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Banking & Savings Tips & Tricks

Avoid debits tax
Use your cheque account as a last resort. Bank accounts debit tax (BAD tax) only applies to accounts with a cheque facility, but applies to all types of withdrawals from that account and the charges are steep.
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Are you eligible for a fee-free transaction account?
Most banks offer fee-free accounts to pensioners, students and children. Check to see if you fit their criteria.
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Avoid account-keeping fees
By taking care to keep your balance above the minimum monthly balance level applicable to many accounts, you can avoid monthly account-keeping fees.
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Be smart with your credit card
Instead of withdrawing cash to make purchases, use a credit card with interest-free days to make as many purchases as possible. At the end of each month, pay off your credit card in full by the due date using just one of your free transactions.
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Use EFTPOS when shopping
EFTPOS transactions are still fee free with many accounts. Even when a fee does apply, you can still save. When paying for the weekly shopping or filling the car up with petrol, get some cash out at the same time. This gives you two transactions - a purchase and a withdrawal - but they only count as one.
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Avoid using 'foreign' ATMs
Not just overseas banks, but also the ATMs of local banks other than your own. The fee for an ATM withdrawal is usually steep and not counted among any free transactions.
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Bank within your free-transactions limit
Know how many free transactions you get each month and what type of transactions they apply to (ie. electronic, over-the-counter) then bank accordingly.
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Consolidate your accounts
Spreading your savings over a number of accounts exposes your money to more charges, especially account-keeping fees.
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Consolidate your banks
Some banks will offer a rebate of fees if you give them other valuable business, eg. Home loans, personal loans, term deposits.
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Go electronic
Use ATMs, EFTPOS, Internet and phone banking when you can as their transaction fees are lower than over-the-counter fees.
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