How to pick the right bank account

Get yourself the right bank account and save hundreds of dollars a year.
 
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  • Updated:4 Jan 2006
 

02.Packaged account deals

Packaged account deals are those where for one monthly fee you get a transaction account and multiple savings accounts. The savings accounts usually offer higher interest rates and the accounts usually come on one statement.

Accounts that we looked at (see Our analysis):

  • Suncorp Everyday Options for $5 a month provides unlimited Suncorp transactions and three sub accounts linked to the main account. The sub accounts offer good interest (currently 5.4% in Queensland; 5.55% in other states), and for an additional $75 a year, the sub accounts can be used as a 100% mortgage offset.
  • Westpac One for $5 a month offers free Westpac transactions and two attached accounts paying a ‘bonus’ interest rate. Similarly, for $15 a month, the Westpac One Premium, allows up to six accounts with bonus interest. The bonus interest is 4% and requires you to make at least one deposit and no withdrawals in a month to earn the ‘bonus’ rate. Westpac One Premium also pays you a tiered interest rate on top of the bonus rate; ranging from 0.25% for $5000, to 1.0% for $100,000.
  • Bank of Queensland Reverse Charges for $4 a month allows unlimited Bank of Queensland withdrawals. If you maintain a $2000 minimum monthly balance, the monthly account fee is waived and the account pays you a $2 monthly bonus.

While the deals aren't bad, you can generally get a fee free savings account with your own institution. Alternatively, online or other, high-yield accounts, such as ING Savings Maximiser, or the BankWest TeleNet Saver are fee free, and offer good rates of interest. Check your transaction account details to see if transfers to another financial institution will cost you in fees.

 

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