41 reasons why you shouldn't be paying bank account fees in 2019
Bank account fees have traditionally been the bane of Aussie banking customers, but new figures have revealed that Australians don’t necessarily have be paying them. According to an analysis of 107 bank accounts in the Mozo database, 41 accounts have a $0 monthly fee with no strings attached. As well as this, there are 36 accounts that waive their monthly fees for account holders who are able to make regular deposits.
“The new figures show what money savvy banking customers know already - that Australians simply don’t have to be paying fees if they don’t want to. Whether they want to bank exclusively online, or with a large or smaller provider, there are loads of fee-free options they can consider by comparing and making the switch,” said Mozo Director, Kirsty Lamont.
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So just how much will paying those extra fees add up in the long term? Let’s say Tom is currently paying $6 in bank account fees every month. This adds up to $72 a year that is being spent on unnecessary fees and $360 over five years. Tom could better spend this money on a return flight from Sydney to Melbourne rather than unwarranted bank fees.
“But Australians shouldn’t stop there and settle for second best with their bank accounts. There are plenty of other fees to be avoided - whether it’s atm fees, foreign exchange fees or foreign transaction fees, there are plenty of other ways to be saving,” Lamont said.
Not all bank accounts charge the same fees, with some of the most common ones aside from monthly account keeping fees being ATM withdrawal fees and foreign exchange fees. Given the decision by Australia's four major banks (ANZ, Commonwealth Bank, NAB and Westpac) in February 2017 to drop ATM fees for non-customers, it has never been easier for Aussies to avoid ATM account fees.
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However, some banks such as ING and ME Bank have gone one step further, offering their customers ATM fee rebates as long as certain conditions are met. Their requirements include using the ME and ING credit or debit card at least five times a month and ING has an additional deposit minimum monthly requisite of $1,000.
The same goes for Australians wanting to use their debit card overseas, in which there are a variety of travel money cards that offer no foreign ATM withdrawal and exchange fees. In fact, according to the Mozo database there are currently ten travel-friendly bank accounts which don’t charge either of these fees.
How does your bank account measure up? A great place to start is comparing bank account winners in the 2018 Mozo Experts Choice Awards. For more fee free options check out the range of fee free transaction accounts below.
Bank Accounts 2019
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Wallet, PayID, PayTo
0% p.a.
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
CompareCompareOrange Everyday
The everyday bank account that could pay you for paying bills. Get 1% cashback on eligible utility bills (up to $100), $0 ING international transaction fees, and up to 5 rebated ATM withdrawals a month here or overseas (T&Cs apply) and no monthly fees to pay. Mozo Experts Choice Awards Everyday & Savings Bank of the Year winner for 2024.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, PayTo
- interest rate
- 0% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Access 1% cashback on eligible utility bill payments (up to $100 per financial year), rebates on ATM fees for the first 5 fee incurring withdrawals (domestic). When you deposit at least $1,000 from an external bank account and make at least 5 card purchases using your ING debit card each month.
Read reviews and learn more about ING bank accounts
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Everyday Options Account
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
CompareCompareEveryday Options Account
Enjoy 0% foreign currency conversion fees on Visa Debit card purchases. Plus make an eligible purchase using your linked Visa Debit card to earn cashback at participating merchants. $0 monthly account keeping fees & the option to open up to 9 sub-accounts. Suncorp Bank (Norfina Limited ABN 66 010 831 722 AFSL 229882 Australian Credit Licence 229882). The SUNCORP brand and Sun Logo are used by Suncorp Bank (Norfina Limited) under licence and Suncorp Bank is not part of the Suncorp Group.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- interest rate
- 0.01% p.a.
- ATM networks
- Suncorp
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read reviews and learn more about Suncorp bank accounts
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Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
0% p.a.
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Garmin Pay
- interest rate
- 0% p.a.
- ATM networks
- MyState
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free internet transactions.
Read reviews and learn more about MyState Bank bank accounts
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Everyday Global Account
$0.00
Apple Pay, Google Wallet
0% p.a.
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
Enjoy $0 monthly account fees and international fees, with no minimum deposit or balance requirements. Buy, hold and spend in 10 currencies (AUD included) and earn 2% cashback for purchases under $100 (T&C’s apply). Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- interest rate
- 0% p.a.
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read reviews and learn more about HSBC bank accounts
Your selected bank accounts
Your selected bank accounts
Your selected bank accounts
Your selected bank accounts
^See information about the Mozo Experts Choice Bank Account Awards
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