The Valley Mayfair Way
One way we help our clients is by showing them where their money goes each month. We use a personal accounting software to track and itemise spending, this in turn helps people set and achieve their financial goals.
We wanted to go a step further and ensure our clients were also using the best and cheapest bank accounts. So, I did a lot of research looking at all the major banks and regional banks to compare the fees.
What were my findings? For a full banking service, online access, debit cards, transaction and savings accounts - ING were by far the best deal. They have no international transaction fees, no monthly account fees and no ATM fees.
You can have 100% fee free banking!
The only catch is you need to deposit $1,000 per month and make 5+ card purchases each month, which is pretty easy to do. Of course, they have no branches.
As a runner up, AMP are also quite competitive, especially their online savings accounts.
We use a combination of ING and AMP accounts for all new clients who use our cash flow service - which we call "the Valley Mayfair Way".
Below is a picture of how we set up accounts under this service, you can see there are different accounts for different spending. Its called the bucket approach and is a tried and tested method for making the most of your money.
You can set this up yourself of course, but if you want expert help and guidance then feel free to book an appointment or next time you are in for a review meeting we can discuss further.
Its really not hard to save almost $500 per year.