NAB receives more custom after dropping fees

National Australia Bank (NAB) is reportedly reaping the rewards of dropping its penalty fees on products, in news that may be of interest to those looking to compare savings accounts.

The institution announced in July that it would abolish its overdrawn savings accounts and dishonour fees – something that has won favour with consumers, according to the Herald Sun.

Only a month after the announcement, the NAB experienced a 40 per cent reduction in customer complaints.

In addition, the number of people turning to the bank for its products has increased six-fold.

According to the news provider, NAB chief Cameron Clyne stated the new business had generated enough revenue to almost cover the cost of the cuts.

"Banks have eroded their image and we have addressed that simply by listening to our customers," he commented.

However, Mr Clyne added that the firm has a "long way to go".

Earlier this month, NAB stated it was to increase its home loan rates by 0.25 per cent in line with the base level established by the Reserve Bank of Australia.

This article is brought to you by Mozo – Helping you compare savings accounts