How well do you know your bank account?

Think your bank account is doing all the hard savings work for you? Think again.

Taking advantage of super-saver incentives while avoiding costly fees and charges could save you a bundle over time.

Different banks offer a wide variety of account features including everything from ATM fees to statement charges. So it pays to know your bank account and how to make the most of it

Choosing the right account comes down to understanding how it works and using the right type of account. Banks and financial institutions typically offer two main types of bank accounts – savings and transaction – with both serving two very different purposes.

Transaction accounts are usually handy for paying bills. Depending on your bank, you may find you are being charged monthly account keeping fees, ATM fees, EFTPOS fees, phone banking fees, and internet banking fees.

If you are unaware of these charges your hard-earned cash could be sliding through your fingers little by little.

But some banks and financial institutions offer significant enticements to encourage you to store your money with them. These include no account keeping fees, no minimum deposit amounts and no overdrawn fees.

The ME EveryDay Transaction Account gives you convenient and flexible access to your cash without the unexpected charges. Forget about monthly account-keeping fees, and EFTPOS fees.

Plus you can withdraw your money for free from more than 3000 ME, Westpac, St George, Bank of Melbourne and BankSA ATMs across Australia. Balance enquiries at these ATMs are also free.

New customers who open their first ME EveryDay Transaction Account also receive 5 per cent cash-back on PayPass Tap and Go purchases for the first six months from account opening. This offer has recently been extended until May 1 this year and is an excellent way to save that little bit extra.

A savings account is where you park your money for a higher return than basic transaction accounts. Got a big savings goal – maybe a wedding, first home or new car? Then consider if this is where your money should be.

Many saving accounts are structured to help you save more and withdraw less often. Check your account details to see which saving rewards you are entitled to. These could include higher interest for regular deposits and a high introductory interest rate. On the flipside, savings accounts sometimes impose minimum and maximum account balances, a linked transaction account and withdrawal fees.

The ME Online Savings Account makes it easy to save and control your money online. Interest is calculated daily and paid monthly, and there are no interest rate penalties for withdrawals.

This content was sponsored by ME. Conditions, fees and charges apply. Consider if these products are appropriate for you. For more information, go to mebank.com.au or click the logo below: