Minimise deposit account fees

How to minimise deposit account fees

The first step is to take a look at your transaction records and understand your banking habits. Establish how much you are being charged currently and for what reasons. Do you have the most appropriate account for your specific transactional behaviour? Then look at our suggestions below.

• Plan your banking
• Ways to reduce or avoid fees on your deposit accounts
• Services that can help you better manage fees and charges on your deposit account
• Exception fees

Plan your banking

Deposit accounts come in many forms to suit different customer needs and transaction requirements. For example, we have developed specific accounts for children, students/apprentices and for customers in receipt of Government pensions.

We also have different types of deposit accounts that allow either a set number of free transactions per month or accounts with unlimited day to day transactions for a flat monthly fee. For example, for a flat $7 per month fee, our Complete Freedom Account provides you with the convenience and flexiblity to undertake unlimited electronic transactions including St.George ATMs, EFTPOS, Direct Debit, Internet and Phone banking as well as unlimited St.George branch transactions and using personal cheques. The Freedom account on the other hand, allows 10 free transactions per month which includes 2 St.George branch transactions for a monthly fee of $6, which can be avoided by maintaining a minimum monthly balance of $3000. If you conduct more than 10 chargeable transactions in a calendar month, you will be charged a transaction fee for each transaction in excess of 10.

We have a range of flat fee accounts from $5 per month that provide you with the flexibility to select the account best suited to your transactional behaviour. Compare our accounts or contact us for more details.

Ways to reduce or avoid fees on your deposit accounts

Spreading your money over a number of accounts exposes your money to potentially more charges. To save money, why not consolidate your accounts and transfer funds to your preferred St.George account. You will probably find it easier to meet any minimum balance you need to maintain to avoid account service fees.

We have accounts designed especially for the needs of students or apprentices, pensioners and people who are holders of a government concession card. This means saving account service fees and potentially some transaction fees.

Arrange to have your St.George Home Loan repayment (other than a Portfolio Loan) automatically deducted from your Complete Freedom account and save on account service fees.

For the following accounts, ensure that you maintain the monthly minimum balance to avoid a monthly account service fee:

Services that can help you better manage fees and charges on your deposit account

To reduce your withdrawal fees, try limiting the number of withdrawals you make from your account. If you currently withdraw small amounts nearly every day, try withdrawing slightly larger amounts once or twice a week. By requesting cash when purchasing goods using EFTPOS, for example, you are making two transactions but they are counted as one. It's an effective way to remain within your withdrawal allowance and save time.

You may enjoy free Internet and Phone banking transfer withdrawals, including BPAY, and VISA Debit Card 'credit' transactions.

An approved overdraft facility incurs a flat monthly fee for the additional facility on your account. Consider whether you require additional facilities and how often you use them. If you do not need them, remove them and reduce your fees.

• All deposits
• Periodical Payments between St.George accounts. Whilst there is no charge for a Periodical Payment, care should be taken to ensure you do not overdraw your account otherwise a dishonour or honour fee may apply.

With a little smart planning you will minimise your fees and charges, and may end up avoiding them altogether.

Your VISA Debit Card lets you use the funds in your St.George account to purchase goods and services anywhere you see the VISA logo. You may enjoy free withdrawals on your purchases by using a Visa Debit Card and pressing the ‘credit' transaction button.

If you have a passbook facility on your account, you can incur unnecessary fees when using the branch every time you need to make a withdrawal. Also access to your funds is restricted to business hours. By swapping your passbook for an ATM or Visa Debit card (if you qualify and you have an account able to be linked to a Visa Debit card), you can access your money 24 hours a day** at any ATM or EFTPOS terminal. You will probably find it cheaper too! Electronic transactions incur lower fees than over the counter fees. You can do this by visting any St.George branch or calling 13 33 30.

Exception fees

Exception fees are charged when you don't have sufficient money in your account to cover a payment, don't pay your credit card payment when due or exceed the limit on your credit card or overdraft. Exception fees on personal accounts include dishonour and honour payments, credit card late payment, account overdrawn and credit limit excess fees. These fees are avoidable and fully disclosed upfront to customers as part of our terms and conditions.

St.George's exception fees on deposit accounts

Our customers holding a Concession Account will have a reduced Dishonour and Payment Honour fee of $8 from 16 July 2007.

We have a number of ways for you to monitor the state of your accounts and ensure you avoid these types of fees.

Many tips to avoid exception fees are listed above. We make it easy to monitor your account through:

• Internet and Phone banking
• St.George ATM balance enquiries
• SMS and email alerts
• enquiring at any St.George branch.

Our customers who have a Complete Freedom account receive 10 free SMS alerts per month. Email alerts are free for all customers, and provide real time information of withdrawals, deposits and balance alerts. Customers can register for SMS and email alerts via Internet banking.

For explanation of any of the terms used above, we have prepared an explanation of everyday banking terms.

If you would like more information on exception fees, please contact St.George Customer Relations on 1800 804 728.