NAB releases new low-fee account
National Australia Bank has launched a low-fee, basic account, its response to community concerns over the effect of bank fees on low income earners.
The new account gives cheaper access to banking services for pensioners and health care cardholders. However, the account is currently available to existing customers only and new customers must wait twelve months before they are eligible.
The features of the account are:
- a monthly rebate arrangement to cover $40 worth of fees effectively means that customers will be able to make 13 over the counter transactions or 66 electronic transactions free.
- 114 free transactions of any type for those on disability concessions.
- no minimum balance or account keeping fee.
ANZ has already announced fee-free transactions for customers and plans to launch a similar basic account soon. Westpac and CBA say they have had low cost account in place for some time. However CBA has been criticised for directing pensioners towards its Woolworths Ezy Banking account which allows for 55 free electronic transactions per month but only 5 over the counter.
Compare what all the banks have to offer in transaction accounts