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Tip Store: Banking: Online/Internet

​Electronic Banking Account

​I have opened up an electronic banking account i.e. Internet and phone banking only. When I get paid I put my fortnightly budgeted amount for my bills into this account so that when my bills come in the money is in this account to be paid straight away via Bpay. Instead of rushing around looking for money or waiting till payday and being short one week. I have the same amount of money each fortnight. The electronic banking account, are fee free so it doesn't cost any extra to have it and saves a lot of stress when bill time comes around.
​- Contributed by Tanya-Gabriella, Wollongong, 3rd July 2007

​Online Bill Accounts Save Sanity

My tip is working well for us. It is more about budgeting and banking. The best bank I have found is ING DIRECT, based on the web. I have opened up several accounts with different names like telephone, rates, Christmas etc and work out how much a week will go into the accounts and have it directly taken out of my mainstream account automatically. I don't miss the money so much and when a bill comes in I have the money at hand to pay it. We also have money for Christmas and holidays. ING give great interest, now I don't have to pay fees and charges I actually get INTEREST>>>wow. We now have accounts for our business for GST, never a problem to pay tax now.
​- Contributed by Donna, Deception Bay, 2nd June 2007

​Direct Debit Bill Paying

​After purchasing and moving into our house this year, I wanted to organise all our bills on a monthly direct debit from our visa card (to obtain fly buys of course) but did not want to pay for this convenience. Utility companies generally do not charge but insurance companies do. Eventually I found that some banks have extremely competitive house and contents, and car insurance premiums, underwritten by bigger reputable insurance firms and do not charge to pay by the month.
​- Contributed by Tara, June 4th, 2004

​Direct Debit into ING

​My best and easiest way to get ahead is to direct debit monthly an amount. I started with $50 into an ING savings account. It is available if needed but can mount up if not touched and gets interest.
​- Contributed by Margaret, Cremorne, November 2nd, 2004

​ING Accounts

​ING: opening accounts for children. My mum opened an ING account in trust for me about 2 or 3 years ago. So unless they've changed it you used to be able to do it.
​- Contributed by Laura, June 17th, 2004

​Re ING Direct

​I have just read the winning tip re. ING Direct. I was also looking to open accounts for my children with ING but when I read the fine print I discovered that they do not open accounts for minors. Nor do they open trustee accounts. I just thought this might be of some assistance. - Contributed by Catherine Kennedy, June 11th, 2004

Nest Egg

​If you use Internet Banking, and want to set up a Nest Egg for a newborn child, ING Direct have a fantastic facility. Firstly, check out major websites e.g. SMH to see if there are offers for a free deposit ($15 at this time) when you open up an account. Second, open up your account via that link, and organise a direct debit from your bank account of a small amount per week. Of course you need to make sure you can cover that withdrawal every week. If you only save $5 per week for a newborn child, apart from the interest earned (5.25% pa at the moment), over 18 years you could deposit $4680. Hey, that might not be much in 18 years time, but its' better than $0! At $10 you're looking at $9360 plus interest! I have been doing this for my son for nearly 3 years, and intend to for my soon-to-arrive new addition!
​- Contributed by Lisa, June 3rd, 2004