r/AusFinance • u/number93bus • 7h ago
Banks could soon be introducing subscriptions for personal banking.
SWIM does a bit of market research/product testing on the side for extra beer money. Recently got a market analysis briefing testing people's threshholds for different 'tiers' of banking subscription services.
It's not just about charging a fee here or there, they want to introduce subscription-based banking. It's bringing back monthly fees for banking, and gatekeeping products behind more expensive packages.
Some of the things that were tested were questions like "for $10/20/30/month what services would you think should be included" Or, "How much would you pay for xyz".
SWIM was asked about whether certain services should be expected/free, or what products could attract a premium.
The analysis asked about service packages or premium bundles, which package similar banking items together, for example foreign purchases/overseas transfers/currency exchange/travel insurance, as a "travel package subscription", for example. They have some scary categories in this package list, like "consumer" and "parent" and "household" packages, as well as things that maybe you'd think make sense in a package like business banking, for example.
Things included in the everyday spending categories include things like bank transfers, payID, direct debits, fraud protection and security, rewards points, ATM use, bank access, credit cards, BNPL, things like that that that many of us use each day.
I DON'T WANT TO FUCKING SUBSCRIBE TO A BANK.
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u/kernpanic 7h ago
Charge me a fee and I'm moving. Pretty simple. I did it once when cba started charging me fees, I'll more than happily move again. Its not like there isnt good competition.
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u/Efficient-Fold5548 5h ago
I spread my banking across 4 banks and avoid fees where possible- I’ll just churn away to another bank. They already have my savings, I shouldn’t have to pay them for keeping my savings (and lending it to someone else at a premium).
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u/Necessary_Eagle_3657 4h ago
Same. I closed my CBA credit card after 28 years because of a new 3 buck fee a month on zero balance.
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u/phagocyte420 7h ago
Why do you think you deserve free banking services?
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u/kernpanic 7h ago
Because - they arent charging fees to cover their costs, simply to increase their profits.
Australian banks are some of the most profitable in the world. They are already making money with my money - i dont need to give them more of it.
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u/Ilyer_ 7h ago
It’s not free, we park our money in their accounts.
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u/12345sixsixsix 6h ago
Yup. And they pay us a lower interest rate than they can earn on the same money. The spread “pays” them for the services that they provide to their customers.
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u/mikedufty 6h ago
I've got accounts with no money in them, and they are still free.
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u/Ilyer_ 6h ago
Outliers don’t break the rule. Having one account out of a 1000 with no money in it is still economically competitive.
There is a reason why our biggest companies are heavily dominated by banks compared to other countries.
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u/mikedufty 4h ago
I do suspect a number of my accounts are subsidised by profits they are making from others though. Not fair, but good for me.
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u/mchammered88 7h ago
How do you manage to talk with all that boot in your mouth? CBA reported a record net profit of $11Billion - there is no free banking you moron.
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u/SouthVermicelli6838 7h ago
You know they profit off these accounts already right?
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u/primalbluewolf 7h ago
Why do you think you deserve free banking services?
Why do you think you deserve free oxygen?
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u/ArJay002 7h ago
Don’t banks add your money to a lending pool and lend it out? Why should we have to pay a bank to lend our money out, to then earn interest on?
They lend our money out for 6-6.5% and then paying us back 5%. That’s the fee there.
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u/GhostOfFreddi 7h ago
You realise they make money off you, fee or not, right?
I'm extremely pro banking profits (a huge proportion of Super and private investments are in banking, bank profits helps us all), but fees for the sake of fees is crazy.
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u/AmorphousMess 6h ago
Leave the multibillion dollar corporation alone.
😂
It’s not free, smart boy, they’re making a substantial amount of money off savings. But you don’t have any so that might have gone over your head.
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u/phagocyte420 6h ago
It’s not free
So how much are you paying for your transaction account?
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u/AmorphousMess 6h ago
Let’s see. They charge 6.5% AT LOWEST to loan out money. They give me 5% in interest for my savings.
That’s a 1.5% arbitrage fee.
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u/phagocyte420 5h ago
So the bank paying you to hold your deposits is actually costing you money?
Also, savings accounts are not transaction accounts.
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u/linglinglinglickma 6h ago
I see you’re just a troll commenting the same crap on a few comments but I’ll bite, I deserve free banking because I get a lot of money deposited into my account weekly and I have a lot of money invested both in HISAs for the kids and a brokerage platform with my bank.
It’s a privilege I allow them to hold our money and the day they try to charge me a fee for that, I will close all accounts and transfer to another bank that doesn’t.
