NAB customers continue to save while Australians pay $400m in bank fees

NAB customers continue to save on bank fees while other Australians pay over $400 million in account fees, according to RateCity.

NAB Group Executive of Personal Banking, Lisa Gray, said she was surprised that so many Australians were still paying account fees on their transaction accounts.

"In 2009 NAB made a decision that we wanted a better relationship with our customers which is why we were the first bank, and in many cases the only bank, to abolish some of the most disliked bank fees, including monthly account service fees, overdrawn account fees and over-the-limit credit card fees" said Ms Gray.

NAB Classic Banking account holders do not pay monthly account keeping fees, or overdrawn account fees.

For the second year running, NAB was awarded the CHOICE Award for the ‘Best Low-Fee Bank Account' for its NAB Classic Banking account.

NAB's Classic Banking account was also the only big four bank to be named in RateCity's top fee-free transaction accounts.

Over the last two years, NAB has grown its transactions accounts almost 10 times the rate of previous years.

"Our commitment to our customers is to be competitive and our track record speaks for itself.

"We have doubled our ATM network, so that we have more than 3500 NAB and RediATM machines and we have maintained the lowest ATM fees of the major banks," Ms Gray said.

NAB has maintained the lowest standard variable interest rate of the major banks for the past 23 months, saving NAB customers between $32 and $47 a month on an average $300,000 variable rate home loan compared to some of the other major banks.

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