Account-Keeping Fees
An account-keeping fee (also called a monthly service fee or account maintenance fee) is a periodic charge simply for holding the account. It is more common on transaction accounts than on dedicated savings accounts, but it does appear on some savings products — particularly older product types or accounts packaged with transaction account bundles.
Where an account-keeping fee exists, the PDS should specify whether and how it can be waived. Common waiver conditions include: maintaining a minimum average daily balance, depositing a minimum monthly amount, or holding another qualifying product (such as a mortgage or credit card) with the same bank.
If the waiver condition is a minimum balance and your balance fluctuates below that level during certain months, you may not always qualify for the waiver. A fee that appears waived in normal circumstances can become a real cost during periods of lower savings balance.
Fees Related to Withdrawals and Transactions
Some savings accounts limit the number of free transactions per month. While savings accounts are not typically used for daily transactions, the following may apply:
Excessive withdrawal fees: A charge for making more than a specified number of withdrawals in a given period. This is most common on traditional savings accounts, not the modern high-interest accounts, but it appears occasionally.
Real-time transfer fees: Some accounts charge for transfers made via RTGS (real-time gross settlement) — particularly to accounts at other banks or for large amounts. These are rare on standard consumer savings accounts but worth checking in the PDS.
BPAY fees: Some savings accounts do not support BPAY outgoing payments at all; others support it for free; others charge a small fee. If you plan to use your savings account as a source for specific bill payments, check whether BPAY is supported and whether there is a charge.
Fees on Linked Accounts and Packages
If your savings account is part of a banking package — where the savings account is bundled with a transaction account, a credit card, or a mortgage — the fee structure for the package as a whole is relevant. Some packages charge a monthly fee that covers all included products; others charge separately.
When comparing savings account costs, assess the total cost of the banking relationship rather than the savings account in isolation. A savings account with no fee but a paired transaction account with a $10/month fee represents a different total cost than a savings account with a $5/month fee and no other required accounts.
Also check whether the benefits of the package (including the savings account conditions) require the package fee to be paid. Some banks allow you to access certain savings account products independently of the package; others bundle them.
How to Find Fees Before Opening an Account
The most reliable source is the Product Disclosure Statement and the associated fee schedule, both of which the bank must make publicly available. On most Australian bank websites, these documents are linked from the product page for the specific savings account.
Additionally, ASIC requires banks to publish a Key Facts Sheet for basic deposit products in a standardised format. This document, usually available alongside the PDS, summarises key fees and interest conditions in a one-page comparison format that is easier to read than a full PDS.
If you are comparing multiple accounts, pulling the Key Facts Sheet for each account and placing them side by side is a useful starting point. The standardised format makes direct comparison easier than reading full PDS documents for each.
For a guide to reading the PDS fee schedule specifically, see Dispatch 03.
What this dispatch does not do
- List or compare specific fees at named Australian banks
- Recommend specific savings products
- Provide personalised financial advice
- State current fee amounts (which change over time)
