Settlement Guide: 5 tips on how to reduce banking fees

There are lots of different bank accounts so make sure the one you have is right for you. You could save money in fees and charges.

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1. Compare banks and different types of account

Find an account with low or no charges by asking questions and learning the benefits and disadvantages of the different types of account. Make sure you find about the charges so you don’t get a surprise when you receive a bill.

Source: AAP

2. Use your own bank’s ATM

To reduce your ATM fees only withdraw money from your own bank’s ATM.

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3. Withdraw money from eftpos while shopping

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4. Check your account balance online

If you can access the internet you can check your account balance for free. Most banks will offer online banking. Speak to your bank about setting up internet access to your account.

Source: AAP

5. Learn to maintain your account

If you have direct debit payments make sure there is enough money on your account on the date the payment is due. If not, you maybe hit with overdrawn and dishonour fees. Defaulting on repayments can also lead to a bad credit report, which can affect your ability to obtain low cost credit in the future.

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For more money tips and information visit MoneySmart, a website run by the Australian Securities and Investments Commission (ASIC) to help people make smart choices about their personal finances.