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Which bank to choose - top four or other?

Which bank do your use/prefer in Australia?

  • Commonwealth Bank (CBA)

    Votes: 5 41.7%
  • ANZ

    Votes: 3 25.0%
  • National Australia Bank (NAB)

    Votes: 5 41.7%
  • Westpac

    Votes: 0 0.0%
  • Citi

    Votes: 1 8.3%
  • Bankwest

    Votes: 0 0.0%
  • Suncorp

    Votes: 0 0.0%
  • ING

    Votes: 0 0.0%
  • St George

    Votes: 1 8.3%
  • Other

    Votes: 0 0.0%

  • Total voters
    12

MysticRiver

Administrator
Staff member
Messages
12,839
Points
113
#1
Choosing your bank is not always straight forward, most of the time we end up choosing randomly or based on popular perception without digging into details and mapping which would suit me the most. Hence, let's start discussing here about pros and cons about different banks in Australia.

I'll start with CBA. I think fees and foreign exchange rates of CBA is just insane and awful. However, the large number of ATMs and branches along with a swift customer support and a nice mobile App go in their favor. Recently, I am pretty much excited that CBA started supporting Apple Pay which would save me carrying my card all the time. At this point, only ANZ and CBA (along with subsidiary BankWest) support Apple Pay.

Let's see what other thinks, I am open to switch!
 

PK-Adelaide

Collaborator
Entitled Member
Messages
254
Points
28
Intent
Australia
Assess.
Nov 7, 2018
EOI
Jan 7, 2019
Point
65
Subclass
190(SA)
Skill
233914
Invited
Jan 21, 2019
Lodged
Jan 23, 2019
PC
Jan 29, 2019
HC
Feb 1, 2019
#2
Let's see what other thinks,
I chose NAB because they are giving a no obligation free account which can be opened online before travelling to Australia.

CBA asked me to pay $50 during verification on arrival. So I happily closed the account through phone call before any verification :).

Until today (more than a year) NAB serves good for us, with a good mobile app, easy to transfer funds between savings account (which gives more interest) and transaction account. Had 3-4 visits to the bank for various requirements and the experience were great.

Yesterday I took a car loan from St. George, they were flexible to reduce the interest rate (from 7% to 4.8%) only to match my maximum eligible monthly repayment and to make sure that the contract is signed..!

it's difficult to vote here, as I don't have experience with other banks.

CREDIT UNION SA: btw, most employees ( aged above 45) in my company have their account in Credit Union SA and they are with this bank for more than 20-25 years. These guys never like the big 4. :p
 

MysticRiver

Administrator
Staff member
Messages
12,839
Points
113
#3
CBA asked me to pay $50 during verification on arrival. So I happily closed the account through phone call before any verification
:D. CBA is the worst when it comes to charging extra fees!

These guys never like the big 4.
I guess a big portion of population hates big 4, and that percentage is increasing I guess :).
 

PK-Adelaide

Collaborator
Entitled Member
Messages
254
Points
28
Intent
Australia
Assess.
Nov 7, 2018
EOI
Jan 7, 2019
Point
65
Subclass
190(SA)
Skill
233914
Invited
Jan 21, 2019
Lodged
Jan 23, 2019
PC
Jan 29, 2019
HC
Feb 1, 2019
#5
And.. the banking royal commission's report is out which may change the current situation :) :)
 
Messages
282
Points
28
Intent
Australia
Assess.
Dec 21, 2017
EOI
Aug 27, 2018
Point
70
Subclass
190 (QLD)
Skill
233311
Invited
Oct 25, 2018
Lodged
Nov 10, 2018
PC
Nov 10, 2018
HC
Jan 5, 2019
Grant
Feb 25, 2019
IED
Oct 30, 2019
#6
which banks are offering "Opening of Bank account before arrival to AU"?
 
Messages
282
Points
28
Intent
Australia
Assess.
Dec 21, 2017
EOI
Aug 27, 2018
Point
70
Subclass
190 (QLD)
Skill
233311
Invited
Oct 25, 2018
Lodged
Nov 10, 2018
PC
Nov 10, 2018
HC
Jan 5, 2019
Grant
Feb 25, 2019
IED
Oct 30, 2019
#8
Choosing your bank is not always straight forward, most of the time we end up choosing randomly or based on popular perception without digging into details and mapping which would suit me the most. Hence, let's start discussing here about pros and cons about different banks in Australia.

I'll start with CBA. I think fees and foreign exchange rates of CBA is just insane and awful. However, the large number of ATMs and branches along with a swift customer support and a nice mobile App go in their favor. Recently, I am pretty much excited that CBA started supporting Apple Pay which would save me carrying my card all the time. At this point, only ANZ and CBA (along with subsidiary BankWest) support Apple Pay.

