You haven’t seen the last of ATM fees yet: NAB drops rediATMs
Just when you thought you’d seen the last of ATM fees, NAB has announced that as of 1 January 2019, it will no longer be part of the rediATM network, meaning customers will start paying fees at these ATMs.
There are 3,000 or so rediATMs around Australia, where NAB customers will start paying a $2 fee for withdrawing cash.
"NAB looks set to play the role of The Grinch this Christmas,” quipped Mozo spokesperson, Tom Godfrey.
However, there are still plenty of fee free ATM options for Aussie cash-savvy spenders. Earlier this year, all four big banks - including NAB - scrapped fees at their ATMs.
And if you are ready to say goodbye to ATM fees once and for all, a number of providers in the Mozo database will refund Australian ATM fees for customers. ING even takes it one step further, refunding fees for overseas ATMs up to $2.50 as well.
"With ING, Macquarie and ME Bank happily refunding customers who use private ATMs, if you're sick and tired of these fees it's time to move your money,” said Godfrey.
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But with card payments now more popular than ever, ATM fees may become a thing of the past simply because no one uses cash anymore.
At the Payments Summit in November, RBA Governor Philip Lowe told the Payments Summit, “Around the turn of decade, Australians went to an ATM, on average, around 40 times per year. Today, we go to an ATM around 25 times a year and the downward trend is likely to continue.”
And as we move away from cash, Aussie spenders are packing the plastic instead.
“Today, Australians make, on average, nearly 500 electronic payments a year, up from around 100 per year around the turn of the century,” Lowe said.
And given this growing preference for plastic, there’s unlikely to be any regulatory intervention into banks culling their ATM options.
Tony Richards, Head of Payments Policy Department at the Reserve Bank of Australia flagged in a speech that the RBA would “have an open mind” towards a shrinking ATM network.
He said “policy concerns could arise if there was a significant decline in ATM coverage that made it difficult for people to access cash,” but that “some sensible consolidation of the ATM network could result in a more efficient and sustainable ATM industry.”
So, if you’re getting ready to say goodbye to cash for good, make sure you’re set up with a bank account and debit card with all the payment technology. Check out some options below, or head over to our full debit card comparison table for more.
Debit cards today
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Everyday Options Account
$0.00
Apple Pay, Google Pay, PayID
Visa Debit
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 Pay, PayID
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
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- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
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Glide Account
$0.00
Apple Pay, Google Pay, PayID, Samsung Pay, Garmin Pay
Visa Debit
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 Pay, PayID, Samsung Pay, Garmin Pay
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free internet transactions.
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Everyday Account
$0.00
Apple Pay, Google Pay, PayID, Samsung Pay
Debit Mastercard
Enjoy an all in one transaction account with no monthly service fee designed to help you easily manage your money. Link to your Bendigo Bank home loan to offset your monthly interest. Unlimited internet and app banking transfers, and Bendigo Bank ATM withdrawals. Unlimited EFTPOS withdrawals and retail purchases within Australia
CompareCompareEveryday Account
Enjoy an all in one transaction account with no monthly service fee designed to help you easily manage your money. Link to your Bendigo Bank home loan to offset your monthly interest. Unlimited internet and app banking transfers, and Bendigo Bank ATM withdrawals. Unlimited EFTPOS withdrawals and retail purchases within Australia
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Pay, PayID, Samsung Pay
- what kind of card
- Debit Mastercard
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, EFTPOS, counter deposits, phone and internet
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Mozo experts choice awards won:
- Exceptional Everyday Account - 2024
Orange Everyday
$0.00
Apple Pay, Google Pay, PayID, PayTo
Visa Debit
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 Pay, PayID, PayTo
- 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.
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Everyday Global Account
$0.00
Apple Pay, Google Pay
Visa Debit
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 Pay
- 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
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