Choosing A Bank

For many people, this is the first and foremost factor to consider when choosing a bank, especially if you’re not making the big bucks yet. In exchange for looking after your money, banks can charge a few different types of fees – for example, monthly account fees, transaction fees, ATM fees, internet banking fees, branch withdrawal fees and statement fees, just to name a few. Choosing the bank with the lowest fees might seem like the most obvious and simple way to choose a bank. But there are other factors that you will probably need to consider too, ones that might make you want to pay a little more in fees in return for other benefits.

A lot of Australian banks offer low or no-fee transactions accounts, which are the most common accounts for students, so it’s good to do your research.

Being able to call your bank and receive up-front and helpful answers from a real person is considered a massively important service for pretty much everyone. When it comes to your money, you’re going to want to access and manage it with ease, so you may also want to consider whether a bank offers the various conveniences you’re after, some of which include:

• ATMs in convenient locations
• A mobile banking app
• Cardless ATM withdrawal
• The ability to lock your card if you misplace it
• Partner discounts

Interest rates may not seem like a pressing issue for you now, especially if you don’t have a huge amount of savings yet, but in the future, getting the best deal - including great rates on your savings accounts - could help grow your money. It’s worth checking different banks’ interest rates and measuring them against the account fees to see what the best deal is.

Once upon a time, having a local branch was really important. It still can be, say, if you want a face-to-face conversation with a banker, but for many people these days, it’s more important to have an easy-to-use, safe and secure banking app. Check which banks have secure apps, with features that you would like to use, before you go keying in your bank details on the interweb.

This information is intended to be general in nature only and might not apply to your personal circumstances. When in doubt always seek professional guidance.