Opening bank accounts is not like credit cards or other loans so there's no issue with your credit report. It's really just the work of moving it around continuously.
If you have over $250k, put the overflow into a HISA with another bank so that it's guaranteed.
Risk of losing money in a retail bank deposit in Australia is extremely low. For the past 30 years (at least), if a bank is struggling, the RBA/Government usually arrange for a larger bank to swallow it. No retail depositor has lost money in a bank deposit for at least that long (but likely longer).
I'm NAH (not a historian) but I do not believe it has happened since ~~the Great Depression in the 1930s~~ 1900.
Edit: found a paper on RBA website that said (in 2001) that "*With the*
*exception of depositors at one small bank, who lost just 1 per cent of the value of*
*their deposits, no Australian bank depositor has lost money since 1900.*"
[https://www.rba.gov.au/publications/rdp/2001/pdf/rdp2001-07.pdf](https://www.rba.gov.au/publications/rdp/2001/pdf/rdp2001-07.pdf)
I know no depositor has lost money since 2001.
Nope. On first of the month you get your interest paid, then transfer all your money out to another bank. Worst case you lose a day due to transfer times.
I've done it mid month FYI. As someone pointed out interest is calculated per day so I received interest at the end of that month since I had 15 days of money in the account.
I don’t think there is anything wrong with doing it but I’m definitely starting to get a bit bored of it.
I went from commbank to Citibank, then to Macquarie, then Rabobank, then ING.
Maxed out ING 100k limit, so shifted to Ubank. Now I’m looking at teacher mutual bank lol. After that I’m probably going to leave it.
Chasing incremental increases of 0.5% probably doesn’t make a significant difference in the long run.
Opening bank accounts is not like credit cards or other loans so there's no issue with your credit report. It's really just the work of moving it around continuously. If you have over $250k, put the overflow into a HISA with another bank so that it's guaranteed.
Risk of losing money in a retail bank deposit in Australia is extremely low. For the past 30 years (at least), if a bank is struggling, the RBA/Government usually arrange for a larger bank to swallow it. No retail depositor has lost money in a bank deposit for at least that long (but likely longer).
Has it ever happened?
I'm NAH (not a historian) but I do not believe it has happened since ~~the Great Depression in the 1930s~~ 1900. Edit: found a paper on RBA website that said (in 2001) that "*With the* *exception of depositors at one small bank, who lost just 1 per cent of the value of* *their deposits, no Australian bank depositor has lost money since 1900.*" [https://www.rba.gov.au/publications/rdp/2001/pdf/rdp2001-07.pdf](https://www.rba.gov.au/publications/rdp/2001/pdf/rdp2001-07.pdf) I know no depositor has lost money since 2001.
Different landscape than the depression.
No and never will
Don't you lose 1 months worth of interest switching, which is worth 0.43%
Most banks calculate interest daily so you wouldn't lose much
The interest is _paid_ monthly though, so you do lose it when you switch.
Nope. On first of the month you get your interest paid, then transfer all your money out to another bank. Worst case you lose a day due to transfer times. I've done it mid month FYI. As someone pointed out interest is calculated per day so I received interest at the end of that month since I had 15 days of money in the account.
Ah right, good to know. Thanks for clarifying
I don’t think there is anything wrong with doing it but I’m definitely starting to get a bit bored of it. I went from commbank to Citibank, then to Macquarie, then Rabobank, then ING. Maxed out ING 100k limit, so shifted to Ubank. Now I’m looking at teacher mutual bank lol. After that I’m probably going to leave it. Chasing incremental increases of 0.5% probably doesn’t make a significant difference in the long run.