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I got a letter from the ANZ today. Something about financial planning or whatever. But what really impressed me was they included a fairly reasonable workshop sized magnifying glass in the letter (dunno why, didn't really read it).
Thanks bank! Perhaps next time a small ruler from Incra...
Better use it to read the fine print. They're probably going to charge you an 'enlargement' fee for using it.
They bought em out of the 10 billion they made out of us last year. :mad:
ANZ is short changing me by over $100 a month. Now I know where it's going:mad:
I'm with ANZ, and I have quite a bit stored away gathering 5% intrest per month,
Get quite a bit,
Go ANZ!!!!
Joash
Stuff ANZ, I find them the most uncooperative thieving pack of mongrels that have ever operated a bank, used to screw me for $100 a month just to operate a business account, overdraft fees for an account that was not used, facility fees for a credit card that I cancelled.
I presently have one ANZ account, only because the place I work won't deposit anywhere else, put in a bank cheque on a Thursday (ATM) and they were happy to let me wait 8 days for it to clear.
BS excuses, it takes 5 days to clear, two days to get out from the ATM to a branch etc etc etc.
Our primary bank is Suncorp and have never had any problems with them, even a phone call if something is going astray somewhere, like a double dip on an account.
Yabbut, does Suncorp send you things you can use in the shed? :)Quote:
Originally Posted by Iain
Yep:D A biro that didn't work:rolleyes:(Sorry, that was ANZ, Suncorp gave the kids money boxes and I got a calculator a few years ago).Quote:
Originally Posted by Groggy
While they get 10-13% with your money.:mad: I'd be really happy with 5% especiall when you need to have half a squillion to get it.Quote:
Originally Posted by Auzzie turner
Interest rate on my account number 1: 0.1% :mad:
Interest rate on my 'award saver' acct: 0.1% :mad: :mad:
Interest on my mortgage 7.0%:mad: :mad: :mad:
Interest on the credit card 12.9%:mad: :mad: :mad: :mad:
Why is it that if the bank uses your money, they pay in the negative scale but if you use theirs, well then you have to pay through the nose for the priveledge (sp). :mad: :mad: :mad: :mad: :mad:
Don't get me wrong, I know banks are a business, but if you walked into Bunnies and they stuck you a fee for everything you did while you were in there and then stuck you another fee for buying something from them, you'd have a fit. And yet, no one bats an eyelid about the banks fleecing us on a daily basis.:mad: :mad: :mad: :mad: :mad: :mad:
Banks give you something... What a fcking joke.
Dan:mad:
By the way, the definition of theft is:
The dishonest appropriation of property with the intention to permanently deprive the owner of that property....
Hmmmm....
Dan :mad:
I suppose the crux of that must be the definition of dishonestQuote:
Originally Posted by DanP
The best piece of advice we got regarding Interest rates was to invest money into a Mortgage Interest Off-set account. For us, that means the MISA account. What essentially happens is that the interest on the MISA account is calculated at the rate of the interest on the Mortgage account, and then rather than the MISA interest get paid to us, it gets deducted off the Mortgage interest. Basically it gives us around 7.5% tax-free interest on our money and allows us to reduced the capital on the mortgage.
Example
$100,000 mortgage at 7.5% with repayments of $1000 per month. With no MISA would mean (for arguments sake - dont check my maths) that you are paying $500 off your capital per month and $500 to interest.
Now if you had say $40,000 in a MISA account, it would earn 7.5% interest which would take around $250 per month off the interest on your mortgage. Which means your $1000 per month repayment is now $750 off the capital and $250 off the interest.
Therefore, by proxy the MISA account is earning around $3,000 per annum interest and is non-taxable.
If you stick that $40,000 into a Cash Management Trust say, and you earn the going rate of around 5.5% you get about $2,800 per annum, before tax. So around $2,000 after tax.
Yes the figures are rubbery, but the principal holds. And, since we are renovating it suits us to hold money in the MISA account for back-ups!
The worst piece of advice we got was to use the Viridian account ( I assume this is proprietry name - but I dont know what else it is called), the theory being that your pay goes into the mortgage, and whatever is left at the end of the fortnight stays in the mortgage. Handy if you have excellent budegtry skills, but if your like us then after three years or so, your likely to have gotten nowhere at all.
And no, I dont work for any bank in any way, just thought I would add to the discussion with something that is working for us
Cheers
Viridian is a Line of Credit account. It's a mortgage with a redraw, so you get a credit limit which is secured by your house and you can redraw as often as you want. It's like reverse savings, instead of saving up to pay for a new car, you buy the car now and pay it off. It ends up costing you way more of course because of the interest. It can also get away from you. Just like a credit card can.
We have one at the moment because it suits us (or has suited us) for the building of the new house. We may ditch it when we have finished the house.
The person who accidentally put the magnifying glass in the letter has been sacked. They are currently finding a way to recover the loss of revenue.
Bank :mad: :mad: :mad: :mad: :mad:
Had nothing to do with ANZ since they tried to screw me for $2 a month for the privilege of using my money. They are all thieving scum (and that's on a good day!)