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 - last updated 29 November 2023
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AMP Cash Manager
$0.00
Apple Pay, Google Wallet, Samsung Pay
0.60% p.a.
Earn up to 4.60% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
CompareCompareAMP Cash Manager
Earn up to 4.60% p.a variable rate with AMP Cash Manager on balances from $10,001 to $250,000. Manage and access your funds while earning interest. No transaction fees to pay. Visa debit card, eftpos, and BPAY facilities. Digital wallet payments with Apple Pay, Samsung Pay or Google Pay.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, Samsung Pay
- interest rate
- 0.60% p.a.
- ATM networks
- None
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.60% p.a.
Balances from $10,000.01: 4.60% p.a.
Balances from $250,000.01: 4.10% p.a.
Balances from $5,000,000.01: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from internet, phone, EFTPOS, AusPost deposit.
Read our Mozo Review to learn more about the AMP Bank AMP Cash Manager
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Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
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, FitBit Pay, Garmin
- 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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Wisdom Saver Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit, Garmin
0.05% p.a.
IMB’s Wisdom Saver Account is a high interest transaction account available to members 55 years or over, or members who receive an eligible permanent pension. Enjoy unlimited fee free IMB transactions (T&Cs apply). Great interest rates and at-call access to your money. No monthly account keeping fees. Access to real time payments through Osko. Free Internet, Mobile, and Phone Banking.
CompareCompareWisdom Saver Account
IMB’s Wisdom Saver Account is a high interest transaction account available to members 55 years or over, or members who receive an eligible permanent pension. Enjoy unlimited fee free IMB transactions (T&Cs apply). Great interest rates and at-call access to your money. No monthly account keeping fees. Access to real time payments through Osko. Free Internet, Mobile, and Phone Banking.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit, Garmin
- interest rate
- 0.05% p.a.
- ATM networks
- IMB
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.05% p.a.
Balances from $10,000: 1.65% p.a.
Balances from $50,000: 2.05% p.a.
Balances from $250,000: 2.55% p.a.
- Fee free transactions
- Unlimited transactions from counter deposits and withdrawals, phone, internet, purchases and network ATMs. $2 monthly transaction allowance for customers outside postcodes 2500 to 2580
Read our Mozo Review to learn more about the IMB Bank Wisdom Saver Account
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Mozo experts choice awards won:
- Travel Debit Card - 2023
Everyday Options
$0.00
Apple Pay, Google Wallet, PayID
0.01% p.a.
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- 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
^See information about the Mozo Experts Choice Bank Account Awards
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