- NAB’s zero-dollar fee transaction account has saved over 7 million customers more than $500m
- The account remains the only zero fee transaction account offered by a major bank in Australia
- Over one-in-four Australians have a better understanding of their finances
Since its launch in 2010, NAB’s zero-dollar fee transaction account has saved customers more than half a billion dollars, putting real money back into their pockets.
As cost-of-living pressures continue to challenge household budgets, NAB research reveals one in four Australians now feel more informed about their personal finances compared to a year ago. Encouragingly, nearly half say they’re more confident in seeking out better value products and services.
How does this look in practice? The most common money moves Australians are making right now are*:
- Ditching fees on transaction banking accounts
More than seven million Australians have signed up to NAB’s zero-dollar fee transaction account, saving customers a combined $500 million in account fees since 2010. It remains the only fee free transaction account offered by a major bank in Australia.
2. Cutting back on eating out
58% of Australians are eating out less, making it the most common lifestyle change in response to higher prices. And it’s working. Those cutting back are saving an average of $123 per month.
3. Scaling back on entertainment
51% of Australians are spending less on entertainment like movies, concerts and events. A clear sign that discretionary spending is still under pressure. Those who’ve cut back are saving an average of $61 per month.
4. Saying no to micro-treats
48% have reduced spending on everyday extras like takeaway coffee and snacks. While small individually, these add up fast, saving the average person around $61 per month.
5. The great “subscription audit”
More than one-in-three Australians say they’ve cut back on food delivery, saving an average of $92 per month, while a similar number have reduced paid streaming services, saving about $31 per month. Together they form part of a growing “subscription audit” trend as people reassess recurring, convenience-based spending.
NAB customer Isabella Carlini-Rath said she’s trying to rein in those ‘treat me’ moments, spending less when she eats out and thinking twice before tapping.
“I’ve definitely been feeling the pinch lately,” Isabella 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.”
“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.”
NAB Executive Kylie Young said Australians are continuing to take small, deliberate steps to stay on top of their finances, with many rethinking how they spend, save, and bank.
“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.”
“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.”
Ms Young also notes that consumer stress has dropped to its lowest point in two years, thanks to easing cost-of-living pressures and growing hope around more interest rate cuts.
“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.”
Notes to the Editor:
- *According to NAB’s latest Consumer Sentiment report and a banking hack that’s saved Aussies over half a billion dollars in account fees since 2010.
