Avoiding bank fees
According to the latest research from the Australian Bankers’ Association, far too many Australians are paying too much in Bank fees. In case you’re wondering, the average household is currently paying $9 per week in bank fees. Chances are you’re not disagreeing with the ABA, but the question for many is, how do we avoid doing just that?
One way is to take a look at a website that the ABA has set up called www.affordablebanking.info, where you can check if you are eligible for one of the special basic accounts which are designed for lower income earners.
However, according to RateCity, a financial comparison website, there are actually a number of options available for people who want a transaction account with no account-keeping fees at all. Their advice is to make sure you look at the cost of transactions, not just the cost of holding the account, as these charges can add up very quickly, depending on how you use your account.
RateCity’s figures show that someone who averages 35 transactions per month (including ATM, EFTPOS, internet and BPAY transactions) pays an average of $13.95 each month. But some accounts can charge over $60 for the same thing!
RateCity says that they have found 10 accounts that offer no monthly account-keeping fees and no transaction fees. They also say that there are a further 34 accounts with no monthly account-keeping fees and up to 9 free transactions per month.
So clearly, if Bank fees are annoying you, the first step is to look around for a better deal.