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This is even better for consumers and even worse for banks - no monthly account fees and automatically adjusting interest rates once the money is sent to ASIC.
by Maxious 13y ago
This is even better for consumers and even worse for banks - no monthly account fees and automatically adjusting interest rates once the money is sent to ASIC.
Reactivating the account and getting your money back isn't hard either - you just find the unique identifier online https://www.moneysmart.gov.au/tools-and-resources/find-unclaimed-money#claim https://www.moneysmart.gov.au/tools-and-resources/find-uncla... and take it to the bank.
- incompatible 13y agoIf you shop around a little, you'll find banks in Australia that don't charge account fees. And I'm not convinced that ASIC will pay decent interest rates, since the government cash rate is lower than typical bank rates for deposits (again if you shop around a little).
- jacques_chester 13y agoI have a personal account with a credit union that is fee-free. It's not that difficult to arrange. Here's my complete, step-by-step guide to getting cheap basic banking services: 1. Avoid the Big 4 Banks.