Is Your Bank Account Costing You Money?

Written on the 15 November 2018 by David Jarman - Fox Finance Group

 

How good is your bank account?

Working as a finance broker I get to look at a lot of bank statements every day from all walks of life and from lots of different banks. One thing that stands out to me are the fees and ATM charges that some banks charge. You may not think that the odd $2.50 ATM and the $5-$10 monthly account charge seems like much but when you add all of these up over a 12-month period they can mount up much more than you might think.

So here are three different accounts you might want to take a look at and compare them to your current account. Yes, you will have to change your direct debits and yes it will take a little bit of time but if you were going to save $1000's is it not worth it?

ING Bank Orange Everyday Account 

Pros - With ING (who I bank with, thanks Barefoot) on their Everyday Account they offer $0 monthly fees, free ATM withdrawals throughout Australia and even better than that when you use an ATM overseas they will even rebate their fees within 5 business days.
Do you like shopping online? ING Bank also offer no international transaction fees when you shop online and overseas. You can also link this account to an ING Savings Maximiser account and get a bonus interest rate applied to your savings of 2.8% at time of writing. They have also just opened up an Orange Everyday Youth account with no account fees, no ATM fees and no transaction fees (great one for the kids).

Cons - To qualify for this, you have to deposit $1,000 into the account every month and ensure you make 5 x card purchases, ING doesn't have any branches.

HSBC Everyday Global Account 

Pros - The HSBC account is very similar to the ING account offering no ATM/foreign transaction fees and has the same $0 monthly account keeping fees. The card allows you to hold up to 10 currencies in the one account so great for overseas travel and still works as a normal everyday account to deposit your salary and pay your bills from.

Cons - You can only pre-load up to 10 currencies and fee's apply to deposit local coins or foreign currency notes into the account.

NAB - Classic Banking

Pros - Following on with the rest of the accounts I have chosen, $0 monthly fees and $0 ATM withdrawal fees. With the NAB you do not have to deposit a monthly amount into the account and they also have $0 overdrawn fees. All this backed up with a large number of branches if you like to have that face to face time with your bank.

Cons - NAB Pay not available for iPhone, 3% international transaction fees apply, and they do charge a $5 Overseas ATM withdrawal fee.

So, there you have it, a few tips to saving money on your everyday banking. If you take the time to shop around and get set up with a low cost, no fee banking arrangement now you can potentially save yourself $1000's each and every year.

Fox Finance Group is a sophisticated financial services group helping clients save money by finding them the best loan to suit their situation today. If you are looking at your next big-ticket purchase in the near future please give David Jarman a call for an obligation free chat about your goals on 1300 665 906.

Please note that the information provided above is not investment advice that is tailored to your personal situation. While we have given you our thoughts here on some ways to save money, they should not be construed as personal investment advice.