The ranking does not represent an implied recommendation for a particular financial product on the part of comparedinkum. Visitors should evaluate each individual product and choose the product that suits their requirements the best.
Bank accounts are used by people for many reasons. Some people prefer transaction accounts, where the account is used for paying in their salaries and paying bills. Others use bank accounts to save money, with those accounts offering interest on the balances enabling people to earn on what has been saved. Some transaction accounts come with overdraft facilities, whilst some savings accounts expect the holder to keep the balance for a specified term and are known as term deposits. There are therefore a number of bank accounts, which include:
Every month, the bank will send a statement regardless of what type of account is held. The statement enables the holder to check what has been spent, what has come in and how much is earned in interest. The statement will also detail what has been charged in fees and commissions for running the account. It is important that bank account holders always check their statements to ensure they have not been charged fees erroneously. Some bank accounts offer immediate and pre-approved access to credit in the form of overdraft facilities. Before using the credit it is important to note what the interest rate and fees are charged for making use of the credit facility. All bank accounts now come with phone banking facilities and with internet banking it has become easier than ever to manage finances.
Regardless of what your financial requirements are, comparedinkum.com.au brings together a range of options from a variety of banks that will help everyone from first time savers to the most seasoned investor. You will find transaction, savings and term deposit accounts organised in an easy to understand way that will help you make an informed choice very quickly.
If you are bewildered by how much choice there is when comparing bank accounts, follow these five simple steps for determining which bank account is best for you.
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Shayne Elliot, chief executive officer of ANZ Bank says he promises to do more to increase executive accountability at his bank. Mr Elliot says he fully understands the desire by the community for executives to be held to account and he agrees the lender should do more. Australian banks have been hit by a number of scandals ranging from allegations of rigging the bank bill swap rate to offering faulty financial planning advice. A major theme of the questioning by the parliamentary committee has been why no senior executive have lost their job despite the fact these scandals have been exposed. Continue reading
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