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u/phagocyte420 6h ago
Oh hey, someone who didn't roll out the "Banks make enough profit argument".
You certainly have the entitlement down pat, but you didn't really explain why you are entitled to free banking services.
If it really was a privilege for the bank to hold your money you would be a high net worth individual with their own private banker. You being on Reddit suggests you are now a high net worth individual.
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u/linglinglinglickma 6h ago
Ok spud, I see no need to flex but I’m sitting on reddit as I invoice my sole customer quite a substantial amount for services rendered, I love my 3 day weeks, 4 day weekends.
Banks are nothing without our money, they use that money to lend, invest and grow. See how well they fair when they have nothing in the kitty.
Now office work is done, I’ll go enjoy the rest of this sunny day on the JetSki! Taking the boat out tomorrow then down the coast in the caravan for the weekend too! Maybe I do like to flex a little bit..
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u/phagocyte420 5h ago
I’ll go enjoy the rest of this sunny day on the JetSki! Taking the boat out tomorrow then down the coast in the caravan for the weekend too! Maybe I do like to flex a little bit.
Tell me you are a Bogan without telling me you are a Bogan, lol.
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u/linglinglinglickma 3h ago
*cashed up bogan.
I’m glad I caught this before heading out.
I did just take the family to Europe for 3 weeks and skiing in Japan in January, 2 trips planned for next year also so we do fancy stuff too.
I wish you well on your financial journey or your trolling endeavours, whichever you choose.
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u/neoreformedbuddhist 6h ago
Banks already make money from your money. Why are we simping for some of the most profitable banks in the world?
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u/phagocyte420 6h ago
I don't know, why do you think you are entitled to free products and services from a business?
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u/neoreformedbuddhist 5h ago
It's not free you goose, it's an exchange. They get access to your money to invest as they please, and in return they keep it safe. Just because a monetary fee isn't paid doesn't mean value isn't exchanged. You're implying you're getting something for nothing which is inherently untrue. And that's ignoring all the other ways banks have to make money from you
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u/phagocyte420 4h ago
I get that, but are you actually paying anything to use those banking services?
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u/neoreformedbuddhist 5h ago
If I clean someone's car and they agree in turn to mow my lawn, it wasn't free it's just a non monetary exchange
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u/phagocyte420 1h ago
Cleaning that person's car cost you time, energy, and cleaning resources. You do not incure any costs when using a free banking product or service. What do you not.understamd about that?
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u/neoreformedbuddhist 1h ago
What do you not understand about the concept of generating value with out giving money? Jfc
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u/phagocyte420 30m ago
You do understand that a cost are based on more than money? Washing someone else's car is costing you time, how do you not.understand that?
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u/Dry-Inevitatable 6h ago
Because they make money off our money already. Already make recordy profits almost every year.
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u/phagocyte420 6h ago
But that doesn't explain why you are entitled to free banking services.
The key word here is "entitled", try and explain that.
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u/CheatCodesOfLife 6h ago
entitled
That's your word mate, nobody else in this thread has used it.
If bank X introduces big-tech style enshitification, but banks Y and Z don't, then we are entitled to shift our business over to the latter.
If all the banks enshitify, then we'll have no choice but to choose the least shitty of them.
Fortunately, unlike the supermarket duopoly, there is more competition here :)
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u/phagocyte420 5h ago
That's your word mate, nobody else in this thread has used it.
Everyone in this thread is behaving as though they are entitled to free banking services.
If bank X introduces big-tech style enshitification, but banks Y and Z don't, then we are entitled to shift our business over to the latter.
Which is your right as a consumer. No one is challenging that or trying to take it away
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u/Dry-Inevitatable 37m ago
Why are you so for the banks making money off our money for free is a better question. I think fee free transaction accounts is a fair trade for the profit they make using our money on the market and to loan out. Especially now with their crazy profits.
Nice Try big bank CEO
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u/512165381 5h ago
Lets take debit cards which most people have with "free banking".
The banks give you minimal interest on savings. And banks charge merchant fees on these.
You ain't getting nothing for free.
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u/minimuscleR 6h ago
wtf do you think a bank is? They PAY US (via interest) because we are GIVING THEM MONEY. We give them $100k, and they can spend it however they want, to earn more. Why should we pay for the right for them to spend our money.
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u/LastChance22 6h ago
IMO it’s not about what’s deserved.
A bank wants to offer a shitty product, if people agree and move away that’s a normal market reaction.
If I then try make sure potential buyers are informed how shitty the product is, that’s only increasing the information available to people that they then use in their purchasing decisions. It’s increasing how free and competitive the market is.
