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Cutting back on account fees

27/09/2011

Minimising fees depends on having the right accounts for your spending and transaction patterns.

Most banks offer fee-free accounts to pensioners, students, children and people living in regional and remote areas. They also rebate fees and give serious ‘relationship’ discounts if you buy their home loans, credit cards, term deposits etc.

Keep your account above the minimum monthly balance to avoid paying over-limit fees. Perhaps consider consolidating some of your accounts into one – as well as reducing the chances of being overdrawn, you may also reduce the regular ongoing fees.

You can save a lot of money by only using your own bank’s ATM or EFTPOS to get some cash when buying your groceries at the supermarket.

Source: News.com.au



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