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Great New Accounts from NAB - The Ultimate acount

Discussion in 'Money Management' started by bkelly999, 14th Oct, 2007.

  1. bkelly999

    bkelly999 New Member

    Joined:
    14th Oct, 2007
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    Location:
    Sydney, NSW
    Hey there all,

    Nab have released their new range of transaction accounts.

    The Gold Account is by far the best

    • No ATM fees on ANY ATM globally (anywhere in the world)
    • No Transaction fees
    • No Over the counter fees
    • Free Gold Visa Debit Card (with free travel insurance)
    • Free Cheque book
    • Free Bpay and Internet banking

    Usually $12 per month, but have your salary credited and its free.

    This combined with a Macqurie CMT is a great comination for all your transaction and cash management needs.
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Location:
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    Actually - you must deposit a minimum of $5K per month ... so if your net pay is over $5K, that's enough ... but otherwise you'll still pay the $12 per month.

    What benefit is there in a Macquarie CMT ? Or were you mentioning it for business use ? (I use one for my SMSF)
     
  3. bkelly999

    bkelly999 New Member

    Joined:
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    Location:
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    The Macuarie CMT is designed to be the hub of your perosnal banking needs. Basically you deposit your salary, rental income, divend income etc into it. It then allows for the settlement of shares, direct debits, Bpay transactions etc etc out of it. Interest is around 6% and fees are zero. A Cheque book is available and can be accessed by an AMEX Charge card (as any bank account in Australia can). You would then use the NAB account as your transaction account for ATM's and anything you wanted to pay cash (or Visa debit for)

    It takes some discipline but it works very well.

    Although the interest is slightly less than an ING account (just shy of 6%), this account is much more liquid and allows for Bpay in and Bpay out.

    It has many more options for transactions including

    • Fax instructions for Local TT's and overseas TT's
    • Bpay bill paymetns
    • Pay anyone (direct credit)
      Amex


      and so on

      Youre probably asking "why would I need this?" You may not, however lets say youre settling on a property. The funds in your ING account have to be swept to your transaction account and then you have to organise bank chq's, TT's or whatever. There is no guarantee that ING will take 24 hours to do this. They can delay "lumpy" transactions at their discression (depending on their finding too) which would sent you down the river if you left your transaction to the last minute.

      With the CMT, you fax Macquiare your instructions, and its done.

      Im a big fan of this account as I can also allow my broker and financial adviser to have access for share trading too.

      Minimum opening balance is $5k, they want you to keep a minimun of $5k in it but there is no penalty if you dont.

      No I dont work for Macquarie, I just think that everyone should be better at managing their money and this is an excellent product to enable that.

      Check out

      http://personal.macquarie.com.au/personal/products/cash/cmts/cmt/cmt_detail.htm

      Let me know if you want any more information

      All the best
     
  4. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Location:
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    Personally, I use a NAB iSaver account for my high interest savings (currently 6.3%), since I bank with NAB anyway.

    The fact that deposits and withdrawals are instantaneous between your iSaver and your NAB bank account make it very easy to use.
     
  5. bkelly999

    bkelly999 New Member

    Joined:
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    Location:
    Sydney, NSW
    What ever works heh?

    Personally, I like to quarrantine payments in and out into one "liquidity" account. I suppose its becuase Ive been hanging around bankers in treasury management that makes me think that way.

    The isaver is a very good product. You cant Bpay out of it (or direct debit?) hence the reason that the Mac Acct suits me. If you have disperate sources of income (rent, dividends etc) this is where the Mac account shines. Sure there are a few bips difference in the rate paid, however the convenience for me far outweighs the few bucks that I dont get.

    Its not for everyone, I know that. What I like about the NAB gold account is that there are no foriegn ATM fees globally. This is going to save me hundreds this year.
     
  6. Billv

    Billv Getting there

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    15th Jul, 2007
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    1,796
    Location:
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    does it pay any interest?
    Cheers
    Bill