Fee Free Bank Accounts in Australia


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Many banks in Australia charge a monthly fee on personal bank accounts, but not all of them do.

Not only that, but the ones that do can also offer Fee Free Banking if you ask them.

NEWS

October 2009

Some of the major Australian banks are now removing charges from their standard Bank Accounts

Do NOT just accept that you have to pay, look around and see what’s available.

National Australia Bank (NAB) announced today 15th Oct 2009, it would be abolishing more bank fees on customer accounts.

Fees to be abolished include current $4 and $5 monthly account service fees on NAB’s most popular everyday personal transaction accounts: Classic and e-Banking.


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There is no asterix, no disclaimers and no rule requiring customers to make a minimum monthly deposit.

The fees will be abolished with effect from January 22, 2010. Monthly account service fees are one of the most unpopular fees charged by banks, and commonly cost customers between $3 and $10 a month, or up to $120 a year.

Some examples for you to check on…

  • HSBC Bank – No monthly fees, No minimum balance, No minimum regular deposits needed, Unlimited ATM transactions without incurring an ATM Operator Fee at almost 2,700 HSBC, Westpac, St.George and BankSA ATMs nationally.
  • Bankwest – Hero Transaction Account, Fee Free banking on this account if you have wages or salary of at least $2,000 per month deposited into the account. Unlimited ATM transactions without incurring an ATM Operator Fee at all Commonwealth Bank and Bankwest ATM’s nationwide. Aug 13, 2009
  • St George Bank – Fee Free banking on the Complete Freedom account if you have wages or salary of at least $2,000 per month deposited into the account, OR, you are a student. Aug 13, 2009
  • Westpac – Fee Free banking with the Westpac Basic account account for customers in receipt of a government pension or benefit who need their monies deposited directly into a bank account.
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