CommSec Bank Accounts

[lcl999]

I use CommSec and it settles through my CDIA (Commonwealth Direct Investment Account)

I see that CommSec now offers two accounts in its own name, (even though it is owned by the Commonwealth Bank.) They are called CommSec Investment Account and CommSec Cash Account. It seems you trade with the first, and get 7.5% interest in the second, provided you can be bothered to shuttle the cash back and forth.

Do I have the story right? Should I move from my CDIA to these CommSec accountss? Any comments?

LCL

 

[tradingforwealth]

I know for a fact you still get interest paid to you in the CDIA account,


I have a CDIA acc and a CMCA acc and believe they pay the same interest (which now is prob 7.5% - used to be 5%), but just go to the bank to make sure at the info desk.

 

[mike85]

yeah, saw that last night.. looks pretty good.
im with bankwest at the moment and seriously considering the swap...
7.5% is pretty decent considering my fixed term is getting 8% and i cant add to it...

 

[Nyden]

I've just signed up for it - looks fantastic. Heck, one wouldn't even need to use this account for trading; it's good enough for an every day account!

The lack of fees is what got my interest; as I'm currently paying fees for my debit card ... on 2 accounts actually.

 

[Hyperion]

Hmm, it seems to me the new commsec cash account is the same as the old CDIA account except:

1. interest rate is lower
2. unable to write cheques
3. non-instantaneous transfer to other CBA accounts

And the commsec investment account is very similar to the current CBA netbank saver account...

so whats the point in changing accounts?

Hyperion

 

[Nyden]

Hmm, it seems to me the new commsec cash account is the same as the old CDIA account except:

1. interest rate is lower
2. unable to write cheques
3. non-instantaneous transfer to other CBA accounts

And the commsec investment account is very similar to the current CBA netbank saver account...

so whats the point in changing accounts?

Hyperion

.5% is better than nothing. Not to mention instaneous transfer to an account that has a free debit mastercard & no fees...

Perhaps I've just had really bad accounts in the past, but my streamline account costs me $5 a month, my bendigo debit card costs me $5 a month ... & this is free.

 

[alphaman]

I just read the brochures.

Transfer between the cash and management account is instantaneous. This is good.

The brochure says the auto transfer works for the balance over $10000 in the cash account. But it also says the "specifcation can be changed". That's really vague. But anyway, there is no minimum balance requirement for either account, so I'm guessing you can transfer manually, at whatever balance you like.

I hope they don't phase out CDIA though. I'm very fond of CDIA, it's the best single bank account ever offered by the big 4.

 

[Bomba]

I think the main 2 differences between the accounts are;

Interest in the new account is received on any balance over $1 whereas CDIA you only get interest if your account balance is over $5,000.

The other main difference is you can transfer money from the new account into your margin loan instantaneously, whereas the CDIA the money goes in overnight.

 

[Nastybit]

well I have a

• CDIA
• Streamline
• Net Bank Saver

They suit me pretty well seeing as I'm still a student at uni (I'm 18) so I get no fees and I can, as you say shuttle my money from my netbank saver to the CDIA when I need to settle transactions.

The bugger is tho, since I have all my non-needed money in my net bank saver, when I go to pay for something which was $50 and I forget that only $1 is on the card, it gets rejected which is absolutely embarrassing!

 

[lcl999]

Thanks everybody for your comments. All I need to know now is what the interst rate on my CDIA account is. Anybody know offhand?

Unless it is hugely different I think I'll stay with my CDIA for the time being.

 

[roland]

I have a CDIA and an old State Bank inherited High Performance Cash Account. Today I have applied for the new Comsec Cash Management.

Same benefits as the CDIA with share trading, but much better interest rates and the people at Comsec will help to transfer and close the CDIA account.

For the sake of filling out the form online, then downloading it, printing it and posting it off - seems silly not to do it.

You can download the comparison table here: http://images.comsec.com.au/ipo/Upl...TableCDIA842e440d23ef405f9a89990d8bb67da8.pdf

 

[stevo]

The 7.5% is a one year intro offer -I believe that it will drop back 0.5% after a year. It's still better than the CDIA because the interest is on the entire balance, not scaled like the CDIA. I beleive that CDIA is running at only 6.2% on amounts over $250,000.

Why have 2 accounts? Why not one account with the high interest, the Mastercard, no fees, a cheque book and linked to Comsec? Why do we have to have 2 accounts and have to transfer the money around? Just link the new cash management account direct to Comsec and I would be happy.

I will probably do it, but it's more to keep track of and account for. One good account is better than 2.

stevo

 

[Bomba]

I have been set up on their new system (Comsec). I now have one login and can view my;

- Margin Loan Acc
- My standard Commsec acc (no margin loan)
- plus my new cash accounts including the high interest earning acc


all under the one login.

I did not like how we need to set up 2 accounts, one for trading and the other for earning the high interest, but to transfer money b/w the two accounts is simple and is all perfomed under the one login. So my view od the new arrangements is getting better and better by the day.

 

[bvbfan]

Thanks everybody for your comments. All I need to know now is what the interst rate on my CDIA account is. Anybody know offhand?

Unless it is hugely different I think I'll stay with my CDIA for the time being.

Current Interest Rates
On balances of: Interest Rate (%p.a.)
Less than $5,000 Nil
$5,000 to $49,999.99 5.10% on whole balance
$50,000 to $249,999.99 5.55% on whole balance
$250,000 and over 6.20% on whole balance

http://www.comsec.com.au/LearningCentre/InterestRates.asp

 

[potato]

so when u sign up for this new account can u still trade while they are changing ur account?

 

[Bomba]

yes you can continue to trade. Once they set it all up, you will be given a new login. You can still use the old login you have, but to view your new bank accounts you will need to use the new login.

 

[CFD]

I can't see where they list the transaction fees.
There is no account fee, no cba atm fee and a $2- other atm fee. But what about the million and one other fees banks usually charge?

 

[osmosis]

Does one get a totally new account number with this account.

All my dividends are currently paid into my CDIA account. If I take up the new offer, does that mean I have to change all the account details for dividend payments?

 

[andybobby]

how do i send money to my new Comm cash account ? netbank ? but that would be a third party transfer?

 

[PX3T]

I think the new offering looks quite good, but it's not enough to make me change over from my current CMT because:

No cheque facility.

End of story.