Read the fine print
It's certain that you've heard this advice before, but perhaps you weren';t aware of just what can be hidden in the fine print.
As the phrase 'fine print' has seemingly extended to cover everything within a written agreement, perhaps it should be changed to 'read the contract'. It doesn't matter what you may think everyone else does, it's what you do that matters, and you should definitely read your agreements with a strongly analytical mind.
With many banking products that offer enticements to bring you in, there can be conditions on you retaining them. Interest free periods on credit cards and loans can be conditional, for instance. If you fail to make a repayment, you may lose the interest free benefits, which will almost certainly interfere with your financial plans.
You could also find that a bank account with no monthly account keeping fee will charge other fees, or possibly just a higher rate for other frequent charges. There's little point to changing bank accounts in order to avoid account keeping fees if you are going to end up paying double that per month in higher withdrawal charges.
The lesson is not to merely accept an agreement based on what is offered in plain view. Spending just the minimal amount of effort in becoming familiar with your agreements could save you far more trouble and money in the future.
You don't need to be an Aussie customer
Ongoing low interest rates
Live life at a great rate
Calculate what is best for your financial situation with the Banks.com.au Online Calculators.
