Simplify Your Accounts

Many people have a string of bank accounts for different purposes. The problem with this is that bank accounts cost you money.

So if you have more than one bank account, ask yourself if you really need them. Most bank accounts charge monthly account keeping fees, not to mention other hidden charges ,so it doesn’t really make sense to double up (or more) on your banking costs.

Ask Your Bank Manager for Help

Make an appointment with your bank manager. They have a detailed understanding of their bank account fees and will be able to guide you to the accounts that will best suit your needs. Explain that you are trying to reduce the number of accounts you hold, in addition to reducing your monthly account keeping fees. They will be able to advise you which ones to keep and which to merge.

Where Can I Compare?

If after talking to your bank manager you are still not sure which accounts to take or whether you are getting a good deal, take the time to do a comparison of bank fees and charges. Choose the one you feel is best and roll all of your finances into one or two accounts. Just jump online and check out comparison websites like www.ratecity.com.au and www.cannex.com.au where all the research has been done for you.

Things to Consider in Your Account

When deciding which accounts to close and which ones to keep, these are the factors you need to consider:

- Is this account working for me and my needs?
- Is this account cost effective?
- Am I earning a competitive rate of interest on this account?
- Could I consolidate all my debt into one account to make repayments easier and cheaper?