Bank with no monthly fee!

m0nkeycheese on 28/12/2011 - 10:27
Last edited 28/12/2011 - 10:47

Hi all. Looking for a Bank with no Monthly fee as im stick of paying it when they get interest off my money anyway >:(

Anyways im looking for a Bank that has the following;

  • No minimum monthly deposit (what a joke that is)
  • Plenty of ATMs (BIG importance)
  • Actual bank I can go inside
  • Internet banking (duh lol)

Im currently with ANZ which charge $5 a month, over a year thats $60! I say screw them!

Any current deals would be great and very appreciated.

Im an ING Direct customer and that 'Orange saver account' looks ok, but no bank. Atm withdrawals are free but only if u get $200+ which sucks.

EDIT: Found this NAB Classic account looks the goods (especially with the RediATMs as well!)
http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_…
I know NAB has had system problems in the past but have most people had a good experience?

Find Me A Bargain

Comments

  • carrie810 on 28/12/2011 - 10:58

    NAB

    HSBC

  • stig on 28/12/2011 - 11:06
    +1

    I was just about to say NAB :)

    Their Classic account is great, it also doubles as a debit card account (you have one card that you use in ATMs, EFTPOS machine, and also online for when you need to make 'credit card' purchases - but it's your money).

    I have recommended to people in the past. There are no monthly fees for any of it, you can also open an iSaver which is an online only account for free as well (no fees, and really decent interest, plus bonus interest for the first few months I think, not sure if that's still going on).

    In regards to the system problems, it has happened once or twice (AFAIK) and everybody messes up at some point. There were more times when I couldn't access online banking with Commonwealth when I REALLY needed to.

    Just my 2c, I guess everything I said here could've been found on the site or whatever, but just thought I'd share. I love being with NAB now, after being with Commonwealth for 15 odd years. No fees, and I'm not sure about going into overdraft, but I didn't get charged anything went I went into debit a few times over Xmas (not paying attention to what was in there! Haha), so that was lucky :) And you get to pick the colour of your card, which is an added bonus (for me, but I'm all about accessorising :P). Hope this helped, even a little!

  • retiredfeline on 28/12/2011 - 11:09

    Actual bank I can go inside

    I don't remember the last time I actually needed to go to a physical bank. And I don't find the >= $200 withdrawal condition of Ingdirect an issue, unless you're the type who has money slip through the fingers.

    But the NAB account is good too. But then I haven't had to withdraw when they have gremlins in the system.

    You could also consider a credit union savings account. They have an agreement with NAB for ATMs and you get a certain number of free withdrawals per month. Unless you're the type to withdraw small amounts often.

  • c64 on 28/12/2011 - 11:19

    also suncorp

    i didn't like the nab internet banking interface when i used it a while back (i've still got a dormant nab classic account). interest rates are also low.

    Im an ING Direct customer and that 'Orange saver account' looks ok, but no bank. Atm withdrawals are free but only if u get $200+ which sucks.

    you can also use eftpos or aus post

  • mrhorseham on 28/12/2011 - 12:33

    i'm with commonwealth (student, so no fees atm) but after reading this i think NAB is the way to go.

  • SpaceNinja on 28/12/2011 - 12:41
    +1

    Citibank Plus transaction account:
    No Monthly Fee
    ATMs(No Charge) : Citibank, Westpac, StGeorge and BankSA (Probably most options for any fee free account)

  • Domingo on 28/12/2011 - 13:58
    +1

    I'm with NAB and find them fantastic. However, I also have friends with Bankwest who have very good experiences (Bankwest and Commonwealth have shared ATM agreements, so Commbank ATMs and the Bankwest ones inside 7-11s)

  • shuklix on 28/12/2011 - 14:54

    Citibank:

    No minimum monthly deposit: They don't have any monthly deposit.

    Plenty of ATMs (BIG importance): They contract with Westpac, so you have access to Westpac, StGeorge, Citibank, Bank of Melbourne ATM's for free.

    Actual bank I can go inside: This is a limitation. In rare cases where I need to I can go to either NAB or post office to do the banking using my citibank account.

    Internet banking (duh lol): It's good, accessible.

  • Ndiddy on 28/12/2011 - 15:23

    Was with Citibank since 2006 and generally speaking I never had a problem with them.