Let's see what other thinks, I am open to switch!
I have applied online (offshore) for an account in NAB on 27 Feb 19. received the confirmation message that we have received your application and will return back within 3 working days, however still no news.

Is it normal? are they taking long in opening an account.
 

MysticRiver

Administrator
Staff member
Messages
12,839
Points
113
#9
I do not have experience with offshore account opening, but it's almost 2 weeks and it seems abnormal. You can try to contact them and ask for an update.
 

PK-Adelaide

Collaborator
Entitled Member
Messages
254
Points
28
Intent
Australia
Assess.
Nov 7, 2018
EOI
Jan 7, 2019
Point
65
Subclass
190(SA)
Skill
233914
Invited
Jan 21, 2019
Lodged
Jan 23, 2019
PC
Jan 29, 2019
HC
Feb 1, 2019
#10
I have applied online (offshore) for an account in NAB on 27 Feb 19. received the confirmation message that we have received your application and will return back within 3 working days, however still no news.

Is it normal? are they taking long in opening an account.
I applied online account on 08/11/17
Received welcome letter on 13/11/17
Received internet banking details on 15/11/17.

I selected a baranch in Melbourne as my verification point.

On reaching Melbourne, i went to bank(Docklands, VIC) with my cousin ( i gave his address as local address) and verified my identity. Thry gave me welcome docket and Debit card.
I also collected a statement from the bank, and given it to Vodafone as a proof of my address in Oz.
 
Messages
282
Points
28
Intent
Australia
Assess.
Dec 21, 2017
EOI
Aug 27, 2018
Point
70
Subclass
190 (QLD)
Skill
233311
Invited
Oct 25, 2018
Lodged
Nov 10, 2018
PC
Nov 10, 2018
HC
Jan 5, 2019
Grant
Feb 25, 2019
IED
Oct 30, 2019
#11
I applied online account on 08/11/17
Received welcome letter on 13/11/17
Received internet banking details on 15/11/17.

I selected a baranch in Melbourne as my verification point.

On reaching Melbourne, i went to bank(Docklands, VIC) with my cousin ( i gave his address as local address) and verified my identity. Thry gave me welcome docket and Debit card.
I also collected a statement from the bank, and given it to Vodafone as a proof of my address in Oz.
Thanks.
today morning I received the welcome letter and an apology email for delayed response.
 
Messages
257
Points
28
Intent
Australia
Assess.
Jun 17, 2018
EOI
Sep 25, 2018
Point
70
Subclass
489/TAS
Skill
233914
Invited
Jan 25, 2019
Lodged
Feb 22, 2019
PC
Feb 3, 2019
HC
Mar 14, 2019
#12
out of curiosity, Just wanted to ask that in Australian Banks do we need to maintain any minimum balance??
I mean if there are few dollars in the account do they penalize it??
Also Do bank charge us monthly for keeping our money??
Do banks give any interest if we keep our money in saving account??
 

PK-Adelaide

Collaborator
Entitled Member
Messages
254
Points
28
Intent
Australia
Assess.
Nov 7, 2018
EOI
Jan 7, 2019
Point
65
Subclass
190(SA)
Skill
233914
Invited
Jan 21, 2019
Lodged
Jan 23, 2019
PC
Jan 29, 2019
HC
Feb 1, 2019
#13
out of curiosity, Just wanted to ask that in Australian Banks do we need to maintain any minimum balance??
I mean if there are few dollars in the account do they penalize it??
Also Do bank charge us monthly for keeping our money??
Do banks give any interest if we keep our money in saving account??
There is no mininum balance to be maintained, i think. It may also be based on the type of account.

Banks generally don't charge any for maintaining the account.

Your savings account will give you an interest around 1-1.5%.
 
Messages
257
Points
28
Intent
Australia
Assess.
Jun 17, 2018
EOI
Sep 25, 2018
Point
70
Subclass
489/TAS
Skill
233914
Invited
Jan 25, 2019
Lodged
Feb 22, 2019
PC
Feb 3, 2019
HC
Mar 14, 2019
#14
There is no mininum balance to be maintained, i think. It may also be based on the type of account.

Banks generally don't charge any for maintaining the account.

Your savings account will give you an interest around 1-1.5%.
Thank you... good information
 

MysticRiver

Administrator
Staff member
Messages
12,839
Points
113
#15
out of curiosity, Just wanted to ask that in Australian Banks do we need to maintain any minimum balance??
I mean if there are few dollars in the account do they penalize it??
No

Also Do bank charge us monthly for keeping our money??
In most of the banks, yes for current/checking account, no for savings account.
 
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