Fee Free Banking in Australia


Vision Direct

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For a long time, one of the common gripes abut Australian Banks has been the monthly fees charged by many of them just for having an account.

However, not all the banks have actually charged this, and most of them have an option to have a fee free account for many people.

Fee Free Banking for selected groups

Most banks allow students and school children to have fee free banking accounts, and the same for Retired people, and those on some government benefits.

  • ANZ Bank state that if you are receiving Government benefits, you may be eligible for the ANZ Access Basic account offering banking with no monthly account service fees.
  • Westpac Bank for example have their Basic account, available for anyone receiving a Government Benefit, with no monthly fees.

Fee Free Banking for everyone

  • HSBC have their online saver account with no fees.
  • National Australia Bank have the NAB Classic Banking account, with no monthly fees, effective from January 2010.
  • Most Credit Unions have full banking facilities, with no monthly fees.

Most people can find a Banking option and avoid monthly fees.


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Monthly Fee Waivered Bank accounts

Many of the banks that do charge a monthly fee will often waive that fee when you have your salary paid into the account.

eg:

  • St George Bank: Pay no account service fee if, by the last business day of the month, you either deposit a minimum of $2,000 or have your St.George home loan repayment automatically deducted from this account.
  • Commonwealth Bank: Deposit $2,000 a month and we will waive your monthly account fee for the life of your account.
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