Since its introduction in 2010, National Australia Bank’s (NAB) zero-dollar fee transaction account has helped more than seven million customers avoid over $500 million in banking fees. According to NAB, this product remains the only fee-free transaction account offered by a major bank in Australia.
As Australians face ongoing cost-of-living pressures, new research from NAB indicates that one in four people feel better informed about their personal finances compared to last year. Nearly half report greater confidence when seeking out products and services that offer better value.
NAB outlined several common financial strategies being adopted by Australians. Many are moving away from transaction accounts with fees; more than seven million have opted for NAB’s zero-fee account, resulting in substantial savings since 2010.
Other trends include reduced spending on eating out, with 58% of respondents reporting they eat out less frequently, saving an average of $123 per month. Additionally, 51% have cut back on entertainment expenses such as movies and concerts, saving about $61 monthly. Everyday discretionary purchases like takeaway coffee and snacks are also being reconsidered; 48% say they have reduced these purchases, which can save around $61 each month.
There is also a notable trend toward auditing recurring subscriptions. Over one-third of Australians have reduced spending on food delivery services—saving approximately $92 per month—and a similar proportion has scaled back on paid streaming services, resulting in savings of about $31 monthly.
NAB customer Isabella Carlini-Rath described her experience: “I’ve definitely been feeling the pinch lately,” she said. “I used to buy takeaway coffee every day, but now I’m cutting back. And I’ve been using the NAB app to go through my upcoming recurring payments and check what’s actually coming out each month. There were a few subscriptions I thought I had cancelled – music, food delivery, video streaming – but they were still charging me. It really adds up.”
Kylie Young, an executive at NAB, emphasized the impact of avoiding account fees: “It’s so helpful not being stung with account fees, that’s one of the reasons I opened a transaction account with NAB. It’s money I’d rather spend on myself.”
Young further commented on changing consumer behavior: “For more than 15 years, NAB’s transaction account has charged no monthly fees, and we’ve saved Australians more than half a billion dollars over that period. It’s a simple banking hack that’s helping people keep more money in their pockets.”
She added: “We know people are feeling the pinch, and we want to support smart money choices. That’s why we’re focused on products like our transaction account that has no monthly account fees – because every dollar counts.”
“Australians are getting smarter about how they spend and save. From cancelling unused subscriptions to switching to fee-free accounts, these small moves are adding up to big savings.”
Young noted there has been some relief for consumers: “There’s still stress out there, but this is the first time we’re seeing evidence that there is light at the end of the tunnel with Aussies feeling cautiously optimistic and a little more in control of their finances.”