Maintaining an Australian bank account is a great way to save money. Banks vary in their products and services so it is essential to compare bank accounts and look for competitive Australian bank interest rates to ensure that you’re getting the most out of your bank account.
If you check your bank statement regularly, you may find discrepancies with the bank, establishments or other companies you’ve had transactions with.
Many people are diligent when it comes to their bank accounts, but there are some who fail to keep track of their transactions that they end up with penalties or missing out on certain benefits that their bank can offer. So how can you get your bank accounts on track? Here are some simple tips to consider:
Check your bank statement
This can actually be a money-saving tip. If you check your bank statement regularly, you may find discrepancies with the bank, establishments or other companies you’ve had transactions with. In most cases, you can get your money back if you found an error in your account statement. This also ensures that your monthly statement includes only legitimate transactions.
Reduce the fees
Bank account comparison is an important step because it can save you money, thanks to fees that may not be included in your account. You can ask the bank if they offer an account that has no account keeping fees, overdrawn fees, as well as minimum deposit amounts.
Keep track of your balance
Know how much money goes to bills and other expenses, and the amount that’s left in your account. The idea is to see your balance going up. That means you’re saving more money. If not then it suggests that your expenses are bigger than your income. In this case, take action and create a budget.
For banks that require a minimum maintaining balance, make sure to adhere to this requirement. Not only will you be able to avoid paying additional fees, you will also be forced to keep the money untouched and maybe push you to deposit more money.
Secure your PIN
It goes without saying, but there are some people who are not careful enough with their PIN. The key is to memorise it. Avoid writing it somewhere else, especially on a piece of paper kept in your wallet. Also, don’t use numbers that represent your birthday. Make it impossible to guess for others but easy enough for you to remember. If you think that someone else is using your account, contact your bank immediately.
Got other tips on how to get your Australian bank account back on track? Share your ideas in the comments section.