CBA MISA account

Discussion in 'Property Finance' started by Hodge, 1st Feb, 2019.

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  1. Hodge

    Hodge Well-Known Member

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    Just received a letter from CBA advising that they will no longer have the MISA (offset account) available from the 16th of March. Does anyone know if this is for new customers only?


    "on and from 16th March 2019, MISA is no longer available for sale, or able to be activated, for any loan. If a MISA has a nil balance on or after the 16th March 2019, it cannot be reactivated"

    My understanding is that existing customers can continue to use the MISA account. Can anyone confirm?
     
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  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    They replaced the MISA account with a proper offset account years (and years and years) ago. I'm surprised it took them this long. The MISA account has always been barely functional.

    Ask them to link an existing streamline account or to set up a new one and link it as your offset.
     
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  3. qak

    qak Well-Known Member

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    Looks like it. We have a MISA as well, I think CBA have a different offset now which you can add to home loans (maybe multiple offsets?). I'm not sure what the difference is so have been reluctant to change it over.

    edit - cross posted with Peter above.
     
  4. Hodge

    Hodge Well-Known Member

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    Thank you Peter and Qak. so they still have an offset account but different name. Their isn't much wrong with the current MISA account, not sure why they would change it.
     
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  5. qak

    qak Well-Known Member

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    Apart from the limited transactional capability of the MISA (which doesn't bother us as it's a full offset situation) what is the difference between the MISA and the newer offset accounts?

    I just need to check if there's ANY reason I should stick with the MISA?
     
  6. JasonC

    JasonC Well-Known Member

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    If memory serves, the MISA has(/had) the same account number as the loan with a different BSB. The Everyday Offset accounts have completely different account numbers (and you can have multiple offsetting against the same loan). Not significant.

    When I set mine up there was a fee to set up a Everyday Offset Arrangement (which would allow multiple offset accounts against 1 loan) - I did a quick search and couldn't find any details of what the current fees are.

    Regards,

    Jason
     
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  7. Hodge

    Hodge Well-Known Member

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    Hi JasonC,

    I believe that is correct. Looks like i'll need to make a call to CBA and setup new offset account. I'm happy with the current MISA, they should at least give existing customers an option to keep using it.
     
  8. craigc

    craigc Well-Known Member

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    Thanks Peter, was concerned when I received the same information last night about removing MISA offset. Glad to know PC has the answers already to my concerns (as I trusted).
    Normal account so not affected.
    Cheers