About: BritVics/Banking

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An Entity of Type : owl:Thing, within Data Space : 134.155.108.49:8890 associated with source dataset(s)

Banking in Australia differs in a few key ways from banking in the UK. The biggest difference is that Australians ordinarily keep two accounts; a savings account and a transaction account, the latter we'd know as a current account. The interest paid on the balance of a transaction account is virtually zero (like it used to be in Blighty) and in fact they're not shy of piling on the fees too. Watch out for accounts that offer only a certain number of free uses of other bank's cash machines per month.

Attributes	Values
rdfs:label	BritVics/Banking
rdfs:comment	Banking in Australia differs in a few key ways from banking in the UK. The biggest difference is that Australians ordinarily keep two accounts; a savings account and a transaction account, the latter we'd know as a current account. The interest paid on the balance of a transaction account is virtually zero (like it used to be in Blighty) and in fact they're not shy of piling on the fees too. Watch out for accounts that offer only a certain number of free uses of other bank's cash machines per month.
dcterms:subject	BritVics dbkwik:resource/iN_24pK997o0tFuZw-oDWQ== Victoria
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dbkwik:scratchpad/...iPageUsesTemplate	dbkwik:resource/aCjq_rxNa81r9N_yU-v-ow==
abstract	Banking in Australia differs in a few key ways from banking in the UK. The biggest difference is that Australians ordinarily keep two accounts; a savings account and a transaction account, the latter we'd know as a current account. The interest paid on the balance of a transaction account is virtually zero (like it used to be in Blighty) and in fact they're not shy of piling on the fees too. Watch out for accounts that offer only a certain number of free uses of other bank's cash machines per month. Shopping around gets a better deal and some, particularly the International banks, offer single account banking. The advantage there is you will have to worry less about keeping only as much money as you need in a transaction account to maximise interest paid. There's no need to worry about shopping around right now, there's nothing to stop you from opening a transactional account with a major domestic bank (this gets you the cash cards, EFTPOS (what we'd know as debit cards) cards, cheques (though this often costs extra) so that's the sort of account you will need right away. Later on after shopping around you can find a home for your savings and it's not too difficult to shift your transactional account later too. The major International banks have a very low branch presence across Victoria and those that do exist are generally in Melbourne CBD. However they agreements to use the domestic banks for regular banking functions. For example: Citibank customers can open regular local bank accounts and access these through NAB branches. In that respect things operate the same way as the online banks do in the UK with a minimal impact on convenience despite the lack of branches.

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