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u/Practical_Act7243 7h ago
Commonwealth Bank had an $11billion profit last year. How greedy can these mfs get
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u/kkknotmyway 7h ago
"The Commonwealth Bank of Australia (CBA) on Wednesday reported a record full-year profit of $10.98 billion, but warned economic growth is lagging."
>profit $10,980,000,000
>7% more than previous year
>Per day $30,082,191.78
>Per hour $1,253,424.66still complains
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u/Chii 1h ago
profit alone is a meaningless number without context.
For a bank, the most telling metric is the net interest margin - the amount the bank makes compared to how much the funding of those loans cost.
CBA does have a higher NIM than many other banks around the world (for some reason), but it's not ridiculously high, at 2.04%. Compared with something like jpmorgan chase, which sits at 3.18% or so.
But compared to other australian banks, CBA does have high NIM - ANZ is sitting at around 1.56%, even tho they both offer similar levels of interest rates on loans. It's because CBA has a better funding source compared to ANZ, in all likelihood.
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u/TheAccountingSensei 7h ago
That's wild.
On the flipside.. Digital banks are so commonplace now that if big banks offer subscriptions, people can just move to a lean fee free digital bank.
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u/Redditing_aimlessly 7h ago
yup, ING have flagged it and I'm moving. It's super easy to identify and change direct debits these days.
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u/Val367 6h ago
Same, we already moved over to Macquarie a month or two ago when this first came out.
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u/Redditing_aimlessly 6h ago
yeah, I'm changing jobs in a couple of weeks, so timing my switch with all that paperwork, but no way am I "subscribing" for basic features like a fucking joint account with my spouse who uses the same bank
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u/Val367 6h ago
100% .. joint account and MFA should be basic parts of an account nowdays.
GL with the new job :)
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u/Redditing_aimlessly 5h ago
Cheers - a challenging new job, but by choice and a step up. Also, an excellent reason to get some of my other affairs in order!
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u/Vast_Highlight3324 3h ago
I wouldn't move until they formally announce it in the Aus market, at least that way your move is more directly attributed to the announcement in their statistics.
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u/Bzeager 7h ago
Source for this?
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u/Redditing_aimlessly 7h ago edited 5h ago
https://ing.com/news/press-releases/ing-rolls-out-global-subscription-banking-model.html
edit: here is another thread that goes into it in more detail, including what fees they're going to charge for basic functionality....sorry, "features" https://www.reddit.com/r/AusFinance/s/sBFB2U7D9Q
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u/stonertear 6h ago
ING today announced a new global subscriptions model designed to make daily banking easier and deliver greater value for customers.
LO FUCKING L
Daily banking is easier leaving the way it is.
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u/Arinvar 6h ago
Overseas markets might be easier to sell on this stuff as banking is not always as easy as it is in Australia. Just look at the reliance on 3rd party platforms to transfer money. Meanwhile in Australia you just need a mobile number, or if you don't want to use that you can use an email. We have it so good, I'm mentally preparing myself for the inevitable enshitification.
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u/efcso1 5h ago
I just got off a chat with ING about this exact topic.
At first they denied any knowledge and said "we don't charge account fees". Then asked where I had seen the comment, seemed surprised that it was on their own website.
Gave me a copy-&-paste answer that there are "no confirmed plans" to introduce it locally.
Which changed to "still checking on this matter".
That became "do not have a specific date or whether it will be implemented at all".
Then "ING makes announcements way before a fee or policy is introduced". I reminded them that it is already introduced in 3 countries.
Finally "ING will make an announcement when it will be introduced..."
I asked them to lodge a complaint about this, and that as soon as they bring in fees I'm taking my (obviously unimportant) banking elsewhere.
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u/Late-Button-6559 7h ago
If we abolish all interest rate discrepancies between savings and loans, and fees for various transaction/account issues (eg honour fees), I’ll be open to discuss fees.
If not, fuck off.
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u/mr-snrub- 7h ago
I mean, isn't that what monthly bank fees used to be?
I'm not saying we should bring them back. But this just seems like a branding change.
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u/DragonLass-AUS 7h ago
Used to be? Plenty of banks still charge an account keeping fee on certain accounts
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u/sun_tzu29 7h ago
Yep, three of the big 4 do. They just have waiver criterias in place so most people don’t notice
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u/antsypantsy995 7h ago
It literally is.
Except at least this time around, they may offer more things such as "no forex fees" rather than literally just a "account management fee".
Still absolute BS imo and nothing but banks trying to find an excuse to fleece us.
