Money Matters – What is your bank account costing you?
Most of us have a few bank accounts set up to help make our money management easier – perhaps one for our main income, one to save for an upcoming holiday, one for bills and other living expenses and so on. Of course what we rarely think about is that more often than not, each of these accounts and sub accounts have fees attached to them.
Bank fees aren’t necessarily a bad thing but when you have more than two accounts, they can add up pretty quickly.
By doing a little bit of research you can find a number of bank accounts that are bank fee free! A great starting point is the Australian Banker’s Association website that lists a number of banks that offer basic bank accounts with no bank fees attached. There are also a number of other accounts that waive bank fees if you deposit a minimum amount each month (such as $2,000) – which many of us can meet with our salaries and wages!
What about all those direct debits you have set up? Thankfully if you are switching accounts, your new bank can help.
If you ask your new bank to help you switch they will contact your old bank to get a 13-month list of:
- Direct debits (like gym membership or regular utility payments)
- Direct credits (like your salary)
Your new bank will give you the 13-month list so you can decide which regular direct debits or credits you would like to move across to your new account. You can ask your new bank for help with this process. You can also authorise your new bank to give all of the relevant payees your new account details.
Switching bank accounts isn’t as hard as you think and could save you substantially in the long run, putting more in your pocket to go towards what matters.
If you’d like to talk about other ways you can make you money go further or if you’d like assistance with personal budgeting and cash flow management, please contact me by email – ryan [at] liberumfinancial.com.au or give our office a call on 07 3233 6470.
The information provided is general in nature and does not take into account your particular investment objectives, financial situation or insurance needs; we therefore recommend you seek advice tailored to your individual circumstances before making any specific decisions. Liberum Financial and its advisers are Authorised Representatives of Fortnum Private Wealth Pty Ltd ABN 54 139 889 535 AFSL 357306 Australia Credit Licence No 357306 trading as Fortnum Financial Advisers.