Flat fee account attracts customers to Commbank

The Financial Review reported that the Commonwealth Bank was now opening 2,000 new transaction accounts a day, up from 1,500 a day, following the introduction of fixed-fee accounts last month. The bank also said it was closing 300 fewer accounts each day. Michael Cameron, CBA's group executive, retail banking services told the newspaper that the bank estimated the new accounts could reduce annual fee revenue by between $10 million and $15 million.