Early Withdrawals: Fee Free Banking

Invest in Chris’s advice as he deposits information on his Top 3 free bankable banks – don’t withdraw early!Chris does the research.

If you pay fees for everyday banking – you’re losing out! If you aren’t aware there are some interesting products out there if you need a transaction account or looking to switch. You could be missing out on some perks that may not even be available through your current bank.

Avoiding fees to begin with

Most of the big banks will be charging you $5.00 just to hold an account with them but at least most will waive this if you have $2000 coming into your account monthly.

If you rely on going into an actual branch to talk to a person over a counter to do your banking, you’re indirectly paying for it – but honestly, who does that still?!

But why bother when there are other banks that don’t like these:

  • ING Direct – Orange Everyday
  • UBank – USaver Ultra
  • Citibank – Citibank Plus

Each of these banks have certain perks attached; but largely they don’t have branches that you walk into (maybe except for Citibank if you’re in a major city). Do everything online, and for those rare occasions you need to do some face to face banking, you can Bank at Australia Post or partner institutions (but check with your bank).

  Orange Everyday UBank backed by NAB. Link to homepage.USaver Ultra image Citibank Plus
Fees None None None
Free ATM Access With ATM Fee Rebate* NAB and rediATM Citibank, Westpac, St George, Bank of Melbourne and BankSA
Standard rate
(through attached Savings Account)
2.75% 3.31% 2.90%
Overseas purchases 2.50% 2.00% Nil
Overseas ATM withdrawals $2.50 $4.00 Free at Citibank
Other bonuses. 2% back on Visa payWave transactions when you deposit $1000 or more into your account.

Higher savings rate of 3.25% with $200 end of month increase in balance.

Higher savings rate at 4.37% available with $2000 or more deposited into your account.

Higher savings rate of 4.01% can be achieved with $200 direct deposited into linked savings.

Pretty cool ‘Sweep’ which manages your money into your savings.

No fees on international transfers/ purchases/branded withdrawals

Dining program (free bottle of wine)

Cheque and Deposit books available

Caveats To access free ATM withdrawals you require either $1000 deposited monthly or a home loan with ING. You need to have put in $5000 into a USaver account to access the USaver Ultra Product. None found.

Conclusions

I think these are some really good offers, depending on what your mission is. Each play out a little differently:

Small spenders

If you spend smaller amounts frequently  (and on Paywave) 2% back can add up to several hundreds of dollars in a year. Orange Saver is your best bet.

Super Savers

So you probably won’t be spending it, and want to get the best rate on the market. USaver it! Some extra account features to help you out too.

Trendy Travellers

I don’t think you can look past a Citibank Plus account; especially with Citibanks extensive global network; but it’s the fee free banking which saves.

So there you have it. You can now save some time and transact easy!

 

Disclaimer: This information is general in it’s nature and  does not consider your situation or needs. Always check with the bank to see the most up to date information and other terms and conditions.

Chris does not endorse any particular brand and always recommends you choose the product that best suits your needs.

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