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How to minimise fees

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Our approach to fees is simple - we look at your entire relationship with us and the more SERVICE ONE Alliance Bank products and services you hold and/or the higher your Average Relationship Balance, the less you pay on everyday banking fees.

Tips to help you keep your fees to a minimum

  • Increase your deposit and loan balances as this will give you a higher Average Relationship Balance (and a higher Fee Allowance). The calculation of the Average Relationship Balance takes into consideration the balances on personal loans, car loans, credit cards, mortgages and any overdrafts as well as term deposits and any other SERVICE ONE Alliance Bank deposits held.
  • Use a SERVICE ONE Alliance Bank home loan for your home finance needs. Our rates are competitive and borrowers with an Average Relationship Balance of $125,000 or more will receive an unlimited Fee Allowance and all borrowers with mortgage loans are exempt from paying the monthly Visa Card Fee.
  • Pay using a Visa Card as these transactions do not attract any SERVICE ONE Alliance Bank transaction fees1 when you press ‘credit’ and use a PIN or through the use of payWave through the credit interchange (if allowable by the merchant), or when a signature is provided.
  • Consider opening low fee account options like the Concession Account if you are eligible or the All Smiles Account.
  • ATM cash withdrawals cost significantly less than over the counter cash withdrawals conducted in-Branch.
  • If allowable by the merchant, you may be able to get cash out as part of an EFTPOS (purchase) transaction which is considered one transaction.
  • While ATM cash withdrawals (both rediATM and non-rediATM) are charged at $0.10 once your monthly Fee Allowance has been exhausted, be mindful non-rediATMs may also charge a Direct Charge and this will be displayed on the ATM screen at the time of the transaction.
  • Use more SERVICE ONE Alliance Bank products and services as holding certain products and services will give you a higher Fee Allowance.
  • Consider using the smartphone App or alert services to easily monitor account balances to minimise the risk of overdrawing an account.
  • Always have sufficient cleared funds in accounts to cover all transactions and use an overdraft as a safety net.
  • Eligible Concession Holders receive a $6.00 Fee Allowance per month and are exempt from paying the monthly Visa Card Fee. To maintain this exemption, eligible Concession Holders must notify (and provide proof to) SERVICE ONE, at least annually, of their continuing eligibility.
  • Eligible FREEstyle Student Account holders should advise SERVICE ONE at least annually of their continuing full-time study arrangements to access FREEstyle benefits.

NOTE: this information should be read in conjunction with the Schedule of Fees and Charges.

 

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