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A Guide To Bank Accounts
Entering into the workforce naturally requires you to open up a bank account so your employer can deposit wages into your account. Sounds simple enough, but different bank accounts suit different individuals, so compare bank accounts to discover what works best for you. What are the different types? There are 5 main types of bank accounts. They are: • Everyday bank accounts are the most common types of accounts and come with various sorts of features. Monthly fees are standard practice with many everyday bank accounts but banks will waive themem if you maintain a certain minimum balance, are over the age of 60 or are a fulltime student at an Australian institution. Do your homework and compare bank accounts to find out if you are able to avoid monthly fees but still get convenient options like internet or phone banking, no ATM fees and unlimited transactions. If necessary, you can even have a chequebook facility attached to your bank account. • Student accounts are aim at for those younger than 18, those still in school, international or university students studying at an Australian educational institution. Banks will usually offer students accounts with no monthly banking fees, unlimited transactions and greater flexibility. All you need to do is provide evidence of your fulltime enrolment and you will be eligible. Compare bank accounts to find out what offers are available to you • Concession accounts are perfect for those on a pension or who need government disability support. Banks are more flexible in these circumstances, sometimes providing fantastic benefits and no monthly fees so compare bank accounts across a number of financial institutions and get the account that’s best for your situation. • Internet accounts are for people who rarely step into a bank and find online banking much more convenient. While there are fewer options with these bank accounts (for example, over-the-counter-transactions are limited), monthly fees are almost always non-existent and there is much more flexibility. If you’re currently paying for services that you don’t use, compare bank accounts to see if internet accounts are for you. • Debit accounts are everyday banking accounts with the convenience of a credit card, minus the credit facility (so you can avoid debt). Pay bills over the phone or travel and spend what you have in your account. Debit cards come from credit card providers like Visa or MasterCard, so you get 24 hour security and greater flexibility than your average EFTPOS card. How can I compare bank accounts? Head into your preferred bank, browse through numbers and numbers of websites or simply head to a financial comparison website like mozo.com.au to compare bank accounts. Get a full listing of all the bank accounts on offer – and there are a lot – when you visit sites like mozo.com.au and see if there are other bank accounts more suited to your situation. This article is brought to you by Mozo - Compare bank accounts online with Mozo. Article Directory: http://www.articledashboard.com Compare bank accounts with Mozo. Mozo has all the latest bank account information. |
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