Majority of Aussies aren’t across their banking fees and charges, says UBank

With so many banking options on the market, consumers have lost track of the fees they pay, on products like bank accounts, which could be costing them hundreds of dollars every year.
According to UBank’s annual Know Your Numbers Index, 76% of Aussies can’t accurately state how much they pay in banking charges over the course of a year.
Only a small 21% of respondents to the survey knew the keeping fees and charges they pay every year on their transaction account, despite 27% saying they are least willing to waste money on ATM withdrawal fees and 16% on transaction keeping costs.
And more than a quarter of respondents to UBank’s report said that it’s too complicated to track the numbers across all of their banking products, while 18% said they simply don’t have the time to do it.
“Australians are typically very savvy - except when it comes to knowing how much they pay in bank fees. Given the average Aussie has six different bank accounts, it’s no surprise they’re finding it hard to keep track,” UBank CEO Lee Hatton said.
“The fact is the more you know about your bank fees, the more you will save. We encourage Australians to take control and seek out fee-free products and accounts. There’s not only a great range of alternatives in the market, but it’s a simple way to instantly save hundreds.”
RELATED: Mozo’s People’s Choice Awards highlight Australia’s favourite banks
Worryingly, UBank also found that Aussies estimate they spend $328 on annual banking fees and charges every year, which is below the RBA average figure of $468 - meaning customers could be hit with extra fees that they aren’t aware of.
“When choosing a banking product, whether its a bank account or a home loan, it’s always crucial to read the fine print,” Mozo Director, Kirsty Lamont said.
“Too many times Aussies have been hit with extra fees that they didn’t even know were there in the first place, simply because they didn’t do their homework. That’s why it’s a good idea to thoroughly compare similar products before you seal the deal.”
RELATED: Are you losing the fight against banking fees?
Ready to switch to a fee-free bank account? Head to our bank account comparison table to weigh up your options, or read more of our useful banking guides for all the information you need.
Compare bank accounts
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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
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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
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Everyday Global Account
$0.00
Apple Pay, Google Pay
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 2025 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 2025 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay
- 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
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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
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^See information about the Mozo Experts Choice Bank Account Awards
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