NAB abolishes savings accounts fees

National Australia Bank (NAB) has abolished a range of bank fees on its customer accounts.

Abolished fees will include current $4 and $5 monthly account service fees on NAB’s most popular everyday personal transaction accounts – its Classic and e-Banking accounts.

According to the bank, there are no disclaimers and no rules requiring customers to make a minimum monthly deposit. The fees will be abolished with effect from January 22nd 2010.

Such news may interest bank customers who have decided to compare savings accounts as personal spending budgets tighten. Last week, a report by the Daily Telegraph suggested that households will face paying up to $76 a week extra in rising living costs this year.

NAB’s announcement means that monthly account service fees will be abolished or waived for about 97 per cent of all NAB personal transaction account customers. Monthly account service and various other transaction fees will also be abolished on ten other transaction and savings accounts.

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