When you find a bank account that suits you, the good news is that you may be able to control the amount you pay in fees by following these tips:

Keep an eye on your free transactions

Some bank accounts offer a minimum number of free transactions before you start being charged fees. If this is the case with your account, make sure you monitor the number and type of transactions you make so that you don’t exceed the limit and end up paying more than you must.

Make strategic withdrawals

Withdraw money more efficiently by taking out larger sums. That way you can limit the number of transactions you make overall, and in turn limit the fees you may be charged.

Consider how you make in-store payments

If you have a credit-debit card on your account, consider selecting “credit” when making purchases, to avoid transaction fees.

Keep in mind credit transactions may incur surcharges from certain merchants, and using credit to withdraw cash from an ATM can involve high interest charges on cash advances.

Consider using eftpos as your ATM

If you’d rather not be hit with fees for making withdrawals via ATMs, ask for “cash out” when buying using eftpos, instead.

Make regular deposits

Some financial institutions will waive the account keeping fees if you deposit a certain amount of money each month. Check with your institution if they have any special offers like this.

What to consider before choosing a bank account