KEY POINTS:
Shopping around for the right bank account can save money - but experts warn that finding a good deal is not as easy as it should be.
Our survey of the banking behaviour of three Herald readers showed one could save $108 a year by switching accounts.
Another planned to cut paper statements to save about $36 a year on fees, but stay with the bank they chose for its mortgage rates.
Only our superannuitants, bank fee-free over 65s, had cottoned on to the best banking deal.
They said they kept watch on their money to avoid overdraft fees - recognised as one of the most aggravating charges.
The survey results came from running details of their banking styles through the Consumers' Institute subscriber-only online bank fee calculator.
The director of Massey University's centre for banking studies, David Tripe, blamed banks for customers not finding the best account for their needs.
He said lack of understanding was the biggest problem with personal banking fees.
Dr Tripe compared the banking scene to that of the telecommunications industry, which Telecom chief Theresa Gattung admitted last year had "used confusion as its chief marketing tool".
"The banks have done a particularly poor job in many cases in explaining bank fees to people," he said.
Consumers' Institute chief executive David Russell said bank customers should negotiate for a better deal.
"Don't take their fees at face value, don't take the card rate," he said.
"You are a really good customer if you are borrowing money. You can strike a deal with them."
Roy Morgan NZ finance sector director Leslie Morton said market research showed high fees did worry customers.
The company's data showed high fees were a factor in the decision of 30 per cent of people who changed their main financial institution.
Getting a better deal from another bank came into 29 per cent of the decisions, poor service 21 per cent and not caring about loyal customers 19 per cent.
Getting a loan with another bank was a factor for 17 per cent of the people who switched banks.
"Interestingly, if we look at people who are intending to change their bankers but have not done so already, more than half these people give 'high fees and charges' as one of the reasons for their intention to make the switch," said Mr Morton.
Roy Morgan data showed banks tended to attract certain types of customer.
Kiwibank attracted younger customers, with lower earnings.
At the other end of the scale was BNZ, which had the largest percentage of all main banks of customers aged 50 and above.
National had the largest percentage of customers with annual incomes of more than $30,000 a year.
"Each bank provides what they market as low-cost banking options for customers who actively seek to minimise their bank costs," said Mr Morton.
Several online sources - including www.interest.co.nz and Cannex - had free online tables comparing bank fees.
Each examined account types for certain banking styles, including for customers who use online banking, those who have high savings and a low number of transactions.
