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

By Polly Fleeting ·

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 - page last updated September 26, 2020

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Polly Fleeting
Polly Fleeting
Money writer

Polly Fleeting is a personal finance writer here at Mozo, specialising in loans and credit cards. Her work is aimed at helping people find ways to make smart product choices, reduce debt and get more for their hard-earned dollars. Polly has a degree in Journalism from the University of Technology, Sydney.