Best bank in Australia? Online features are key.

November 3, 2007 4:01 AM

Best bank in Australia? Online features are key.

I use ANZ and am considering ditching them. They have good online banking features, well, as far as I know. Is there a bank with something better? I also have an account with a credit union, CUA. Their web stuff is comparatively clumsy.
Other features would be a reasonable branch network in NSW to deposit the odd cheque, or when I have to pick up a new card.
I currently have mortgage, credit card and a fancy "package" of services with ANZ costing $300 a year so I am willing to pay fees for the best service.

posted by bystander to work & money (15 comments total)

I'm with Commonwealth, and do all my banking online except cash and cheque handling - they've recently revamped their website so that it's pretty easy to do everything. They include a great online bills interface for companies with BPay, and they have compulsory two-phase security, sending a one-time password to your mobile phone for certain levels of transactions (eg; transferring money to a third party you haven't used before).
I also have a westpac account which doesn't seem to offer the same range of features/ease of use online, but I don't use it much so am not very familiar with it.
posted by jacalata at 4:20 AM on November 3, 2007

Well, I just went to look at the westpac system, and it's changed a little. They seem to offer pretty much everything Commonwealth does, as well as a 'pay the ATO' option and a cool looking ability to see your other account details and balances from any institution, other banks or whatever. However it seems less 'online', several functions (such as setting up a new Periodic Payment) can only be used during business hours, and to raise my current $0 default limit for paying third parties I'll have to wait to receive a code in the mail (one off activation because I've never used it, but in normal use payments to any new third party will be delayed up to two business days for some reason).

I should also mention that I only have normal savings accounts and a credit card, and I'm a student so don't pay any fees at either bank.
posted by jacalata at 4:40 AM on November 3, 2007

i use both ANZ and Westpac online, and there really isn't any major difference between the two.

I probably marginally prefer ANZ's system, as jacalata mentions, Westpac have changed their interface a little bit and complicated it somewhat in the process.. you don't log into a functioning page.. you get a summary of your account balances and then click on the 'banking' tab to do whatever you need to do (pay bills, transfer money, whatever). Something you can do straight away with ANZ. Its only a minor quibble I guess, but something to consider.

Though I haven't used Commonwealth's system I can't imagine it would be a whole lot different either. If it boils down to just issues with ANZ's internet banking are you sure you really want to put up with the hassle of changing?
posted by TheOtherGuy at 5:57 AM on November 3, 2007

I also use Commonwealth. Its online features are comparable with my bank back in the US, and the few times that I've had issues I've found the support personnel to actually be helpful. As jacalata says, they've made their web services much snazzier in the last week. To sum up: I use Commonwealth, and I can at least vouch for the fact that -- online -- they don't completely suck.
posted by barnacles at 7:10 AM on November 3, 2007

I use HSBC and Citibank.

HSBC's online features are adequate. Security is great, they have a hardware dongle producing one-time passwords, but it's not really great to use (much as I griped about Deutsche Bank, their system is much more pleasant to use).

Citibank is crap. It makes you type passwords on an online screen, which I guess could come in handy if I were to use the website from a webcafe, but for Pete's sake, give me the option to choose for myself!). I also don't like the sparse interface for transfers and such.

Citibank is great, though, for transfering money to yourself from one country to another, as long as both accounts are Citibank accounts. They charge me one euro per transfer (never mind the amount) for transfering money from Spain to Australia, but check with them first.

As a consequence, I have two accounts. One to transfer money to myself (CitibanK), and another one where I do my daily banking (HSBC).
posted by kandinski at 7:38 AM on November 3, 2007

I also don't have anything to compare it too, but Commonwealth has always treated me well and their online stuff is pretty straight forward.
posted by twirlypen at 4:55 PM on November 3, 2007

I also really liked the Commonwealth interface, although then again I was only using it for simple transfers. But there was great security. (And like jacalata, I'm a student and don't pay fees).

I recently shifted to Westpac, but only because Commonwealth don't offer a Debit card, only credit, and the interface is quite annoying. I really don't like how the online statement doesn't give you a progressive balance of how your balance changed with each transaction - it just lists them. The keyboard that you have to "type" your password in with is a pain as well.
posted by cholly at 5:24 PM on November 3, 2007

Oh, and everytime I've needed to phone Commonwealth there is almost no wait to be served. And there are Commonwealth branches everywhere.
posted by cholly at 5:27 PM on November 3, 2007

I do all my personal banking (transaction accounts, loan, credit card)with the NAB and have my business banking with Westpac.

