Beating bank fees
The first step to avoid any sneaky bank charges is to be aware of the common fees that can eat away from your monthly bank balance. Here's a list of the charges that you need to watch out for:
Bank Account Comparison Table - last updated February 27, 2021
Glide Account
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, Garmin0% p.a.Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees or ATM fees.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees or ATM fees.
- 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 Glide Account
Everyday Global Account
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID0% p.a.No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)
CompareCompareEveryday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)
- ATM networks
- HSBC
- What kind of card?
- Visa Debit
- Interest rate
- Balances from $0: 0.00% p.a.
Balances from $9,000: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, Bank@Post, BPAY and direct debits
Read our Mozo Review to learn more about the Everyday Global Account
Everyday Options
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID0.01% p.a.An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
- ATM networks
- Suncorp, RediATM
- 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, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Everyday Options
& Transaction Account
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID, Samsung Pay0% p.a.An everyday transaction account where you can enjoy fee-free transactions and a range of convenient payment options, including Apple Pay, Google Pay, or Samsung Pay. Open your account online and instantly access your card details securely to transact online or add to your Digital Wallet to make purchases instore.
CompareCompare& Transaction Account
An everyday transaction account where you can enjoy fee-free transactions and a range of convenient payment options, including Apple Pay, Google Pay, or Samsung Pay. Open your account online and instantly access your card details securely to transact online or add to your Digital Wallet to make purchases instore.
- ATM networks
- None
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.00% p.a.
- Fee free transactions
- Unlimited free transactions from EFTPOS, network ATMs, counter withdrawals, phone, internet, BPAY and visa transactions.
Read our Mozo Review to learn more about the & Transaction Account
Classic Banking Account
with Standard Visa Debit Card
account fee
Payment Options
interest rate
$0.00Apple Pay, Google Pay, PayID, Samsung Pay0.01% p.a.No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
CompareCompareClassic Banking Account
No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
- ATM networks
- NAB
- What kind of card?
- Visa Debit or
EFTPOS
- Interest rate
- Balances from $0: 0.01% p.a.
- Fee free transactions
- Unlimited free transactions from own-bank ATM, EFTPOS, counter withdrawals, counter deposits, phone, internet and Visa debit purchases
Read our Mozo Review to learn more about the Classic Banking Account
Monthly bank fees. Some banks charge a monthly fee of about $4-$6 for simply maintaining your account. Fortunately, there are a number of banks and financial institutions that offer accounts with no account keeping fee.
ATM fees. Your bank will have a network of fee-free ATMs, but if you withdraw cash from an out-of-network ATM, you'll need to pay an extra $2.50. That's why it's important to look for a bank that comes with a wide network of ATMs.
International ATM charges. If you withdraw cash from an ATM while you’re abroad, you'll have to cough up an international ATM withdrawal fee of between $2-$5 for every withdrawal.
International transaction charges. Are you planning to use your debit card for online shopping from a store overseas? Then remember that you may need to may an overseas transaction fees of between 2-3%.
Over the counter transaction fees. When you make an assisted transaction in a bank branch or through phone banking, you may be required to pay a fee of about $2. Similarly, any cheque written by you and negotiated through the clearing system may also incur an extra fee.
Dishonour fee. This refers to the fee that you'll need to pay if any transaction on your account is dishonoured because of insufficient cleared funds in the account. This is usually between $5-$10 and applies to payments made via cheques, direct debit and regular scheduled transactions.
Mozo's Top 5 Bank Fee Busters
With some simple planning and smart money management you can easily avoid paying bank fees.
- 1. Ask for a loyalty rebate. Having a bank account, credit card and high interest account (for example) all with the same institution should entitle you to lower or no monthly fees.
- 2. Negotiate a better deal. Banks seem scary and institutional, but if the competition is offering a better deal, use this to get a reduction on services like your monthly fee and transaction charges.
- 3. Avoid features you don't use. Don't pay extra charges for features you don't really need to use. This includes issuing cheques, branch access, etc.
- 4. Avoid features you pay to use. For instance, get cash out when making an EFTPOS purchase to minimise transactions.
- 5. Find a fee-free bank account. Many banks offer to waive the extra charges as long as your fulfil certain conditions like maintaining a minimum balance in your account. While the wrong account can cost $100 a year or more, the right account can save you a bundle. Check out our quick bank account comparison now for the best bank deals.
^See information about the Mozo Experts Choice Bank Accounts Awards
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