Our Branch Manager Toni Davis shares her tips on how to avoid paying bank fees so you can spend the money on things you enjoy.
One of the ways banks make large profits is from fees and charges. How can you avoid bank fees and put the money back in your own pocket?
There are a range of transaction fees on savings accounts, charges for using ATMs, monthly account keeping fees on loans; establishment fees on loans - the list can be endless.
The major banks collectively scooped more than $11 billion in profits in the past six months. Financial comparison service RateCity recently estimated that $413 million of that profit comes from fees levied by banks on ordinary transaction accounts.
Sometimes it may be reasonable to pay a fee or charge. At the Greater Building Society we pride ourselves on helping customers to minimise their fees. Here are some of the tips I give my customers.
- EFTPOS can be a great alternative to withdrawing cash.
- Get cash out at the supermarket so it counts as one transaction, not two!
- Plan your transactions each week to reduce the frequency of your withdrawals.
- Use Phone and Internet Banking for balance requests and funds transfers. At the Greater it's free!
Also, shop around for fee free or low fee savings accounts and loans. At the Greater we’ve never charged monthly account keeping fees on any of our savings accounts.
There are also a number of fee free accounts in the market-place so it pays to shop around. One is the Greater’s Ultimate Access Account. If you make external deposits of at least $2,000 each month (such as your pay) you don’t pay any transaction fees or monthly account keeping fees.
At the Greater, we can help you save on bank fees so you have more money for the things you enjoy.
What are some your tips for saving on bank fees? Share them below.