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Before picking a transaction account it is important to consider what options are available for an account you wish to use simply to manage your monthly financial needs. The big advantage with the NAB Classic Banking Account is it is both fee free and does not require the hold to carry a minimum balance, which makes it particularly useful.
Another big benefit is that branch transactions are unlimited and completely free and you can access your money any time for no charge either online, through ATM or EFTPOS or by phone banking.
Perhaps the biggest bonus with this account is NAB does not charge account holders when they use their withdraw cash using other bank’s ATM machines, however you may incur a charge by foreign banks if you withdraw money overseas and NAB does tack a fee on when you use your card internationally.
You can also link this transaction account with a savings account or a personal overdraft facility as well. This means if you require the extra features they can be linked to your transaction account. For example you can link a debit card so when you spend online you are using your own funds. Alternatively if you choose to link an overdraft facility to the account you can avoid overdrawn and dishonor fees and there is no need to either use the facility itself or borrow the entire limit.
The only thing you need to be aware of is as a transaction account that is both fee free and doesn’t require a minimum balance, the interest rate is not particularly high, so if you know you are likely to carry a large balance or you tend to save a lot, it may be worthwhile opening a high interest savings account where you can deposit the additional funds and earn a decent rate of interest instead.
As a transaction account the NAB Classic Banking Account can certainly hold its own against similar products on the market.
Over $200 million has been stolen from Australian financial institutions by employees over the last 13 years with most thefts the result of gambling addictions.
123 people have been caught for such offences and since January 2000 there were 120 cases of fraud nationally according to the Employee Fraud in Australian Financial Institutions. There were 69 cases of fraud involving Australia’s big four banks. Continue reading
The number of home loans that received approval rose in September in response to low interest rates. According to the Australian Bureau of Statistics the number of owner occupied mortgages that were approved increased by 4.4 per cent which is well ahead of analyst expectations of 3.5 per cent.
The rise in home loan approvals comes a month after the Australian central bank eased interest rates to a record low of 2.5 per cent. Continue reading
Australians seem to be a forgetful lot, aside from the fact that there is an estimated $16.8 billion sitting in lost superannuation, but apparently there is a further $832 million in foreign currency just sitting in drawers and $1.2 billion in unclaimed cash.
The Australian Securities and Investments Commission (ASIC), says at the end of May there was a further $417 million of unclaimed cash which comes from life insurance policies, shares and old bank accounts that are dormant. Continue reading