CBA clients will soon be able to upgrade their offset facilities from one MISA account to a number of full 100% offset accounts. That means they can have a number of accounts all linked as offset accounts as long as the owner of the account is one of the owners of the loan. If a loan is in joint names, each individual borrower can have an offset in their own name only, as well as in joint names.
I haven't seen full details yet, but I believe that it will have greater options than any other offset facility on the market. It will suit borrowers who have banking arrangements that are more complex than most couples.
This will establish a new benchmark that the other banks will need to match.
Any expressed market opinion is my own and is not to be taken as financial advice
This is good news - their current offering is a little clunky.
Yes it is. Sorry i don't have any fine detail, but the CBA are excited about it and believe they will now be the market leaders in offset account standards, instead of lagging the pack. Obviously the software development required was massive and time consuming in a bank this size.
From what I gather, a professional couple who receive their income into their own seperate accounts, and also have joint accounts can link them all as offset accounts.
We will have to wait for all of the details, but it will be useful to many people.
Any expressed market opinion is my own and is not to be taken as financial advice
From what I gather, a professional couple who receive their income into their own seperate accounts, and also have joint accounts can link them all as offset accounts.
This would be awesome. My main issue with the offset accounts is that you can't pay your loan out of them, which means a monthly task to transfer money out of the offset account into a savings account. Anything which removes this constraint and adds some flexibility would be great.
From what I gather, a professional couple who receive their income into their own seperate accounts, and also have joint accounts can link them all as offset accounts.
This would be awesome. My main issue with the offset accounts is that you can't pay your loan out of them, which means a monthly task to transfer money out of the offset account into a savings account. Anything which removes this constraint and adds some flexibility would be great.
With ANZ, you can pay your loan out of your offset account (and automatically at that). This has been the case for many years.
With ANZ, you can pay your loan out of your offset account (and automatically at that). This has been the case for many years.
I think most (all except CBA?) act like transaction accounts.
Peter - I've often heard people complain about CBA's Misa offset account. Why is it so bad, and has that turned borrowers off using CBA in the past? I've heard it can't be used as a transaction account and there are min withdrawals and deposits. Also is it currently not fully offset?
I think most (all except CBA?) act like transaction accounts.
Peter - I've often heard people complain about CBA's Misa offset account. Why is it so bad, and has that turned borrowers off using CBA in the past? I've heard it can't be used as a transaction account and there are min withdrawals and deposits. Also is it currently not fully offset?
I have a few. The loan can't be paid out of it, there is a minimum $500 withdrawal but no minimum deposit (which just means a lot of extra transfers when you're moving small amounts) but it is fully offset and recently they added the ability to transfer directly to it from external accounts (i.e. having a BSB and account number). It is fully offset, unless it's against a fixed loan.
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