should

 

[Chicken]

I'm surprised that no one mentioned Suncorp. Yes, the business is now sold to ANZ, but they are still run by Suncorp staff, and I have used them for 20+ years, including business banking at one stage, and home loan at another stage. The staff there are upfront and good with setting expectation, so they under promise over deliver, instead of sweet talking me into something then not delivering.

I also have an high interest savings account with Australian Unity, if that's what you are looking for.

 

[Bayside Flyer]

Looking for recommendations - without providing financial advice, obviously - for an Australian bank

Having all sorts of issues with CommBank. Bureaucratic, insufferably conservative with credit card limits, etc etc etc. Applied for an increase in my CC limit today and, despite a $400k+ salary, largely rejected (I understand the criteria and our situation should warrant an increase)

My main bank is HSBC and weirdly they are faaaaaar easier to deal with

But I use a second bank for ‘redundancy’ with a small percentage of my salary being deposited each fortnight and a credit card just in case my primary banking option is compromised (me, as much as them)

Any insights greatly appreciated

For ease of doing business and great banking App's I like Suncorp, mind you, with the sale to ANZ who knows what will happen.

 

[Ansett Nostalgic]

I'm surprised that no one mentioned Suncorp. Yes, the business is now sold to ANZ, but they are still run by Suncorp staff, and I have used them for 20+ years, including business banking at one stage, and home loan at another stage. The staff there are upfront and good with setting expectation, so they under promise over deliver, instead of sweet talking me into something then not delivering.

I also have an high interest savings account with Australian Unity, if that's what you are looking for.

I've been using Suncorp since the late 2000s when I was first enticed by a magazine ad pointing out they had free ATM withdrawals nationwide (an initiative when they wanted to go national but of course didn't have the physical branch footprint to match). Always friendly service, seldom queues in the branch, and calls are always answered promptly by staff located in Australia who speak good English (I remember one operator looking up my profile who even knew where my street address was and said he used to live nearby, funnily enough).

Their flagship branch on Pitt St Mall also has a nice free coffee and wifi/working area too. Highly recommended. Hope ANZ don't kill the offering and the culture of good service. Their app and online banking is also very decent.