In 2014, banks made nearly $2 billion from fees and commissions from their customers. We can’t tell you how much of that was from everyday transaction accounts, but we can tell you how to cut your share.
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Everyday transaction account fees can quickly add up. But by using the right type of account and getting any exemptions you qualify for, you can reduce or be rid of most of them.
The trick is knowing which will work best for you.
There are two main types of charges an everyday account can have: a monthly base fee and transaction fees. Transaction fees may be charged for using ATMs, eftpos, internet and phone banking, making electronic payments, or using a branch.
Transactions involving a staff member – in a branch or through a contact centre – may cost more than using your bank’s automated services. If you use another bank’s ATM, you’re likely to get slugged a $1 charge on top of any transaction fee your bank might charge – and that might not be covered by any exemption.
An everyday account can attract charges for other services. For instance, when you set up or change an automatic payment, for an overdraft facility, or for text messaging services.
We’ve looked only at base and transaction fees, including other bank ATM fees – the usual costs of running an account for a month.
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Becoming a paying member to see which transaction accounts were best for two example profiles.
See our full guide on the smart ways to cut your bank fees. Plus, use our calculator to work out and compare the fees for transaction accounts.