The first of the big five has dropped the monthly fee for its entry-level account.
The entry of TymeBank into the local market and imminent launch of Bank Zero has seen rival banks rush to cut fees on their entry-level accounts.
The bank points to consumers feeling the pinch in an environment of low economic growth as a reason for the change. While this may be true, competition in this segment of the market is intensifying. At the end of 2018, the bank had a total of 1.525 million main-banked customers in its entry-level segment .
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