Which Bank?

[insider]

calculated daily and PAID MONTHLY

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[Smurf1976]

Well they have no problem paying me interest and they have also recently changed their rules in regards to the interest accounts.... I closed my ING ones down as a result. CBA was paying just as much (at one stage more) and I could access the money instantly, unlike ING.

I now have a Commonwealth account that pays 6% as well as the ING account and also another account (6.8%) with BankWest. (Note that my original post was in 2005). To the extent that I have cash, I like to spread it around a bit. I don't have any real reason to doubt the safety of the major banks, but just in case...

 

[trading_rookie]

I strongly recommend ING for their saving maximizer accounts... I don't have one myself however if you want to basically have no bank fees and have compounded interest just open a Direct investment account at Commonwealth bank (you don't pay the $5 monthly fee) and open a savings maximser together because you need an existing bank account... and dump your money there... sweet

Some questions re: ING

1. Can you withdraw the same day?
2. Is there a limit to how many withdraws you can make in a month?
3. Location - can't find any info on bank branches, do they have these or is net banking the only option.
4. Accessibility - ATM's, I'm assuming they don't have these so which one's can be used and what is the fee to use them? Is there a limit to how many times I can use an ATM in a month?
5. Any penalty fees for closing an account?

If the housing interest rates were at 15%, would it be realistic to assume that interest rates the banks were offering on savings accounts would be around the 12-13% pa.

 

[The Y-man]

Some questions re: ING

1. Can you withdraw the same day?
2. Is there a limit to how many withdraws you can make in a month?
3. Location - can't find any info on bank branches, do they have these or is net banking the only option.
4. Accessibility - ATM's, I'm assuming they don't have these so which one's can be used and what is the fee to use them? Is there a limit to how many times I can use an ATM in a month?
5. Any penalty fees for closing an account?

If the housing interest rates were at 15%, would it be realistic to assume that interest rates the banks were offering on savings accounts would be around the 12-13% pa.

They have no branches - purely internet.

See:http://www.ingdirect.com.au/personal/savings_max.htm

Cheers,

The Y-man

 

[trading_rookie]

Cheers Y-man.

Not a fan of internet banking, so I'll stick with CBA. Pity CBA is compounded quarterly and not monthly like ING though...