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 - 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 our Mozo Review to learn more about the ING Orange Everyday
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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 our Mozo Review to learn more about the Suncorp Everyday Options Account
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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 our Mozo Review to learn more about the MyState Bank Glide Account
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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 our Mozo Review to learn more about the HSBC Everyday Global Account
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^See information about the Mozo Experts Choice Bank Account Awards
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