Wetspac allows you easier access to older info - I think you can access the last 7 years of statements online, which is very handy. The NAB only allows you access a maximum of the last 100 days transactions online.

Other than that, I much prefer the NAB interface. It's cleaner and much easier to navigate. I find the Westpac login very clunky. I have a particular dislike for having to click on the onscreen keyboard to enter my password. The first time I used it I was in the middle of a multiple sclerosis exacerbation and it literally took me over half an hour and immense frustration to get my user ID & password entered correctly (I had difficulty entering the same password twice by clicking on the stupid little squares). I still don't like logging in to it, and it frequently logs me out so I have to log in multiple times in a session.

Westpac charge $2.50 for periodic transactions, which I refuse to pay. NAB does not charge for periodic payments. I do a lot of my business transactions via my NAB credit card & personal account, because I think the Westpac fees are excessive.

Now I think about it, Westpac have made me appreciate how much nicer it is to do online banking with the NAB. Thanks, Westpac!
posted by goshling at 6:54 PM on November 3, 2007

I'd recommend Suncorp, who I changed over to nearly 2 years ago from the Commonwealth. I mostly do personal banking with it.

I opened an account with them when I realised I could open up one account and have up to 3 sub-accounts linked to it. The only one that could be accessed via ATM was the main account, and the sub-accounts are only accessed via internet banking. I set them up for savings accounts and direct debits. The fact that all of these regular savings accounts get nearly 6% interest on them is fantastic, and I have yet to pay an account keeping fee.

As to whether Suncorp has many branches in NSW, I have no idea - they're a Queensland-based bank.

I can also vouch for St George's current internet banking interface, much improved from its previous incarnation.
posted by chronic sublime at 4:37 AM on November 4, 2007

I'm with St George and their online banking is great- easy to use, secure, and you can do just about anything you could do in a branch. If only they had more ATMs or free non-StG ATM transactions, they'd be the perfect bank as far as I'm concerned.
posted by indienial at 5:01 PM on November 4, 2007

I left Suncorp for IMB and haven't looked back. Despite a $220,000 mortgage paid well in advance and several personal loans also paid off well in advance, and despite having had an account there for over fifteen years (forst job at hungry Jacks!) they insisted on charging me $150 to apply for a car loan - the same they'd charge for Joe Schmuck who just walked in off the street, who had no records and no previous dealings with the bank. "Waive it or I walk" I said. "Not waiving it I said." "Fine" I said. "Can we convince you to change your mind?" they said when I walked in a few days later to close my accounts. "Fuck off" I said.

I've got a Professional mortgage with IMB (line of credit, no application fees, no annual fees - it was $300 a year for the same thing at Suncrap). Throw in a Visa Debit card and I'm fee free. Net banking is fine. No queues at branches.
posted by obiwanwasabi at 10:56 PM on November 4, 2007

dont use commonwealth unless you really really want to use comsec. they are an evil corporation, i had so much trouble.
i use st george because of the flexibility of online reports such as 12 months of banking, and i can put all my home loan stuff in the same place.
i use NAB for share trading, and it is ok but not cheapest.
but if u have specific mortgage needs, go through a mortgage broker that u know (if u r in melb i can recommend one i have used twice).
posted by edtut at 3:10 AM on November 5, 2007

Commonwealth Woolworths Ezy Banking account.

Deposit money at 8.55 PM!! ? - Why yes, don't mind if I do.
On a Sunday? - Neat-o!
Only wait in an ever dwindling line at the cigarette counter (if at all) - :) !!! (fuck bank lines)

Do not loose your keycard as you have no 'branch' to withdraw from... (The Commonweath branches will help but you will 'pay' through MUCH jerking about! This was before I was on the net though so these days I could possibly avoid that!)

But I have found them really (REALLY) great responding to my every predicament and queary so if they had a branch and I felt the need - I would go there.
posted by mu~ha~ha~ha~har at 2:10 PM on November 9, 2007

I use Westpac beause I am with their private banking. This is an amazing service although quite tough to get into.
posted by moehorn at 7:42 PM on October 18, 2008