I'm really excited about this new product offering, least of all because I personally have a home loan with the CBA, but because of the unrestricted nature of the amount of accounts you can link to the Everday Offset feature! More on that below though, first some fast facts...
What is it?
The Everyday Offset is a feature of the Complete Access account, and offers 100% interest offset on your Standard Variable Rate home or investment loans only. It cannot be linked to a No Fee, Rate Saver, or Fixed Rate home loan.
The balance held in the Everyday Offset will reduce the amount of interest customers pay on the loan. Unlike your good old MISA (CLUNK CLUNK!) you will be able to use ATM/EFTPOS, NetBank, Kaching, Telephone Banking, BPAY, Direct Entry Debits and AFT's with your Everyday Offset. You can also link to Debit MasterCard, Keycard or Credit Card.
EDO has a once off Fee of $95 applies when linking the first Everyday Offset to an eligible Home Loan.
Please note, if you are existing or new clients, with NEW borrowings of $150,000 or more you can currently have this fee waived. This offer is valid until further notice.
Monthly offset fee - There are no ongling monthly fees if you are MAV Package customer (anybody NOT on No Fee or Ratesaver reading this is probably a MAV client! If you're not, speak to me you may be missing out). So for those not on MAV you will be charged $10 per month on the 1st of each month for the MOF - Monthly Offset Fee. This fee only applies on the first Everyday Offset linked to your loan.
Why I'm excited
You can link more then one Complete Access account to the Everyday Offset feature. I think this is a fantastic budgeting tool. If you are partitioning funds into separate savings accounts for say, holidays, kids education funds, or just savings/rainy day funds, you can link all of these to the EDO and have it all working against your home loan feature. This is excellent. Many couples have private accounts still, and a joint account, why not link all three! It's no extra in fees. So get cracking people, get your EDO activated now and offset some interest!!
If you want the video version just click here http://vimeo.com/75937752