CommSec versus CommBank

[danielz_23]

This weekend I came across a special offer from CommSec whereby you get a cash account (complete with debit card, bpay, etc), an investment account paying 3% (+1% for limited time) and pay no monthly account fees - in fact they give you $5 a month for the promotional period, plus $600 free brokerage (you may choose not to use) and other goodies:

* no monthly fees on cash, investment and trading accounts
* a $5 monthly bonus in your everyday cash account
* a competitive interest rate of 4.00% p.a.^ in your high interest savings account
* fee-free access to your cash using your CommSec Debit Mastercard® via Australia’s largest bank ATM network
* discount brokerage fees from $19.95† per trade, every trade.

http://www.commsec.info/onlineoffer/offer.aspx

Now at the moment I just have your run of the mill Streamline eAccess account at $4 a month fee running with a Net Bank Saver account giving me what I believe to be 3%... (and thought to be 4-5%)

What I don't understand is why Commonwealth Bank are doing this and why every single one of their customers in a similar situation would not just switch...? I don't see the catch... even if you don't want to trade shares... perhaps it is to create that temptation, but the CommBank network with no fees seems good to me...

You can do Bpay, direct debit, transfer between your cash account (streamline) and investment account (netsaver) just the same... just you are under CommSec and not CommBank.

 

[Moo]

Looks pretty darn good to me.

I need to open an account when I get home - I think this will be it.

Cheers.

 

[nuey]

looks like you have to deposit $2,000 minimum each month

 

[danielz_23]

looks like you have to deposit $2,000 minimum each month

only to get one of the bonus - everything else seems unrestricted.

 

[Frodo]

I have a CDIA account, but just for the share transactions.

Best way is usually an online account linked to a conforming account. You can get better interest rates and as they go up....which they will......so will your linked account rates. 3% is crap, the bonus is just to entice you in.

I have linked accounts with Bankwest and ANZ