Finding an ATM or a bank branch is getting harder across the country, with new figures showing the number of ATMs and branches has dropped by more than one in ten over the last financial year. Over the last five years, ATM numbers have more than halved (-55%). This trend comes as Australians increasingly ditch cash in favour of electronic banking.
Meanwhile, if you’re still feeling the cost of living pinch, you’re not alone. Inflation rose 1.2% in Australia over the three months to September, with the latest Australian Bureau of Statistics’ (ABS) quarterly CPI indicators showing an increase of 5.4% annually. Following the release of this data, all of the big four banks updated their forecasts to indicate a cash rate hike was likely this month.
One small financial change that may help ease the financial pressure is to consider switching to a bank account that charges low or no account-keeping fees. Every little fee you’re charged adds up, and ditching this expense could help you to keep more money in your back pocket.
Some of the fee-free bank accounts on the RateCity database at the time of writing include:
- Suncorp Bank Everyday Options
- AMP Bank Access Account
- Macquarie Credit Union Access Account
- ANZ Access Account
Updated by Alex Ritchie on 1 November 2023