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Topic # 185142 11-Nov-2015 14:41
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Hey guys,

I want to open a new bank account which I was thinking of depositing $100-$200 into for buying stuff online. I am very cautious about what I buy, and I am always worried something will go wrong (With places I haven't bought form before) and I will wake up with $0 in my account. OK that's probably not going to happen, but you know what I mean. 

I don't want a credit card, a debit card is the best way to go for me.

I am currently with Kiwibank, so I'm guessing another KB account would be the best way?

A couple of quick Q's (Im sure it varies from bank-bank though?)

1: If I open another account with KB, will I get pinged for having two accounts? 

2: Any hidden fees I should know about besides the usual end of month fees?


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  Reply # 1426271 11-Nov-2015 14:47
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You can have another account (suffix) and not necessary a whole new account with any bank.

Alternatively, is get a credit card with very low limit and low interest and just put money into that should want to spend what you have - which can give you added purchase insurance as well. Alternatively, apply for OneSmart with AirNZ Airpoints etc.

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  Reply # 1426272 11-Nov-2015 14:47
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Credit card gives you additional protections and benefits. Just get one with a low limit, if the benefits outweigh the costs.

You should talk to Kiwibank about how to set things up and fees if you decide to go the debit route.

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  Reply # 1426277 11-Nov-2015 15:06
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I have a Westpac prepaid Visa Card. Cost $10.00 for the card and $1.00 for any deposit I make to the account. Its a separate account

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  Reply # 1426414 11-Nov-2015 18:28
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scheduler: I have a Westpac prepaid Visa Card. Cost $10.00 for the card and $1.00 for any deposit I make to the account. Its a separate account

Snap. This is what I do and it works well. I also load some cash on it as a backup credit card when traveling overseas, in case my main one has issues or for use in dodgy restaurants where skimming could be a potential issue etc.

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  Reply # 1426517 11-Nov-2015 20:36
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I have a YourMoney current account with BNZ.  The card works as an EFTPOS card or as a debit card and has pay wave.  Great for online purchases.  $5 flat monthly fee.  


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  Reply # 1426668 12-Nov-2015 07:12
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Would something like the Free Up account at Kiwibank be something I should be looking at?

It looks like a basic account, it says no monthly fees.

I might be using it a few times per year, or it could be used a couple of times per month.

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  Reply # 1426846 12-Nov-2015 12:31
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Why don't you go in and talk to your bank.  Banks are quite helpful these days. 

With interest rates low world wide, people are seeking to invest in anything other than cash, so banks are quite keen to get money in the door.


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  Reply # 1426867 12-Nov-2015 13:00
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Several years ago I worked for one of the big banks and our recommendation for most customers in this situation was to either get a second credit card with a low limit or a debit card that you just added money to when you wanted to make an online purchase, so there was never anything there for people to get access to if the details were compromised.

Having been out of the banking business for quite some time now though, what happened to single-use virtual credit card numbers - any banks doing those here?

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  Reply # 1430700 18-Nov-2015 21:24
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What scheduler says , if you only keep a small amount of money in a 'totally 'separate account its a bit like a sandbox. It scares me how many people could easily collect my card and security number.

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