Published on September 6, 2016 11:03 am, by Jen Bakker
We’ve reviewed transaction data for our members, and you’ve been charged a fee for something you can do for free somewhere else.
Your account set up can influence your financial success. The number and types of accounts you have could be costing you. Transaction fees, ATM fees and overdrawn fees are all dollars that would be better off in your pocket than the banks’ coffers.
When it comes to changing accounts people are lazy. We tend to stick with what we’ve got. We think it’s inconvenient and somewhat painful. In reality, the worst of it is changing your payments over. And that’s easier than ever. Your old bank can give you a list of your automatic debits and your new bank can help you set them up. Just ask them how.
We’ve listed the 3 best transaction accounts we can find on the market (as at 19 Jan 17) and the conditions that will help you decide which one is for you!
The interest is nominal with the maximum currently 0.01%. We suggest you link a savings account, one that also has no fees, to get a higher rate for your savings.
And the 3 best transaction accounts for low fees are –
Current at 19 Jan 2017
*ING Orange Everyday account
This account will suit you best if you deposit $1,000 per month into your ING Orange Everyday account and you want to use any ATM at no cost. Fees are refunded immediately.
**ME Bank Everyday transaction account
This account will suit you best if you never overdraw your account. There is no minimum amount you need to deposit.
You want to use any ATM you choose, even when you are charged you will be refunded.
**NAB Classic banking account
This account will suit you best if you overdraw your account and don’t want to deposit a minimum amount each month.
You will also need to be vigilant about the ATMs that you use as fees will apply.
Opening a new transaction account
Open an ING Orange Everyday account
Open an ME Bank transaction account
Click here to open a NAB Classic bank account
If you’re going into the branch:
It’s easy with MoneyBrilliant to know exactly how much you are paying in fees & charges
All your bank fees will automatically categorise as the type they are – ATM fees, account keeping fees etc. We quickly and conveniently provide a 90 day tally of all these fees and charges combined.
It’s easy to customise to one type of fee, or a different time period along the right-hand menu so you can really see where your money is going.
What about my savings?
The interest rates on transactions accounts are low. Often those that have higher (bonus) interest have a set of rules that you need to adhere to, for the extra interest to be paid.
So think about your goals and your savings and find somewhere with a higher rate or return than a transaction account for those dollars.
Jen is an experienced banking professional who loves wine, coffee, finding a bargain and of course her three beautiful children. Since Jen's first budget led her to buy a home at 20, Jen has passionately helped others to make better decisions with their money.