Only one fee-free bank account remains

Bankwest's Zero Transaction Account is the only account in the market currently to provide a rebate covering all foreign ATM withdrawal fees, as long as you deposit a minimum of $2,000 a month. Customers of other previously fee-free accounts are now finding they are being charged foreign ATM fees if they use a machine not owned by their bank.

HSBC and other smaller banks have joined the Westpac ATM network to provide their customers with free access to a wider range of ATMs, however that network does not include the Westpac owned St George bank ATM network.

Negotiations are under way between smaller banks, building societies and credit unions to give customers access to about 7,500 machines for free.

Source: Sydney Morning Herald

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