A reason to get another bank account

So, regular readers, remember how I tried to cataloged my bank accounts, and then thought about how to minimise and streamline them?  I closed some accounts and withdrew one bank completely from my tally – I was no longer actively using their online savings accounts.

Love and money
Love and money

Well, the other day, the BF and I went to *another* bank to sign up for a joint account.  That’s right, we went to the bank that ‘can’ – Commonwealth Bank.  This isn’t in my suite of banks, although it seems they have my details on file from uni days when I set up an account for a uni club, so that made things quicker (maybe!?)

Let’s just say this – my ‘home’ bank, the ANZ, offered me (over the phone) an online savings account which has a EFTPOS banking card attached.  And an interest rate worth looking at (it won’t make me millions, but it will be a small token amount each month).  And there were no fees.

The Commonwealth Bank doesn’t really have a cross platform account (ie, both card access and a competitive online interest structure).  And, they will waive fees if you have more than $2000 through your account in a month.  Which is kind of them, but I don’t like that it’s a conditional fee free account.  Oh and the interest makes it not worth mentioning – as in, I’m not sure the tax office will notice or care if I don’t report the 1c I earn per annum.

Commonwealth Bank Can campagin
source: blog.commbank.com.au

I suppose I found Australia’s biggest bank, the Commonwealth Bank, to not meet the standards I set for it.  I wasn’t comparing them to a rouge new player, fooling around in the market.  I was comparing apples to apples.  And challenging what was on offer didn’t get me any further.  All they wanted is to sign all of my business over to them – the mortgage particularly.  AND, cheekily, both the BF and I got letters printed for us, to take to our payroll should we want them to directly deposit into this ‘new’ joint account.  Ah hmm, no?! Did we mention it was shared (therefore, in my opinion, not necessarily where ALL our money might be).  Anyhow, I found that to be savy, but silly.  And a waste of paper.

So why did we choose to get a joint account?

  1. To pay the rent from: I get paid weekly, and would like to move money for the rent, at the same frequency.  However, the rent is a fortnightly expense, and it makes sense to pay it with the regularity expected, lest everyone gets confuse.
  2. To pay household bills from: if we’re both topping up the account the same, it’s easy to just pay any household bill from the one place.  So that’d be lights, internet… what else is there?  Water and strata (building) fees are the landlord’s responsibility, and there’s no gas
  3. To pay for groceries: to save paying each other back, or keeping a tally, this was I can do the bulk of grocery shopping (seeing I get home a nice 2hrs+ before the BF) without feeling I’m out of pocket.

Let’s see how ‘sharing’ my money goes!

Other posts on joint finances:

Evolving Personal finance on gifts being an excuse not to have a joint account

Girl Meets Debt about not sharing accounts even when engaged and buying a house

Cash Cow Couple’s guest poster, Pretired Nick weighed in with Money and relationships

19 Replies to “A reason to get another bank account”

  1. It sounds like ANZ was a much better deal, so why did you choose Commonwealth? Is the BF with them or something?

    I am with Commonwealth, and have been since I started school with a Dollarmite account. I currently don't pay any fees because I'm a student, but I agree that they are pushy. Every time I go in they ask me a whole lot of questions about my credit card debt and insurance and try and get me to switch all my banking over to them. I think next year I will look for a new bank.

    1. The Commonwealth was close to the BF's office, and yes, he is with them. I also hoped they'd take a heckling and come to the table!

      Anyhow, I'm sure now that it's set, we'll have minimal interactions with them – using it mainly online for all our expenses.

  2. We have accounts with CBA and have had no major issues with them other than trying to get fees removed. I actually have found that many of the smaller banks are far more interested in your business and will normally work a bit harder for your money – banks like BOQ or Suncorp / Bendigo. I have also heard great things about ING online.

    1. Yeah we should have taken the time to go 'further' afield to the smaller banks,but alas, they weren't local and convenient… Laziness got me in the butt!

  3. We are with ANZ, because they wanted to give us a mortgage! I am a little concerned about their ethical banking rating, but in the next couple of years we will pay off our mortgage, and maybe move our money somewhere else. I must say they have always been easier to deal with than the CBA where we previously banked until the late 90s. Convenience – such a big factor though. It is so great to be able to walk to all the regular places you need to go!

    1. That's the thing – easy access makes a difference! My father worked for anz for years, he always thought Westpac were unscrupulous – having now worked for the other big three in a way. I need to learn more about this ethical banking rating.

      I didn't realise you were so close to mortgage freedom – that's incredible!

  4. For an everyday bills account, with money going in and out all the time and not accruing much, I would say the only important things are to avoid fees and bad service…otherwise, convenience really is important!

    1. You're right – it is unlikely to be bringing in huge interest! And there's ATMs for them everywhere, so that's great, as well as a "paypass" set up which is nice and fast (you just touch the card to the terminal, rather than swiping and putting in a pin)

  5. It sounds like a very well-organised banking structure as you go forward together! And now that it's done, you won't have to deal with them again for a while!

  6. It looks like I'll soon be in the market for a new bank because mine is doing something similar to what you mentioned – I'll have to have a minimum amount in the account at all times to avoid a monthly fee. Ugh.

    I hope the joint checking makes the finances easier for you despite being an extra account to watch after. 🙂

    1. I don't actually mind having things in different places, keeps everything simple (to me). It's a shame they set minimum amounts, thankfully our rent will easily make have the minimum throughput they're looking for… but still, it's cheeky!

  7. My boyfriend and I have been contemplating getting a joint account for groceries and rent. I never got checks with my checking account (they're expensive), and he prefers to pay the rent by check, so I've been transferring money into his account. I never make it to the bank in time for a teller to be there and give me cash! It is getting a little annoying going back and forth with the groceries, too. We're just not sure which bank to go with.

    1. It does mean we both need to transfer money into the shares account, but it seems tidier like that. You can't get money from the bank without a teller?! Yeah we're definitely not in the habit of paying each other back and forth, so I think this makes sense for us

      1. I can get up to a certain amount from the ATM, but I doubt it would be enough to cover my half of the rent! It's inconvenient, but that's what I get for not having checks.

        1. Wow, I think I can get upwards of $2000 in cash or with electronic payments in a DAY with my account! I probably had to set it up at some stage (when I used to pay rent per semester!) but it is good. Cheques are so uncommon here!

  8. Oie, I remember doing this several years ago.

    I have 3 accounts. One is the emergency fun, the other is an oops account. Well, the oops account is web based and I just word they are closing their doors. That really kind of sucks. So, we're looking at what to do next.

    Such a pain. I haven't see the inside of our bank in ages….

    1. Yeah I don't like the inside of banks much either! Though I did need to go there to get a bank cheque about 18 months ago, gosh such a frustrating experience!! I hope you find something that works for you!

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.