
Beating bank fees
On this page:

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 8 December 2023
-
AMP Cash Manager
$0.00
Apple Pay, Google Wallet, Samsung Pay
0.60% p.a.
Earn up to 4.80% 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 4.80% 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: 4.80% p.a.
Balances from $250,000.01: 4.35% 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
-
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
-
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
-
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
-
Spend Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
0% p.a.
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
CompareCompareSpend Account
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- 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
- Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.
Read our Mozo Review to learn more about the ubank Spend 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 Account Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.