NAB removes bank account fees

Fees across a range of National Australia Bank transaction accounts are to be removed, it has been revealed.

National Australia Bank (NAB) is to abolish a number of fees across its portfolio of bank accounts.

Set to come into effect from January 22nd 2010, moves by the bank will see it remove the monthly service fee attached to its Classic and e-Banking transaction accounts.

Another ten accounts will also benefit from the scrapping of transaction charges from this date forward, with some 860,000 customers set to be affected by such a change.

"Getting rid of these fees, especially the monthly account service fee will benefit our customers, give NAB a real competitive advantage and allow NAB's people to spend more time with customers on the things that really matter to them," Lisa Gray, personal banking group executive for the bank, states.

The Australian banking moves means that 97 per cent of NAB transaction account customers have seen fees removed, with only the premium Gold Banking product now charging a monthly service fee.

Following the Reserve Bank's decision earlier this month to increase interest rates, NAB revealed that the rate of return attached to the NAB iSaver was to go up to three per cent.

Posted by Joe Letts