Account health check

Give your accounts a health check!

The start of the year is an ideal time to give your bank accounts a quick health check.

You may have made a certain New Year resolution such as getting out of debt or buying a house, or you simply may want to ensure you are receiving the maximum benefits out of your current situation. Either way, regular reviews of your bank accounts can provide you with valuable extra savings.

If the New Year has also coincided with a change to your personal and lifestyle circumstances, reviewing your bank accounts is even more important. You may have started a new job, bought or are buying a house, started or plan on starting a family or be retiring from work.

These, and similar changes, may alter your day to day banking behaviour and needs. For example, they may alter the way you transact on your account, the amount and frequency of deposits and direct credits which you receive, or if withdrawals and direct debits coming from your account. This could change the amount of fees you are charged and the interest you may earn.

Reviewing your accounts will ensure that you:

  • have the right account for your banking needs;
  • are not paying any unnecessary bank fees; and
  • have the best savings options to maximise the interest which you can earn.

To get started, review your bank statements for the past few months. This can be easily done by reviewing your transaction history or e-statements within Internet Banking. Check to see what fees you have been charged at the end of each month. If you have been charged excess fees and/or don’t understand the fees you have been charged, contact us so we can explain how you can minimise your fees each month and check to ensure the account(s) you have best suits your current needs.

Interested in maximising the interest you earn? Many people hold large, excess balances in everyday access accounts. The nature of these accounts means they pay very little, if any, interest. There are many at call deposit products offering a higher rate of interest and better return for your money.

Speak to us today to see if you can get more out of your everyday banking and maximise the interest you can earn.

^Luke – Product Analyst

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