    Pros:

    No monthly fee transaction accounts + upto 3 linked savings accounts per transaction account (handy if you require separate accounts for specific savings goals).

    Plenty of ATMS to use as the previous poster alluded too plus no international atm fees for overseas transactions unless imposed directly by the ATM you're using. Again handy if you do a bit of travelling.

    Can do your banking @ any NAB branch/AUS post office so again fairly handy and not too restrictive. Although any account queries can't be done at the NAB - they merely do the processing (i.e. Cheques, depositing cash etc)

    Internet Banking is OK - I was a fan but I can see why others dont like the UI/password onscreen keyboard.

    Cons:

    The biggest one has to be their customer service over the phone. You can't call them to query an account/notify them of overseas travel or hell even activate your card without them trying an upsell, cross-sell somethingetc. I did a fair bit of travelling during my time with them and I can't tell you how annoying it was to have to deny their cc fraud protection plan every friggin time.

    I used to have an Aus CS number which I got from their Citibank @ Work program but that's been redirected to the Manila call centre as well.

    Conversion rates for overseas/foreign purchases can be a bit much but I'm guessing most banks are like this anyway.

    Moved to the NAB in Feb this year and got the NAB Gold Banking product. So far everything is just great:

    Pros:

    No monthly fee if you deposit more than 5K per month otherwise their Classic product waves the fee if you deposit 2K.

    Plenty of ATMS near home/where we shop/near work and in the city so no issue for me

    I have 3 branches within 7km from home so all good on this front and my home branch is even open on Saturdays which is nice to have just in case.

    Internet Banking is good but UI could be better. Like the SMS authentication to confirm payments.

    Customer service is excellent - Called them up a few times for querying overseas transaction/SWIFT codes etc and calls were answered almost immediately with no up and or cross selling. Big plus here!

    Cons:

    None so far

    I still have my CC with Citibank only because its a Platinum with the Annual Fee waived for as long as I stay with them. If NAB could offer the same I'd move in a heartbeat.

    Hope that helps!

    • phobaphobic on 29/12/2011 - 16:19
      +3

      Citibank was one of the largest partners in the Enron scandal - I can't in good conscience deal with people like that.

      • frewer on 25/02/2012 - 12:14

        I tip my hat to you Sir, i haven't seen a ozbargainer with conscience in a while :)
        So i guess NAB is the bank to go with $0 account fee ?
        How about the one give me interest on the money they keep for me ?

  • shortgum on 28/12/2011 - 16:39

    ING DIRECT ORANGE SAVER

  • m0nkeycheese on 28/12/2011 - 23:31

    Thanks for all the replies! The thing I did like about ANZ is the ATM deposits. I guess thats why I wanted a real bank, as they usually only have the deposit machines attached to a branch. Its great as you can deposit $ 24/7! Does anyone know if NAB have deposit ATMs?

  • phobaphobic on 29/12/2011 - 16:15

    I registered for an account with Commonwealth Bank, and even after graduating I'm not getting any fees. If they catch on, I'll threaten to move my money to another bank, and I'm guessing they will waive my fees indefinitely.

  • Mrs Cackle on 30/12/2011 - 12:20

    Give ME Bank a call - we've been with them for years since they were Super members home loans
    our son just got a home loan with them too
    cheque book , cards loan - no fees ever
    internet banking, Australian phone support
    cannot recommend highly enough

    • faff on 27/02/2012 - 21:04

      I recommend NAB Classic also, but ME is great, with their homeloans regularly number 1.
      I beleive ME credit card still has a fee attached though.

  • YOTR on 06/01/2012 - 02:25

    I have the Orange account with ING. When I need cash, places like Woolworths, the petrol station, etc offer cash out. Never paid a cent of 'foreign atm fees'.

  • ynotidas on 06/01/2012 - 14:33

    nab classic banking account, no fees whatsoever, dont need to be a student or pensioner.

  • [Deactivated] on 07/01/2012 - 22:13

    Bankwest! Can't go wrong.

    • Crownie on 07/01/2012 - 22:21

      If you have the 2k to deposit each month ;)
      Can be done online between linked accounts in smaller amounts as long as you deposit the 2k (I do $250 or $500 transfers betweeen accounts).

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