CBA revamps its account fees too

Following ANZ’s announcement last week that it has simplified its fee structure for everyday banking accounts, the Commonwealth Bank yesterday announced it would follow suit.

Although CBA customer's can nominate the fee structure which suits their preferred type of service – either branch or elctronic – by comparison ANZ customers seem to have the better deal. CBA customers will still pay for electronic transactions whereas under the new Access Advantage ANZ customers will not.

From April 2 the CBA will be consolidating accounts such as its Keycard Savings and Essentials Accounts, as well the Streamline Express account into a revised Streamline Account.

The new Streamline Account will no longer offer minimum monthly balance requirements or qualification periods. A new monthly account keeping fee of $5.00 will apply.

A new $0.30 fee has also been introduced for transferring funds between CBA accounts at CBA ATM’s.

Fees for electronic banking transactions such as ATM, EFTPOS, cheque and phone have been reduced by $0.10 from $0.40 to $0.30. Over the counter withdrawals have been reduced from $3.00 to $2.00.

Streamline Account holders can nominate which option of free withdrawals per month they prefer – either 2 free over the counter and 5 electronic withdrawals or 15 free electronic transactions only.

CBA's most competitive product remains Woolworths Ezy Banking which offers up to 55 free transactions per month with no monthly fee.

Here are the new ANZ and CBA accounts compared to those of the other major banks:

Institution

ANZ Bank

ANZ Bank

CBA

CBA

National Australia Bank

National Australia Bank

Westpac

Westpac

Product Name

Access Advantage

Access Select

Streamline – Option1

Streamline – Option2

Flexi Direct Account

FlexiAccount

Bonus Saver

Classic Plus

Account Fees

Fee Per Month

$5

nil

$5

$5

nil

$6

$2

$10

FreeTrans Per Month

Electronic

Unlimited

6

5

15

nil

nil

2

25

Over the Counter

Unlimited

nil

2

nil

nil

nil

2

25

Excess Transaction costs

Over the Counter

nil

$2.50

$2.00

$2.00

$3.00

$3.00

$2.50

$2.50

ATM

nil

$0.50

$0.50

$0.50

$0.60

$0.60

$2.50

$0.65

Other Bank ATM

$1.50

$1.50

$1.25

$1.25

$1.50

$1.50

$1.25

$1.25

EFTPOS

nil

$0.50

$0.30

$0.30

$0.60

$0.60

$2.50

$0.50

Phone

nil

$0.50

$0.30

$0.30

$0.60

$0.60

$2.50

$0.40

Cheque

nil

$0.50

$1.00

$1.00

$1.00

$1.00

nil

$1.00

Internet

nil

nil

$0.30

$0.30

$0.20

$0.20

$2.50

$0.25

Rates current as at 5th February 2002
Rebates
Commonwealth Bank – Exempt from MAF & Additional Withdraw:
Relationship $20 000, Disabled, Under 18 years, Complete Home Loan, Full-time Tertiary Students
Pension Concession No Monthly Access Fee + 2 extra assisted wdls in either option
Aged & War Veterans pensioner Full exemption
National Australia Bank – Rebate starts at $6. $1 for every $5000 held in deposit or loan accounts. Exemptions apply.

Source: infochoice.com.au

Copyright Infochoice Ltd. 2002

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