Australian Term Deposits

[peat]

Thanks for responding Snoopy.
I'd been thinking that all the Australian banks would be operating under the same legislation and that the chances of anyone of the majors being different was slim to nil. HOWEVER, I rang ANZ Australia and it did take about an hour but we opened a current account which earns interest and has no fees (WBC Oz charged a monthly fee and no interest at all). Once I identify using the local branch of ANZ (with whom I have an account already) then I will be able to open TD's.

So there was a major difference between their responses not only with opening the account - WBC made it very difficult - but the ability to invest for fixed interest. The returns are very low I know but thats not the point!

Which also raises the questions whether WBC Oz are spinning lies or ANZ Oz is breaking the law. Unless there is some subtlety which ANZ deploy to satisfy the law, I don't know. But , yeh , weird.

Anyway I immediately moved nearly the entire sum into ANZ and WBC can be called Pillocks , not Pillars.

[Snoopy]

So there was a major difference between their responses not only with opening the account - WBC made it very difficult

Which also raises the questions whether WBC Oz are spinning lies or ANZ Oz is breaking the law. Unless there is some subtlety which ANZ deploy to satisfy the law, I don't know. But , yeh , weird.

Anyway I immediately moved nearly the entire sum into ANZ and WBC can be called Pillocks , not Pillars.

I think the myth that all banks are the same needs to be exposed. Take a look at Westpacs own HY2020 results presentation, and go to page 42.

https://yourir.info/resources/af4e33...ssion_Pack.pdf

The NPS score is a little complex and further information on how it works can be found here:

http://www.exerciseindustryawards.co...ity-entry/nps/

You can see that by their own data Westpac in NZ is consistently rated the worst for customers promoting their service to others and this has not changed over the last four years. If you are a big business Westpac is good. In Australia as a Consumer they have been middle of the pack, although they are now at the bottom of the customer service scale. But in NZ you would have to be a sucker for punishment to keep dealing with Westpac.

This survey is consistent with my experience. I have found Westpac NZ offerings are usually more expensive than comparable offerings from other banks and the service is significantly worse. Westpac used to offer the benefit of a more extensive branch network than other banks. But with recent branch closures this is no longer true, Even the once superior money machine coverage of the country has been culled. The other banks are by no means perfect. Nevertheless, I would invite any Westpac New Zealand customer to approach any other NZ based big four bank and see what you have been missing out on.

SNOOPY