Minimising fees and charges

Minimising fees and charges

Check your accounts and make sure you’ve got the right ones for your banking needs #

Having savings and transactions accounts that don’t suit your needs can lead to unnecessary monthly account or excess transaction fees. To ensure your accounts are right for you, have a look at your current MyState Bank accounts and think about what kind of transactions you make, and how often you make them. This will help you determine if you’ve got the right account or combination of accounts. If you’ve got multiple transaction accounts, for example, you might be paying more monthly fees than you need to, so you might like to consider combining them into one account or opening a Glide Account if you do not use branch services.

Have your pay directly credited to your transaction account #

To take advantage of the monthly fee exemption on transaction accounts, where the monthly account fee is waived when $2,000 or more is deposited into your account during the month, arrange to have your pay directly credited to your transaction account. You can easily redirect your funds once your pay has landed using recurring payments through Internet Banking.

Switch to an account that doesn’t incur transaction or monthly fees #

At MyState Bank we offer a range of banking products with different fee structures to eligible customers. Whether you’re eligible for a Access Assist Account or are aged 18 years or younger, you may be eligible for monthly and transaction fee-free banking. If you don’t use branches for transactions you maybe better with a Glide account. Make sure you take advantage of these account options by getting in touch with us to find out if you’re eligible.

Use ATMs that don’t charge fees #

Get to know what ATMs are fee-free, that way you won’t get caught out at an ATM that charges you a fee to withdraw cash. Did you know MyState Bank customers can withdraw cash at most Australian Bank ATMs free of charge including all of the major bank ATMs? That’s over 10,000 ATMs Australia-wide where you can withdraw your cash for free. For a list of ATMs that don’t charge fees click here.

Keep track of your account balance (to avoid overdrawing your account) #

Make sure you check your account balances regularly to ensure you’ve got cleared funds in your account(s) at all times, especially if you’ve got recurring payments or direct debits set up. If any of these payments are debited without the adequate funds in your account, you may be charged an overdrawn administration fee. You can check your account balance at any time through Internet, Mobile or Phone Banking, or by calling us on 138 001.

Take care of your finances #

Carefully looking after your finances overall is one of the best things you can do when it comes to minimising fees. If you know where your funds are and what they’re doing at all times, and you’re in tune with the way you use your money, you’ve got the best chance of avoiding any unnecessary fees and charges. And, so you can manage your money efficiently and effectively, we’ve also developed a helpful budget planner for you, which can be found at All the information in this guide is general, and you may find that there are other options available to you based on your specific banking needs.

Of course, if you have any questions or require any further information, please don’t hesitate to get in touch with us by calling 138 001 or dropping into your nearest branch.