News
11 October, 2025
Check your bank account and save
REGULARLY checking your bank account could save you more than you think, with a new report revealing Australians are paying millions in unnecessary fees.
The Australian Securities and Investments Commission (ASIC) has found more than one million low-income earners were placed in high-fee accounts despite being eligible for low-fee basic accounts. Collectively, these customers paid over $93 million in fees that banks are now preparing to refund.
ASIC’s report, Better and beyond: Expanding better banking outcomes to more low-income Australians, highlights the importance of knowing exactly what type of account you hold. Low-fee basic accounts have no monthly account-keeping fees, no minimum deposit requirements, and no dishonour or overdraft charges. They are available to people on low incomes or those receiving government benefits.
Consumer advocates say it pays to ask the question. “If you think you’re eligible, talk to your bank about switching to a basic account,” a spokesperson said. “You could save hundreds of dollars a year without even changing banks.”
For those considering a move, experts recommend comparing fees, access to ATMs and branches, contactless payment options, and international transaction charges. Websites can assist with comparisons, but not all accounts are listed, so customers should double-check with their bank. If you do switch, make sure to update your employer, Services Australia, and any direct debit providers with your new account details to avoid missed payments.
ASIC has also warned of scams, urging people to be cautious of anyone asking for passwords or requesting money transfers by text or email.
Financial counsellors say the biggest mistake is the “set and forget” approach. Regularly checking your bank statements or app can help you keep track of fees, ensure your income is being paid correctly, and quickly flag suspicious transactions.
For free advice, the National Debt Helpline (1800 007 007) can connect you with a financial counsellor and help you find a no-fee account.
