… but good luck finding a major bank offering them!
The first home saver accounts are set to hit the market October 1st. However, initial reports indicate that from over 200 eligible banks, building societies and credit unions, a mere 14 obscure outlets have shown any interest at all in offering the accounts.
The costs of establishing and running these accounts are simply too high and attract way too much of a compliance burden for providers. As yet, none of the major banks have expressed any interest whatsoever. This is unfortunate for eligible customers who are interested in the accounts. I’ll keep you posted on where the accounts are being made available….
For more information on the FHSA, the ATO have released a factsheet of common questions.
Article by Christie Lewis
Christie is Practice Manager at Alan Lewis Accountants . Besides accounting, her passion is for all things small business (and blogging, of course). You can contact Christie directly at christie@lewistaxation.com.au.
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{ 2 comments… read them below or add one }
Quite a few of the big banks have since jumped on board and decided to offer the First Home Saver Accounts.
It’s worth noting that consumer group CHOICE have slammed the majority of these accounts mainly for the low interest rates (Commonwelath pay interest only once a year on the FHSA and at a rather low rate!). As with all financial products, SHOP AROUND. Not all of the accounts are the same.
Definitely impressed! Everything is extremely, rather clear, open can be a description of the challenge. It contains the information.