Thank you for the excellent reply. I have one more question regarding banks. Is there any discount banks or online banks in Australia? In Canada, we have Presidents Choice Financial (President's Choice Financial | home ) where you pay no annual fees, maintainence fees, transaction fees, and you get free checking, free debit, free ATM withdrawals from it's partner banks, free checks, and 4.25% interest in savings. You do not have to keep a minimum balance in your account.

The only Aussie bank I found that is similar is Bank West? Is there another bank in Australia that offers great services and low fees? Thank you for your responses.