![]() Using online banking is an easy way for you to avoid charges. ![]() Go online: most banks charge hefty fees when you do business in the branch.However, if you’re using your credit card, you’ll need to pay it in full and on time every month to avoid being hit with high interest rates. It’s a BankOn nationally certified account, meaning it meets the standards for a safe, low cost, transaction account that is free from NSF fees. Play your cards right: you may pay a fee every time you use your eftpos card, but nothing when you use your credit card. Connect is a paperless account with the flexibility to choose how you conduct your daily transactions.Children and students: if you’re under 19, in tertiary study, or recently graduated most banks can offer you a fee-free account.A condition may be to have your super payments direct-credited into your account. The golden age: if you’re over 65 you shouldn’t be paying monthly base fees or transaction fees.Most of these accounts also pay interest on the balance. ![]() High-balance accounts: most banks offer at least one everyday account that has no base or transaction fees if you maintain a minimum balance – typically $4000 or $5000, or if you keep your transactions below a certain number each month.You use this account to do your everyday banking, but some have a monthly fee or transaction fees. This reduces your interest bill and helps pay the loan off faster. Certain revolving-credit mortgages: with these home loans, your income is credited directly into the account.The level of business required varies with the bank. Lots of business: some banks ditch account fees if you have other business with them, such as a mortgage and term deposit.Our tips for avoiding monthly and transaction fees: The general flow looks like this: Enter transactions into a safe buffer space. Sometimes these come with a proviso, such as having your NZ Super payments paid into your account. Generally speaking, a clearing account is useful anytime a business or an accountant wants to deal with certain types of transactions or keep some specific money flow details separate before balancing the sheets. You may also get an exemption if you’re a child, student, new graduate, new to the workforce or are over 65. Regular deposits or minimum monthly account balances can also strengthen your case to get fees scrapped. You should also be exempt if you have term deposits or a decent amount of savings. If you have a mortgage with your bank, you should be able to haggle to pay no fees. Ask if you qualify for any fee exemptions – the bank will ditch these charges if you meet certain criteria. A transaction account, also called a checking account, chequing account, current account, demand deposit account, or share draft account at credit unions.
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