3 ways to reduce your banking fees

Banking fees don't have to cost you the earth. We take a look at how looking for the right accounts can help reduce them and get you better value.

Bank fees seem small in the grand scheme of things. You might be paying them on your bank account right now without even knowing it.

Add that monthly fee up over a year, or worse, a decade, and suddenly the amount doesn't look so small.

You don't have to pay big fees just to access your own money. And the fees you do pay should give you something in return.

Here are three ways you could reduce your banking fees.

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1. Look for a bank that's upfront about fees

The worst fee of all is a hidden one. Some banks are less transparent about the fees they charge.

The information is all there, but you have to read the fine print to catch everything.

NAB is one bank that puts transparency first. It provides clear information about its bank account fees so customers know exactly what they're getting, and exactly what they're paying for.

NAB's Classic Banking account has no monthly account fee¹, no ATM fee at over 4,000 ATMs across Australia and you can make everyday purchases with a Visa Debit card.²

This also enables you to get access to NAB Goodies, which lets you score exclusive rewards, savings and offers from NAB partners like Hoyts, Expedia, Mate Telco and Samsung.

If you want a card that has 0% international transaction fee³ on overseas and online purchases, you could choose the NAB Platinum Visa Debit card.

This card has a $10 monthly fee. However, you'll also receive 1% cashback on contactless purchases (up to $10 a month). So if you spend $1,000 a month or more on your card, this will offset the fee.

You know what you're getting, and you know what the fees look like.

2. Focus on value and services

Avoiding fees doesn't necessarily mean choosing the simplest bank accounts with minimal frills and features.

Knowing exactly what you're getting for your money helps you make a better decision. You might decide that it's worth paying a fee to unlock more features.

NAB's Classic Banking account doesn't charge a monthly account fee. But you can choose to pay a $10 monthly fee for the NAB Platinum Visa Debit card¹ to get:

• 0% international transaction fee on purchases
• 1% monthly cashback on eligible contactless purchases (up to $10 a month)⁵
• 24/hour concierge service⁶
• Complimentary insurance cover⁷

If these features matter to you, then you might decide the monthly card fee is well worth it.

But a good bank account should offer you more features and options, even with a fee-free option.

NAB offers valuable additions for all its accounts. For example, the NAB app includes sophisticated money management tools that let you track your spending, set budgets and see where your money is really going each week.⁴

3. Choose an account that doesn't charge monthly fees

If you don't want fees, find a bank account that doesn't charge them. It's a loyalty tax for the customer. For the bank, it's easy money.

NAB has plenty of transaction and savings accounts that keep fees very low. For example:

• NAB Classic Banking account: This account comes with $0 monthly account fee. There are also no ATM fees at over 4,000 ATMs across Australia.² It keeps things nice and simple. If you shop overseas with a NAB Visa Debit card linked to your account, there is an international transaction fee (unless you opt for the NAB Platinum Visa Debit card with a $10 monthly fee).³
• NAB iSaver: This is a savings account with no monthly account fee. It's a place where your money can grow with competitive interest, with no minimum balance and full flexibility to deposit or withdraw whenever you want.⁸ You get a higher interest rate for the first 4 months too if you haven't had a NAB iSaver in the last 12 months.⁹
• NAB Reward Saver: This savings account also charges a $0 monthly account fee. NAB Reward Saver helps you earn ongoing bonus interest when you save consistently by making at least one monthly deposit before the second-last banking day and no withdrawals.¹⁰

It's worth taking a look at your current bank accounts and seeing what fees you're paying, if any. And what level of service you're getting.

If you think your bank account could be working hard for you, maybe it's time to switch.

Learn more about banking with NAB

This article was written by Finder and sponsored by NAB.

The information in this article is general in nature and doesn't consider your personal objectives, financial situation or needs. You should review the relevant product terms and consider whether it's right for you.

Important information

1 Visa Debit cards: Select your choice between a NAB Visa Debit card (no monthly fee) or NAB Platinum Visa Debit card ($10 fee per month).

2 ATM fees may apply when using your NAB card at ATMs operated by other ATM networks. When using your NAB card for overseas ATM withdrawals, an International Transaction Fee and an ATM cash withdrawal fee applies on both NAB Visa Debit and NAB Platinum Visa Debit cards. Overseas ATM operators may charge you a separate fee to use their ATMs. The International Transaction Fee doesn't apply to purchases made using a NAB Platinum Visa Debit card.

3 An International Transaction Fee applies using your NAB account in Australia if the goods or service provider (commonly referred to as a 'merchant'), financial institution or entity processing the transaction is located outside Australia. The International Transaction Fee doesn't apply to purchases made using a NAB Platinum Visa Debit card.

4 Consider the NAB Internet Banking and Telephone Terms and Conditions which apply when using NAB Internet Banking and the NAB app. The NAB app is compatible with Android™ and iOS, minimum platform requirements apply. Android is a trademark of Google LLC. iOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.

5 To be an eligible spend for 1% monthly cashback, a contactless purchase must be made in AUD and processed and debited to your NAB account by the last banking day of the month. Eligible spend is capped at $1,000 per month.

6 Concierge Service: This service is provided by Visa Worldwide Pte Ltd or International SOS (Australasia) Pty Ltd. Your concierge is available on 1300 730 213, 24 hours a day, 7 days a week. See the NAB Concierge Service terms and conditions (PDF, 240KB), opens in new window for full details.

7 Insurance: AWP Australia Pty Ltd ABN 52 097 227 177 AFSL 245631, trading as Allianz Global Assistance (AGA), under a binder from the insurer, Allianz Australia Insurance Limited ABN 15 000 122 850 AFSL 234708 (Allianz), has issued an insurance group policy to National Australia Bank Limited ABN 12 004 044 937 AFSL and Australian Credit Licence 230686 (NAB) which allows eligible persons to claim under it as third party beneficiaries. Access to the benefit of cover under the NAB card insurances is available to eligible NAB cardholders and other eligible third party beneficiaries by operation of s48 of the Insurance Contracts Act 1984 (Cth).

Any advice on insurance is general advice only and not based on any consideration of your objectives, financial situation or needs. You must check whether or not it is appropriate, in light of your own circumstances, to act on this advice.

This insurance is underwritten by Allianz. NAB is not the product issuer or insurer and neither it nor any of its related bodies corporate guarantee any of the benefits under this cover. If an eligible person wishes to claim any of these benefits, they will be bound by the eligibility criteria, terms, conditions, exclusions, limits and applicable sub-limits contained in the insurance information booklet. The eligibility criteria, terms, conditions, exclusions, limits and applicable sub-limits of the group policy can be found by visiting Changes to NAB complimentary card insurances.

Refer to the NAB Card Insurance Policy Information Booklet see which benefits offer cover in the event that you are positively diagnosed as suffering a sickness recognised as an epidemic or pandemic.

8 If you're new to NAB or don't have an existing transaction account, NAB will automatically open a NAB Classic Banking account and NAB Visa Debit Card for you when you open your NAB iSaver.

9 Fixed bonus margin is only available to customers who have not held a NAB iSaver in the last 12 months (on balances up to $20 million). In the case of multiple account holders, the bonus margin will only be received if all customers are eligible.

10 To earn the bonus interest, make no withdrawals and make at least one deposit in the month (NAB must receive the deposit on or before the second-last banking day of the month). If the account qualifies for bonus interest, NAB will calculate it using the daily closing balance throughout the month.