ANZ Royal not so grand
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ANZ Royal not so grand
Having praised them previously on here I'm now recanting. I have a premier account with them and was belatedly told that I must keep a minimum of 5K in my current account in addition to depositing a minimum of 25K. Since the current account is virtually non interest bearing the opportunity cost of this money is around $350 pa based on an average balance of 7K and an interest of rate of 5%. (on any given day in the month if the balance falls below you are hit for $40). On top of this they have recently lowered their 1 year rate to 3% for deposits less than 50K. Now this is at a time when rates are rising globally and there is a capital flight from here. Makes no sense!
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not sure how they are linked to anz in australia but in australia the reserve interest rates have fallen to a record low and seem to be at a downward trend....
whether this has anything to do with anz royal is another question
whether this has anything to do with anz royal is another question
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that's just aus, globally they're going up! look at yields on US treasuries.
All of this is clearly outlined on their website. I don't know what you're complaining about.Red DRAGON wrote:Having praised them previously on here I'm now recanting. I have a premier account with them and was belatedly told that I must keep a minimum of 5K in my current account in addition to depositing a minimum of 25K. Since the current account is virtually non interest bearing the opportunity cost of this money is around $350 pa based on an average balance of 7K and an interest of rate of 5%. (on any given day in the month if the balance falls below you are hit for $40). On top of this they have recently lowered their 1 year rate to 3% for deposits less than 50K. Now this is at a time when rates are rising globally and there is a capital flight from here. Makes no sense!
Is the point not that they have changed their offering?scobienz wrote:All of this is clearly outlined on their website. I don't know what you're complaining about.Red DRAGON wrote:Having praised them previously on here I'm now recanting. I have a premier account with them and was belatedly told that I must keep a minimum of 5K in my current account in addition to depositing a minimum of 25K. Since the current account is virtually non interest bearing the opportunity cost of this money is around $350 pa based on an average balance of 7K and an interest of rate of 5%. (on any given day in the month if the balance falls below you are hit for $40). On top of this they have recently lowered their 1 year rate to 3% for deposits less than 50K. Now this is at a time when rates are rising globally and there is a capital flight from here. Makes no sense!
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Simply withdraw all that cash and invest it in a bar. Problem solved...Red DRAGON wrote:Having praised them previously on here I'm now recanting. I have a premier account with them and was belatedly told that I must keep a minimum of 5K in my current account in addition to depositing a minimum of 25K. Since the current account is virtually non interest bearing the opportunity cost of this money is around $350 pa based on an average balance of 7K and an interest of rate of 5%. (on any given day in the month if the balance falls below you are hit for $40). On top of this they have recently lowered their 1 year rate to 3% for deposits less than 50K. Now this is at a time when rates are rising globally and there is a capital flight from here. Makes no sense!
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ABA all the way... Avoid ANZ like the plague.
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I dunno. I have found them fine and have had an account with them pretty much since they opened.
Last month I went into the branch in SHV and ordered a new ATM card. I asked to pick it up in PP 10 days later.
I was expecting a right Royal stuff up. But lo and behold it was there when I went into the Independence Branch.
I only had a small amount of money in the account and I asked about account fees, which were $1 a month. I was told that if I kept $5k in there the fee was nil.
Well as the OP rightly says @ 5% interest rate (mortgage rate in OZ) the opportunity cost is $250 pa as opposed to $12 in fees, a no brainer to me not to top up the account, but the clerk could not understand that logic.
Last month I went into the branch in SHV and ordered a new ATM card. I asked to pick it up in PP 10 days later.
I was expecting a right Royal stuff up. But lo and behold it was there when I went into the Independence Branch.
I only had a small amount of money in the account and I asked about account fees, which were $1 a month. I was told that if I kept $5k in there the fee was nil.
Well as the OP rightly says @ 5% interest rate (mortgage rate in OZ) the opportunity cost is $250 pa as opposed to $12 in fees, a no brainer to me not to top up the account, but the clerk could not understand that logic.
Note to self: Must be nice to morons.
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Falcon Randwick wrote: Simply withdraw all that cash and invest it in a bar. Problem solved...
One does not invest in a bar. One buys a bar, gets between negative to $5 per hour for their time working in the bar and then hope (in lottery fashion) to find a mug to buy it or they close it to take up teaching English at $6 per hour, with accommodation thrown in .. well if they have a degree and a TEFL that is.
Note to self: Must be nice to morons.
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With ABA, higher interest rates equals a bigger risk.James Bong wrote:ABA all the way... Avoid ANZ like the plague.
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Surely this post is not a lack of faith in our premium Kazazhstani-Khmer banking corporation?keeping_it_riel wrote:With ABA, higher interest rates equals a bigger risk.James Bong wrote:ABA all the way... Avoid ANZ like the plague.
I've just moved my personal trust level in ABA from 2k to 5k.
I've suggested this to him a number of times and he just won't bite.Falcon Randwick wrote:Simply withdraw all that cash and invest it in a bar. Problem solved...Red DRAGON wrote:Having praised them previously on here I'm now recanting. I have a premier account with them and was belatedly told that I must keep a minimum of 5K in my current account in addition to depositing a minimum of 25K. Since the current account is virtually non interest bearing the opportunity cost of this money is around $350 pa based on an average balance of 7K and an interest of rate of 5%. (on any given day in the month if the balance falls below you are hit for $40). On top of this they have recently lowered their 1 year rate to 3% for deposits less than 50K. Now this is at a time when rates are rising globally and there is a capital flight from here. Makes no sense!
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I recall ANZ hiking their rates/changing conditions on existing accounts a few years back without consulting clients.
I think it had to do with minimum balances and changing their services to cater for wealthier clients.
That's fair enough, but isn't a ban account a legally-defined relationship/contract, which implies that any contractual changes should be consensual?
I mean, who would have thought a bank would circumvent the law, or changing it?
Let me guess: special law for banks?
I think it had to do with minimum balances and changing their services to cater for wealthier clients.
That's fair enough, but isn't a ban account a legally-defined relationship/contract, which implies that any contractual changes should be consensual?
I mean, who would have thought a bank would circumvent the law, or changing it?
Let me guess: special law for banks?
ירי ילדים והפצצת אזרחים דורש אומץ, כמו גם הטרדה מינית של עובדי ההוראה.
vladimir wrote:I recall ANZ hiking their rates/changing conditions on existing accounts a few years back without consulting clients.
I think it had to do with minimum balances and changing their services to cater for wealthier clients.
That's fair enough, but isn't a ban account a legally-defined relationship/contract, which implies that any contractual changes should be consensual?
I mean, who would have thought a bank would circumvent the law, or changing it?
Let me guess: special law for banks?
Nonsense. First of all there is nothing in the OPs post to suggest they changed the conditions of the account. He says that they told him 'belatedly' which to me means it was always the condition, a condition which he hadn't seen.
When I was looking at banks a couple of weeks ago I noticed it clearly. The OP didn't do his research.
Furthermore, an account is a service, not a legally binding contract. Conditions can be changed by both parties at any time provided they are communicated. If conditions can't be changed, how would customers have the freedom to close them any time they so wish. The same rights apply to the banks themselves.
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