NAB acquires Citibank Australia

[SYD]

I just noticed the changes over at ING from 15 October- so will probably move my NAB (ex-Citi) stuff to them

If you’re looking for a high interest companion account, MacBank (at least for now) is worth looking at. Up until recently, I would have recommended UBank, but they’re following ING and imposing a requirement to increase the Savings account balance each month to earn “Bonus” interest.

ING is still best in class for Bonus interest, but they still have all the hoops and jumps to get there. Deposit $1000 pm, 5x cleared transactions and grow Savings account each month. I still have one and it’s pretty easy to achieve but some find it a PITA.

 

[Flashback]

Ah, such fun, I've always held the card as a way to get some money from Aus if needed - there's been a few times it's helped out.

I suspect I may be a fish out of water trying to get a new AU account setup with MacBank though given I'm not resident there, not tax resident, don't have myID (myGov) etc. ?

I did previously have an ING account, but they closed that years ago due to non use (as my Citibank (now NAB) was the one actively used).

 

[SYD]

If you’re looking for a high interest companion account, MacBank (at least for now) is worth looking at. Up until recently, I would have recommended UBank, but they’re following ING and imposing a requirement to increase the Savings account balance each month to earn “Bonus” interest.

ING is still best in class for Bonus interest, but they still have all the hoops and jumps to get there. Deposit $1000 pm, 5x cleared transactions and grow Savings account each month. I still have one and it’s pretty easy to achieve but some find it a PITA.

I received my new Macquarie Bank “Platinum” Debit MC this week. Out of curiosity, Started checking to see what additional MC perks are available (that the banks often forget to mention).

Working my way through this page (enter your MC# to check eligibility).

Offers and Promotions | Mastercard Singapore

Find exciting card offers, deals & promotions at Mastercard to make your experiences priceless each day. Explore the benefits & perks of being a Mastercard cardholder.

www.mastercard.com.au

Usual AVIS, Agoda discounts. Plus some Airalo eSIM promos etc

 

[Brissy1]

I received my new Macquarie Bank “Platinum” Debit MC this week. Out of curiosity, Started checking to see what additional MC perks are available (that the banks often forget to mention).

Working my way through this page (enter your MC# to check eligibility).

Offers and Promotions | Mastercard Singapore

Find exciting card offers, deals & promotions at Mastercard to make your experiences priceless each day. Explore the benefits & perks of being a Mastercard cardholder.

www.mastercard.com.au

Usual AVIS, Agoda discounts. Plus some Airalo eSIM promos etc

Didn't know about those . Shows "1261 offers & benefits"

 

[SYD]

Didn't know about those . Shows "1261 offers & benefits"

Yeah, the filter is your friend!

 

[Aeryn]

The value of keeping the 0% interest Transaction account with now horrid overseas fees and the linked reward saver at 0.1%+4%bonus only if you don't make any withdrawals is no longer appealing.

Macquarie Bank Savings account is paying 4.25% (4.6 % for intro rate) with no hurdles (no minimum deposit, no limit n withdrawals) and the linked transaction account with no foreign fees pays 2%. Macquarie app is great and transfers between the two when travelling are instant. So this remains my number #1. for travel.

Back -up travel will now be AMP Go Transaction, no hurdles and no foreign txn fees, earns Qantas points but not interest; but their linked savings account with no hurdles is also paying 4.25%.

With 2nd travel back-up being Bankwest Everyday Transaction, again no hurdles and will only deposit funds ahead of travel, and transfer out on return leaving $100 to keep it open.

For other savings Westpac Life is paying 4.45% with only needing 1 deposit (so $1/month) and for balance to be higher at end of month than beginning).

 

[Happy Dude]

So ING and Citi/NAB now borked for international use. Any referrals for Macquarie or AMP or Bankwest accounts?

 

[SYD]

So ING and Citi/NAB now borked for international use.

ING still works the same for int DC and ATM (both fee free) but retains hoops and jumps for high interest.

Any referrals for Macquarie or AMP or Bankwest accounts?

MacBank is better for DC and interest on the tx acc. Lower interest in the Savings account than ING - but no hoops and jumps and higher saving balances earn full interest v ING (only first $100k).

 

[MELso]

ING still works the same for int DC and ATM (both fee free) but retains hoops and jumps for high interest.

But will be getting rid of the hoops shortly for international transactions...

 

[SYD]

But will be getting rid of the hoops shortly for international transactions...

I'm about to head off to the US again armed with a wad of cash, "free"* ATM cards ING, UBank and MacBank. Those also work as fee free DCs, along with my NAB VISA Signature DC and 28º MC. Think I'm covered!

*that's ignoring the inevitable ATM operator fees in the US these days....

 

[Happy Dude]

ING still works the same for int DC and ATM (both fee free) but retains hoops and jumps for high interest.

MacBank is better for DC and interest on the tx acc. Lower interest in the Savings account than ING - but no hoops and jumps and higher saving balances earn full interest v ING (only first $100k).

I had interpreted the email that came out at the start of the month incorrectly. Good to know and nice summation.

I don't use these accounts for savings so am not concerned with that aspect. So with or without the upcoming dropping of the "hoops" by ING, I don't really need another account then but will probably get one for backup purposes. Likely the Macquarie one by the sounds of it.

Then it'll just be a game of "find the cheapest ATM" when abroad.

 

[RB]

I'm about to head off to the US again armed with a wad of cash, "free"* ATM cards ING, UBank and MacBank. Those also work as fee free DCs, along with my NAB VISA Signature DC and 28º MC. Think I'm covered!

*that's ignoring the inevitable ATM operator fees in the US these days....

ATM Fee saver app might help you save a few dollars

 

[SYD]

ATM Fee saver app might help you save a few dollars

Yes, I have it. But still very difficult (almost impossible now) in the US.

 

[Aeryn]

Yeah end of citibank was kicker, because citibank atms are all over NYC and were free for citi card holders

 

[SYD]

Yeah end of citibank was kicker, because citibank atms are all over NYC and were free for citi card holders

Unfortunately, that didn't flow through to the NAB version. I tried a while back...

 

[Flashback]

Unfortunately, that didn't flow through to the NAB version. I tried a while back...

Yep, I'm lucky that Chase offer a current account in the UK, so that's now become my replacement for cash withdrawals if/when needed in the US.

 

[dontwanttoregister]

New credit card brand. Yuck.

Brown... double yuck.

MyCard

www.mycard.com.au

 

[ltwo]

At least the Prestige stays black. What are the chances the benefits increase? Or is this just another excuse for NAB to erode the already little benefits of a 'World Elite' card.

 

[dontwanttoregister]

At least the Prestige stays black. What are the chances the benefits increase? Or is this just another excuse for NAB to erode the already little benefits of a 'World Elite' card.

I'd say no chance!

Here's the teaser transcript, hinting at keeping benefits. But we know how that turned out with the transaction accounts.


"Introducing MyCard.

Since 1 June 2022, NAB has been the provider of your credit card. 

As we enter the next chapter, we’re excited to announce we’re moving to a new brand, complete with a new name, fresh look, and powered by a new system. 

With the new MyCard App and online platform, plus continued access to the valuable features and benefits of your card, this move marks a step towards a simpler, more digital customer experience. 

Brought to you by NAB, one of Australia’s big four banks. 

MyCard. Your ticket to more."

 

[Youfah Mizzum]

Just got the email re MyCard.
I wonder how long the continued access to the valuable features and benefits of your card will last?
* FFFL
* QFF points earning
* 2 Priority Pass passes per year

The cynic in me says the benefits wont last.