Congratulations on starting a savings program. If you have the wherewithal to stick with your savings program while you are young until your retirement, you guarantee the protection of your lifestyle and the lifestyle of those that you love around you.If you are a student in Australia, you have a special advantage in that you can save a great deal of money on bank fees. There is nothing worse than setting aside money to put in a banking institution only to find that they are trying to take your own money from you simply for the privilege of holding it.
Without a doubt, bank fees are some of the most arbitrary and least liked fees on the planet. However, there are ways to avoid bank fees if you are savvy enough to research the loopholes in the system. Below are a few ways in which savvy young savers like you can avoid having the bank take your hard earned money from you.
One – Be a student at university in Australia.
Banks in Australia are quite willing to forego a great many fees because they want to get students hooked on a certain banking institution at an early age. Take full advantage, and after you graduate university, take your money to the place that gives you further advantages if your current banking institution tries to hit you with fees after the fact. This strategy actually leads right into the next point for saving on banking fees.
Two – Do not be afraid to move money around if you find a better deal somewhere else.
To a certain extent, banks have the freedom to charge any amount of fees they want. Although they are limited by certain market forces, you can bet that they would be charging more if they thought they could get away with it.
Every so often, a bank will definitely test their clientele by trying to sneak in an extra fee that they hope people will not take notice of. This is not something that you, the savvy banking student, will miss. Once you find that your banking institution is trying to sneak in fees on you, do not be afraid to pick up your money and move it into an institution that is not trying to cheat you.
Three – Lock in rates with long term investments.
Once you find a bank that you can trust, lock in your rates and fees with them by investing in long term products that cannot add on extra fees (money market accounts, CDs, etc.).