Last month, ANZ increased the account keeping fee for their Access Select banking account from nil to $2 a month. A few days later, Westpac has also increased their fee to $7.50 a month for their “Classic” transaction account. Vivian changed from Westpac to ANZ (which I have been a customer for years) last year for the fact that she has to start paying fees as she was no longer working for Westpac, and now she isn’t really happy that she is again facing monthly account keeping fees. I tried to explain to her that $2 a month wasn’t that much, but then the fee does add up after several years.

So the problem to be solved today is — is there an everyday bank account that does not have monthly account keeping fee attached? Here are some of the requirements:

• Convenient — that means branches available “locally”, you don’t have to travel 2 hours to have free withdrawal from ATM’s, Plus or Masestro for cash withdrawal overseas, etc. I think it would rule out most Credit Unions and building societies.
• Good Internet Banking — Vivian does most of her banking on Safari Mac OS X. Last time we tried Westpac did not work.
• No special condition — we are not pensions, disabled, nor students. We are just too cheap to pay that $2 monthly fee.
• Reasonable minimum account balance — I’ll say $1,000 is reasonable (Vivian might beg to differ). Anything more you’ll rather put into an Internet saving account for that extra interest rate.

So far I have only managed to locate St. George’s Freedom account that matches all the criteria, except maybe Internet Banking, where their Java-based web application really annoys me. “Freedom” account charges no account keeping fee if the balance is above $1,000 ($6/month otherwise), and provides 10 free St. George ATM transactions a month. They have one branch near 9 Ways round about which is kind of convenient. Not to mention that Chenny also works with them :)

Now I just need to see whether Vivian is happy to move again for that $2 a month saving. Any other options?