Fee Free Banking: No Fee Transaction Accounts on A Current Affair (ACA) Feature Story

No Fee Transaction Accounts Comparison

	Description	Monthly Account Fees	Debit Card Access	ATM Withdrawal Fee	Interest Rate p.a.	Details
NAB Classic Banking	No overdrawn fees. Press Credit when you shop and get complimentary 3 months Purchase Protection Insurance.	0	Yes, Visa	0	0.01%	No minimum deposits required to get $0 monthly service fee.
Citibank Plus Transaction Account	Transfer funds instantly between Citibank accounts in more than 25 participating countries.	$0	Yes, Visa	0	0.00%	No ATM fees using Citibank, Westpac, BankSA and St .George branded ATMs

High Interest Savings Account Comparison

Savings Account	Account Details	Maximum Variable Rate p.a.	Standard Variable Rate p.a.	Bonus Interest p.a.	Fees	Min Balance/Min Deposit
UBank USaver	Be rewarded with a bonus 0.50% interest when you deposit $200.	5.51%	4.91%	0.60%	$0	$0 / $0
Virgin Saver Account	High interest 4-month introductory interest rate of 6.51% on accounts up to $250,000.	4.75%	4.75%		$0	$0 / $0
RaboDirect High Interest Savings Account	Achieve your savings goals with this amazing ongoing rate!	5.60%	4.85%	0.75%	$0	$0 / $0
Citibank Online Saver	One of the highest promo rates on the market.	5.70%	4.25%	1.45%	$0	$0 / $0
ANZ Online Saver	Take advantage of this bonus rate from ANZ before its too late!	5.50%	3.75%	1.75%	$0	$0 / $0
NAB iSaver	Be rewarded with a bonus 0.50% interest when you deposit $200.	5.00%	3.65%	1.35%	$0	$0 / $0
Easy Street Bonus Saver Account	Be rewarded with one of the highest rates on the market each month you deposit $50 or more.	5.61%	0.01%	5.60%	$0	$0 / $0
Easy Street – Easy Savings Account	A high ongoing interest rate with no fixed term, no minimum balance and no fee.	4.60%	4.60%	0%		$0 /
St.George Maxi Saver	A competitive variable rate and no fees from one of Australia’s most popular banks	5.30%	3.75%	1.55%	$0	$0 / $0

How do Australians go about finding the best bank account?

1. For savings accounts, compare:
1. the interest rate and how long any introductory interest rates apply for
2. account service fees and charges
3. minimum and maximum account balances
4. whether or not you have to link an account
5. any conditions which may result in you losing interest if you make a withdrawal
2. For transaction accounts, compare:
1. Monthly account service fees
2. ATM Fees – for using your own bank ATM and using another bank’s ATM (Foreign Bank ATM Fees)
3. Exception fees including dishonour fees and account overdrawn fees
4. EFTPOS Fees
5. Foreign currency fees and charges
6. Accessibility to funds and which bank provides the easiest access for you at the lowest cost

If you are paying fees there are plenty accounts that don’t charge a monthly account fee.

If you aren’t getting 6.51% p.a. you aren’t getting the interest rate you deserve. Do an online savings account comparison now and get a higher interest account.

Is there such a thing as a perfect bank account for everyone?

1. The perfect setup is actually a combination of a high interest online savings account and a no fee transaction account.
2. You don’t necessarily have to go with the same bank for both your savings account and your transaction account.
3. For travellers and if you make regular internet purchases on international websites, the NAB Gold is a good account to consider with no fees for using overseas ATMs and no fees for transactions in foreign currencies.
   
   

How does SavingsAccountFinder.com.au work?

SavingsAccountFinder.com.au helps Australians find the right bank account combination helping them earn the highest possible savings account interest rates and pay no fees on their transactions accounts.

Is it possible for consumers to have a bank account which provides them with great interest rates and no account fees?

Bank accounts always have to suit the purpose you have for them. Currently there isn’t one specific account in the market that provides the best of both worlds.

• If you’re looking to save money but still want to retain regular access to your funds, a high interest savings account is the most flexible option.
• If you’re wanting to reduce fees, consider a no fee transaction account to save on your monthly service fees, ATM fees and exception fees.

What are some of the best accounts available?

1. The market leading high interest savings account is the UBank USaver Account.
2. The NAB Classic Banking Account is a low cost transaction account with no monthly service fees or overdrawn fees making it very competitive.
   

What should consumers do if they’re not happy with their current bank account?

1. Complete an online savings account comparison and switch accounts. Banks are not like they used to be, and they don’t reward customer loyalty.
2. Chase the best interest rate, and the lowest fees in the market.

Tips to avoid dishonour fees and better manage your account:

1. Always check your account balance and withdraw funds via your own bank’s ATM, internet banking service or via phone banking. This will save you paying ATM balance fees and withdrawal fees when using Foreign Bank ATMs.
2. Keep an eye on your balance to ensure you have sufficient funds for upcoming scheduled direct debits. It is a good idea to schedule regular payments after the day your pay is cleared in to your account. If you know you haven’t got sufficient funds for a payment, call the creditor to ask for an extension on the payment.. St.George Bank Accounts offer helpful SMS & E-mail alerts feature to notify you in the event have a low balance.
3. Switch to a better bank account.
1. If you are paying fees, you are getting ripped off.
2. If you aren’t getting 6.51% p.a. you aren’t getting the interest you deserve
3. If you answered yes to any of those, visit our site, compare and get better accounts.

Check which account you have and compare it against the other accounts on SavingsAccountFinder.com.au. If you are paying monthly fees, consider switching accounts. Compare the interest rate you are getting and compare it with the other high interest accounts on our site. If you aren’t getting 6.51% p.a. you probably aren’t getting all the interest you deserve.

Choose ATMs wisely and use technology

Most ATM providers charge a fee for using their services if you do not have a bank account with them. This may not be avoidable in some situations, but you need to make an attempt to prevent this from happening. The fees can add up to a lot of money if you do it regularly.

You should also consider signing up to Internet or phone banking. This way you can make sure that you are not paying fees for transactions such as transferring money. Internet banking is also convenient and saves you time instead of going to the bank in person.

Stay in control of your finances and investigate fee free accounts.

Its is important to take control of your finances in order to stay ahead. Choosing not to have an overdraw facility is a great way of staying in control of your money. This way you know your limits and you do not have to pay fees for the added privilege.

There are many accounts available which do not have account keeping fees. They are usually available to students, pensioners and other underprivileged people. However there are also some fee free accounts for everyday users. These accounts usually have some conditions -like a minimum balance or a minimum monthly deposit- which need to be taken into consideration.

You can also ask your bank if they can waive your account keeping fees. Many people are afraid to do so, but those who ask often get a positive reply.