Best Bank Account to Hold Cash, Everyday Banking, Future Investing & Super?

Discussion in 'Superannuation, SMSF & Personal Insurance' started by pjames, 17th May, 2017.

Join Australia's most dynamic and respected property investment community
  1. pjames

    pjames Well-Known Member

    Joined:
    30th Jan, 2017
    Posts:
    127
    Location:
    NSW
    Hello, what would be a good bank and account to use for my situation after selling my property recently?

    I plan to study at Tafe in Sydney as an older student and use most of the money in the future to buy another home but for now I would like to have it in a high interest account and keep it safe. I might not even bother to buy a home for 6 months or more as I might be too busy studying.
    • I'm thinking of Commbank or NAB but I'm open to all options even smaller banks like Bendigo who I used some years ago and they were quite good, I definitely do not want to use ANZ.

    • I want a debit card to use with the same bank for everyday use and online transactions.

    • I would like the bank to have a good online banking interface.

    • I prefer a high interest account so I don't mind putting a large part of it in a term deposit.

    • I also want to use this bank for future property investing.

    • I also want to find a new bank for my super that offers high risk, high interest so maybe I could use them for this too
    Any ideas, feedback, recommendations would be much appreciated, thanks in advance.
     
  2. pjames

    pjames Well-Known Member

    Joined:
    30th Jan, 2017
    Posts:
    127
    Location:
    NSW
    ah no replies that is disappointing, maybe I asked too many questions?

    Does anyone know then if there is a comparison website I can compare term accounts, banks, fees etc?
     
  3. DaveyB

    DaveyB Well-Known Member

    Joined:
    16th Nov, 2015
    Posts:
    91
    Location:
    Adel
    Type 'bank comparison' in to Google.
     
  4. mikey7

    mikey7 Well-Known Member

    Joined:
    30th Mar, 2016
    Posts:
    1,159
    Location:
    Sydney, Brisbane
    Perhaps ING is a consideration?

    ING DIRECT - Everyday Banking and Savings

    3% interest rate if you deposit $1k/month.
    You get a linked account that you can get a debit card attached to.
    It has a maximum of $100,000 though.
    No fees.
    Free ATM withdrawals

    Or perhaps ME bank?

    3.05% interest rate - you're required to make 1x tap n go payment per month using their transaction debit card
    It has a maximum of $250,000.
    No fees, no regular deposit.
    Free ATM withdrawals

    Just 2 of many many options..
     
    pjames and Colin Rice like this.
  5. Colin Rice

    Colin Rice Mortgage Broker Business Member

    Joined:
    8th Feb, 2014
    Posts:
    2,129
    Location:
    Perth
    I used ING a few years back when I sold a PPOR. Was flexible and easy to use.
     
    pjames likes this.
  6. dabbler

    dabbler Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    7,146
    Location:
    Sid en e - olympic city
    I do not like giving large banks my money so they can charge me for related things, so go a credit union, or small banks, or at least fee free with no conditions or costs to use my money.
     
    pjames likes this.
  7. pjames

    pjames Well-Known Member

    Joined:
    30th Jan, 2017
    Posts:
    127
    Location:
    NSW
    I appreciate the ideas so far, thanks a lot. ING and ME bank sounds good. Although my income might be limited at the start as i study but I will work as well once find a job when I move to Sydney and have an online business in development.
     
  8. Redwood

    Redwood Well-Known Member Business Member

    Joined:
    9th Nov, 2013
    Posts:
    665
    Location:
    Melbourne
    pjames and Gonx like this.
  9. PandS

    PandS Well-Known Member

    Joined:
    14th Feb, 2017
    Posts:
    1,159
    Location:
    NSW
    If you want a cool way to get no fee account, open up a Commsec trading account
    use the commsec banking account as your every banking debit, they dont have
    any fee whatsoever and give you a free debit card.

    There no need for you to buy any shares, opening an account is also free and you get awesome commbank online facility

    They make money through your trade commission that why they dont charge anything on these accounts but there is no requirement for you to buy or sell shares.
     
    pjames and Gonx like this.
  10. jins13

    jins13 Well-Known Member

    Joined:
    19th Jun, 2015
    Posts:
    1,954
    Location:
    Sydney
    l second ING direct. Recently opened up an account and so far so good.
     
    pjames likes this.
  11. pjames

    pjames Well-Known Member

    Joined:
    30th Jan, 2017
    Posts:
    127
    Location:
    NSW
    TICK
    TICK ( I want to start investing in shares too so this might be a good place to start)

    thanks,opened both these accounts and they do look good from my research

    Now I just need to find a high risk, aggressive super account with low fees that I can see some dramatic results in 10 years.

    What would you use for super if you wanted to get maximum profits in 10 years for a quite low amount to start but expected to increase a fair bit with contributions over the coming years?
     
  12. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    15,146
    Location:
    Sydney
    Banking + super ? Mutually exclsuive IMO.
    Name a bank that is a superannuation fund. Not a single one !!
     
  13. Paul@PFI

    [email protected] Tax Accounting + SMSF Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    15,146
    Location:
    Sydney
    What is a high interest savings account these days ??
    IMO the OP would be better off with a good broker than a good bank...Future loan is the main game
     
    mikey7 likes this.
  14. PandS

    PandS Well-Known Member

    Joined:
    14th Feb, 2017
    Posts:
    1,159
    Location:
    NSW
    No simple answer, each person has different outlook, risk/reward and capital management
    high risk and agressive doesnt neccessary deliver you the high return, it may do the opposite and you lose a lot of money.

    all come down to your management of risk and how you invest your capital.

    I am invest in smaller end of the market, small and micap and that can classied as high risk
    but I have very strict rules and discipline in place how I deploy my capital and how I minimise loss, to date the return has been very good for the last 10 years, and I intend to keep on doing it and applied the same discipline I put in place weather I have 10K or 10mil