A Random Person’s Random Investments

July 16, 2015

new bank – moving away from BendigoBank to BankMECU

Filed under: General — arandomperson @ 7:57 am

I got annoyed with the constantly creeping up fees of BendigoBank, so have moved to BankMecu. With my particular usage pattern, fees should be zero, and the interest rate on their “BonusSaver” account is much higher than I am getting on my BankWest internet savings account, provided I follow the rules of the account.

I was initially annoyed with BendigoBanks apparently new international ATM transfer fee – but it turns out they were just reporting an existing fee (that had been there about a year) in a more visible way, which is a good thing I suppose. But still apparently ALL the banks decided to slug people a 3% international ATM fee – on top of the existing ATM fees – at the same time, then used the lame excuse it was “in line with the practice of other financial institutions”. But it nudged me to shop around and it looks like BankMecu is better for me.

BankMecu also has not particularly great international ATM rates, but I will experiment with TransferWise – though it needs access to a bank account in the destination country.

BanMecu also have a zero fee credit card with 55 day interest free, so I could move away from my “Ignite” westpac credit card – this card started off as a VIRGIN MASTERCARD which I got to get away from WESTPAC, then Virgin sold their credit business to Westpac, putting me back where I started.

Now I’m moving away from BendigoBank, I’m a bit conflicted about what to do with my shares.. I’ll keep the existing ones, but won’t sell down.. so time for a re-balance anyway…

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