The big banks (and some smaller ones) may have recently made ATM fees a thing of the past for Aussie spenders, but don't be too quick to celebrate. We're still shelling out hundreds in bank fees every year - in fact, the average Aussie household paid $477 in bank fees last year according to the RBA.
That’s a lot of money to be throwing away every year, particularly when there are a number of fantastic fee-free banking products on the market now.
So read on for the Mozo money experts picks of some of the most feature-packed, fee-free savings accounts, credit cards and home loans around and wave goodbye to bank fees once and for all.
A fee-free place to stash your cash is just the beginning with ING’s Savings Maximiser. It comes with a standard interest rate of 1.50%, and if you have a linked Orange Everyday account and deposit at least $1,000 a month, that bumps up to 2.8%. Add free transaction over the phone or online and it’s a pretty sweet deal.
The Mortgage Saver Special from RACQ Bank really packs a punch in terms of value. Not only are there no application or yearly service fees, but it also comes with a rock bottom interest rate. The best part is you don’t have to sacrifice features for price, with fee free repayments, redraw facility (fees apply) and a split rate option all included.
The 28 degrees Platinum Credit Card is the perfect fit for frugal spenders. With no annual fee, no additional card fee and 55 interest free days, you won’t have to worry about paying too much for convenience. Plus, you can cash in on the included 24/7 concierge service and Shoppers Protection Insurance for just 1% of your monthly closing balance. What’s not to love?
Rewards card are notorious for hefty fees, but with the American Express Qantas Discovery card, you’ll pay no annual fee at all. It comes with a 20.74% interest rate and 44 days interest free. With 2 Qantas points per $1 up for grabs and no cap on points, this piece of plastic will help you stack up a pile of freebies without breaking the bank.
*WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for the amount and term you entered.
**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.