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This
booklet gives information of a general nature and is not intended
to be relied on by readers as advice in any particular matter.
You
should consider consulting a financial adviser regarding how this
information may apply to your own circumstances.
Other
formats
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HOW DO I CHOOSE THE BEST BANK ACCOUNT FOR ME? |
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Now you know a little more about the main types of bank accounts, consider what it is that you want from your account. Going through this process will help you to narrow down the available choices.
The type of bank account that’s right for you depends on what you need and how you bank.
Everyone’s needs are different, and will change over time. What are you looking for from your account? Do you want an account simply to manage your pay and living expenses? Or do you want to start saving for a car, a holiday or student fees? Are you likely to make just a few transactions each month, or will you use your account more regularly? Do you need a cheque book?
Once you’ve considered your needs, it’s time to look at the available choices and see which best matches those needs.
The table below provides a shopping list of what you might want from your bank account. Beside each statement, we’ve shown which accounts may, or may not, meet those needs. Of course, accounts differ from bank to bank, so use this table only as a guide.
Talk to your bank
If you’ve already got a relationship with a bank, talk to them about your needs, and what products and services they can offer you. Shop around as well – see if another bank can offer you a better option. Banks will compete hard for your business, so take the time to look for the product and service that best suits your needs. |
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Did you know?
Banks have information and tools on their websites to help you compare accounts they have on offer and select an account that best suits your needs.
Some banks have tools on their websites to help you easily compare the different features of different bank accounts, such as comparison tables with details about interest rate, monthly service fees, the number of free transactions, and any minimum balance required.
Some banks have a bank account selector where you answer a few questions and it identifies the bank account that reflects your answers. If you don’t have access to the Internet, you can call a bank or visit a bank branch, and bank staff can assist you with your product choice.
Other companies provide information about bank accounts and other financial products which you may find useful, including:
- Canstar Cannex produces information, research and ratings designed to help consumers find the right banking or financial product. For more information, go to the Canstar Cannex website at www.canstar.com.au.
- Infochoice helps you by translating complex financial product data into a user friendly format to make it easy for you to make informed decisions. For more information, see the Infochoice website at www.infochoice.com.au.
- Choice conducts testing of a wide range of consumer goods and provides information to help consumers make confident choices. For more information, go to the Choice website at www.choice.com.au.
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Shop around
Things to consider when you shop around for a bank account:
- Put together a checklist of what’s important to you.
Features – free, limited or unlimited transactions account, transaction or withdrawal fees, exception fees; interest rate; minimum opening balance; minimum account balance; periodic payments.
Services – electronic banking (Internet, telephone, mobile), direct debits, overdraft facility, cheque facility, overseas transactions.
Additional – fraud and security protection, complaints handling, financial counselling, convenient location, hours of operation, disability access and services.
- Visit different banks or go online via the bank websites and find out about the different products on offer. For example, ask about fees on your transaction account and how these fees might be impacted if you open a high-interest savings account. Or check the best interest rate available when you’re about to renew your term deposit – don’t just let it roll over.
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