Avoiding Bank Fees

I am personally against paying bank fees. Coming from countries where banks generally don't change maintenance fees on accounts, I find the bank charges in Australia ridiculous.

When I settled in, I started looking for options to remain fee-free. I signed up with Credit Union Australia, and don't have to pay account keeping fees. I understand that Credit Union ATMs are not as widely accessible as commercial banks, but I just learned to plan better and maximize cash-out services at the shops when you pay by EFTPOS.

Another account to consider--I noticed that BankWest introduced a savings account product that waives account fees provided at least $2500 gets deposited into the account monthly. Since BankWest merged with Commonwealth Bank and you can use ATM facilities of both banks free-of-charge if you are a BankWest account holder.

I am also against paying annual fees for credit cards. Two credit cards fit my needs -- the Classic Qantas American Express card and BankWest's Zero Mastercard. I generally use my credit cards with discipline and pay off the bill in full every month. I am thankful that my mom is a good example of a smart spender.