Households slapped nearly $500 in bank fees annually

Aussie households are being stung $477 a year just to keep popular financial products such as bank accounts, credit cards and home loans active, according to a new RBA report.
The Banking Fees in Australia paper, revealed that last year alone banks pocketed $4.41 billion in fees - an increase of 1.5% from 2015.
However, the Mozo database shows that there’s really no reason to be paying through the nose for fees, as there are currently 69 fee free bank accounts, 28 zero annual fee credit cards and 31 home loans with no upfront or ongoing fees.
Mozo Director Kirsty Lamont, said it’s concerning to hear that Aussies are paying a high price for bank fees that can generally be avoided altogether.
“There are now dozens of no fee credit cards, bank accounts and home loans on the market which means it’s now entirely possible for savvy consumers to rid themselves of banking fees altogether.”
“Consumers prepared to shop around for the best fee free options will be rewarded with savings of hundreds of dollars a year. But you need to look beyond the big four banks in favour of online banks, mutuals and non-bank lenders, as they are generally much more competitive on the fee front than the big banks,” she added.
Tips to save money on bank fees for good
- Check your bank statements. It’s possible you’re being slapped with fees you weren’t aware of, which is why you should take a couple of minutes to comb through all those monthly statements that come your way. And cancel any direct debits you no longer use (hint: that unused gym membership).
- Know your ATM network. When was the last time you were hit with a $2 ATM fee? These fees are a huge money drain and easily avoidable by signing up with an account with a generous ATM network (see offers in the table below).
- Use it or lose it. If you’re not squeezing the most out of your fancy rewards credit card to warrant its steep annual fee, ditch your provider in favour of a more competitive deal.
Bank account offers
-
Mozo experts choice awards won:
- Exceptional Everyday Account - 2025
- Travel Debit Card - 2025
Everyday Edge Account
$0.00
Apple Pay, Google Pay, PayID, Samsung Pay
0% p.a.
This bank account has no account keeping fees to pay. There are unlimited fee-free domestic transactions. Safe and secure digital banking. Fee-free card purchases and cash-out transactions in-store. Free access to thousands of ATMs nationwide. For customers 18 or over.
CompareCompareEveryday Edge Account
This bank account has no account keeping fees to pay. There are unlimited fee-free domestic transactions. Safe and secure digital banking. Fee-free card purchases and cash-out transactions in-store. Free access to thousands of ATMs nationwide. For customers 18 or over.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID, Samsung Pay
- interest rate
- 0% p.a.
- ATM networks
- -
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from counter deposit, phone, internet and EFTPOS. Free counter withdrawals.
Read reviews and learn more about Great Southern Bank bank accounts
-
Everyday Account
$0.00
Apple Pay, Google wallet
0% p.a.
In addition to $0 monthly account-keeping fees and 24/7 real human support, you can turn your everyday banking into Qantas Points. Link your Qantas Frequent Flyer account to your AMP Bank Everyday Account, in the new AMP Bank app and earn 1 point for every $10 on your average monthly balance. T&Cs apply.
CompareCompareEveryday Account
In addition to $0 monthly account-keeping fees and 24/7 real human support, you can turn your everyday banking into Qantas Points. Link your Qantas Frequent Flyer account to your AMP Bank Everyday Account, in the new AMP Bank app and earn 1 point for every $10 on your average monthly balance. T&Cs apply.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google wallet
- interest rate
- 0% p.a.
- ATM networks
- ANZ, CBA, Westpac and atmx branded ATMs in Australia
- What kind of card?
- Debit Mastercard
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free online app transactions and withdrawals from network ATMs.
Read reviews and learn more about AMP Bank bank accounts
-
Choice
$5.00$0 monthly account fee for 12 months when you open an account by 30 May 2025. Account fee is also waived for customers that deposit at least $2,000 per month.
Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, Digital Card
0% p.a.
Enjoy no monthly account-keeping fees for the first 12 months, for deposits of $2,000 a month or for eligible customers. No withdrawal fees at branded and select non-branded ATMs. No international transfer fees when sending foreign currency overseas via Online Banking or the Westpac App. Unlimited free transactions and account enquiries.
CompareCompareChoice
Enjoy no monthly account-keeping fees for the first 12 months, for deposits of $2,000 a month or for eligible customers. No withdrawal fees at branded and select non-branded ATMs. No international transfer fees when sending foreign currency overseas via Online Banking or the Westpac App. Unlimited free transactions and account enquiries.
- account fee
- $5.00$0 monthly account fee for 12 months when you open an account by 30 May 2025. Account fee is also waived for customers that deposit at least $2,000 per month.
- Payment Options
- Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay, Digital Card
- interest rate
- 0% p.a.
- ATM networks
- Westpac, St.George, BankSA, Bank of Melbourne
- What kind of card?
- Debit Mastercard
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from internet, phone, network ATMs, EFTPOS, BPAY, branch deposits and withdrawals, and cheque.
Read reviews and learn more about Westpac bank accounts
-
Orange Everyday
$0.00
Apple Pay, Google Pay, PayID, PayTo
0% p.a.
ING’s Orange Everyday bank account offers no monthly fees and 1% cashback on eligible utility bills up to $100 (T&Cs apply). Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
CompareCompareOrange Everyday
ING’s Orange Everyday bank account offers no monthly fees and 1% cashback on eligible utility bills up to $100 (T&Cs apply). Experts Choice Awards Highly Commended Everyday & Savings Bank 2025^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, 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
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
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.