<div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><a href="https://www.9news.com.au/australia" rel="" target="_blank" title="Australians"><span>Australians</span></a><span> are spending a fortune on bank fees, forking out </span><a href="https://www.9news.com.au/money" rel="" target="_blank" title="more than $4.1 billion"><span>more than $4.1 billion</span></a><span> on them in the last financial year alone according to RBA data.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That figure was up by $268 million compared to the previous year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The pesky fees are costing Aussie households around $412 each year (excluding business banking fees) and credit cards are the biggest culprits. </span></div></div><div><div id="adspot-mobile-medium"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/new-zealand-christchurch-dementia-torture-elder-neglect-abuse-world-news/8ea3d383-1c19-4bbd-b3f1-6e34d70b516d" target="_blank"><strong><span>Son locked his dementia-suffering father in blacked-out room to steal his fortune</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Aussies were slugged with $1.7 billion in credit card fees last financial year, up by 10 per cent compared to the 2023-24 financial year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>The average credit card annual fee is $204, which can be a big deal for cash-strapped Aussies.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>A spike in overseas transaction fees and annual fees also played a role in soaring costs, according to the RBA.</span></div></div><div><div class="OUTBRAIN" data-reactroot="" data-src="//www.9news.com.au/national/bank-fees-cost-australians-4-billion-last-financial-year/e4cd7dbb-fe1e-48c0-b2be-d4849b1c1461" data-widget-id="AR_5"></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Fees on home loans recorded the largest jump, surging by $167 million or 17 per cent between July 2024 and June 2025.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>That spike is linked to an increase in Aussie homeowners refinancing, which can incur a slew of fees.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/world/donald-trump-freedom-250-concert-lineup-acts-names-bands-pulling-out-young-mc-commodores/0ab6cb17-18c6-4dff-8ee1-934b9dc9f258" target="_blank"><strong><span>Musicians back out of Trump's Washington concert after widespread criticism</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>There is a silver lining: exception fees like late fees and overdraft charges fell by nearly $13 million last year.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Canstar analysis suggests Aussies could save big on banking fees by shopping around and prioritising low- or no-fee options like:</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><ul><li><span>Credit cards with no annual fees and no currency conversion fees</span></li><li><span>Low-fee home loan options that don't charge an annual fee</span></li><li><span>Bank transaction accounts with no currency conversion fees</span></li></ul></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>Aussies can also try to negotiate with their current bank or lender for lower fees.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><strong><span>READ MORE:</span></strong><span> </span><a href="https://www.9news.com.au/national/officeworks-offshores-jobs-overseas-to-philippines-and-india/f2676351-44cf-44d1-899a-f1df17547041" target="_blank"><strong><span>Officeworks to offshore jobs to India and Philippines in $15 million restructure</span></strong></a></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"While fees are growing like a beanstalk — up $268 million in just 12 months — people have more power to cut these down than they realise," Canstar.com.au data insights director Sally Tindall said.</span></div></div><div class="block-content"><div class="styles__Container-sc-1ylecsg-0 goULFa"><span>"Whether it's negotiating a mortgage application fee or switching to one of the 12 credit card lenders that have no-fee cards, there are ways and means to slash your fees back to their roots."</span></div></div>