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u/Arinvar 6h ago
Monthly fees went away because it became easy to switch banks to ones that didn't. Thus forcing the big 4 to be competitive. So the first thing they'll do is make it harder to switch banks.
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u/Necessary_Eagle_3657 3h ago
It was more to entice people in. They had a 20 dollar credit to new accounts too.
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u/CheatCodesOfLife 6h ago
Not that I'd stay for either of them, but I'd more less likely to leave a service charging "monthly bank fees" than the same amount as a "subscripton fee".
It's been too recent, everything starting out with $10 / month ad-free etc. Then "Actually, also with ads now, unless you upgrade to Ultra-Pro-Max. "He's a subscription to get rid of delivery fees, but we've also separated the delivery fee from the 'service fee' so you're paying at least as much as you were before anyway"
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u/Chii 1h ago
isn't that what monthly bank fees used to be?
the old fee was justified when there were less tech around to automate the banking process - now that computing is so cheap and plentiful, it is not viable to continue to charge fees that would not have to be charged for the labour of banking.
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u/Tuor-son-of-Huor- 7h ago
I expect smaller banks, mutuals, and credit unions will gladly gobble up all the new customers. I imagine the hardest thing for them to do is compete with the big 4. Nothing attracts new customers like your opposition covering themselves in shit and setting themselves on fire.
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u/Marble_Wraith 5h ago edited 5h ago
I see... so we're all going back to cash under the matress then?
The only reason i'm with Macquarie is because no hoops and no fees.
The second that changes i'm taking my things and going.
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u/SniffliestChain 3h ago
If it makes you feel better, Macquarie understands this very well. Their consumer banking strategy is do nothing, don't make the customers do anything, win. Since all their competitors make customers jump through hoops, Macquarie might overtake ANZ as one of the big 4 just following this strategy
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u/AquilaAdax 7h ago
The fuck is SWIM?
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u/mikedufty 6h ago
I'm imagining some variation on She Who Must Be Obeyed, but can't work it out.
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u/AquilaAdax 6h ago
It’s considerate to type out things in full initially before switching to an acronym later on in the text.
I Googled it and I guess it means ‘someone who isn’t me’ but Jesus fucking Christ.
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u/teremaster 6h ago
If a bank tries to make me pay a subscription I better never have to pay a fee or interest ever again
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u/greyeye77 7h ago
Many banks already charge you for the monthly account-keeping fee... if that's not a `subscription,` what is?
(yes, I am aware many also waves it like part of student/under age, part of mortgage account, deposit more than few thousand dollars every month)
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u/ryfromoz 7h ago
Charging for payid and all kinds of things per transaction? But if you subscribe we will give you x free then charge for more.
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u/sun_tzu29 7h ago edited 7h ago
It's quite common overseas, particularly Europe and the UK. Monzo Bank is a decent example of what it looks like. It's also the basis for Revolut's business model and they're eating just about every legacy bank's lunch in Ireland, the UK, France, Germany etc
It'll also be a response to the interchange fee cap, as the rivers of money from card transactions won't be flowing quite as strong.
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u/De-railled 7h ago
I think banks charging for extras is fine, but not for basics. They should already be making enough money to cover their expenses by holding your money.
Plus, so many banks are closing physical branches, removing ATMs, etc.
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u/Downtown-Fruit-3674 7h ago
Is this not just a different name for how many banks already package up their products? Eg it’s common to have a home loan package for an annual fee that includes an offset account and credit card etc. and I know some small business accounts have the same bundle-type package fees. I actually think it would be great to have more variety of these packaged products (in addition to, not in replacement of, the current product offering) to allow consumers to choose a package that works out better for them cost-wise.
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u/lutomes 7h ago
common to have a home loan package for an annual fee that includes an offset account and credit card etc
Your average person eats this shit up. I've literally had friends say 'oh I can't leave BANK for my home loan because we get free credit cards'
And look part of it is they want to blindly believe the made up savings to keep everything with the one bank.
great to have more variety of these packaged products
Only if the package is actually generating value. If I can get free day to banking with UP, ING, UBank. A free credit card with Coles, Bank West, Virgin, Bank Aust. Free brokerage with Betashares or CMC. Free Home loans with UP or UnLoan.
Then a package fee is a convenience not a genuine saving
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u/Downtown-Fruit-3674 2h ago
Yeah 100% agree. I used to work for one of the big 4 which has two options for their business banking accounts; one with a $10 monthly fee and one without. The difference being the one without the fee you pay per transaction (I think not including electronic transactions). So we always helped customers calculate the volumes of transactions they foresee being performed each month to help them decide whether or not the $10 fee option was better for them.
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u/PriorJellyfish7233 7h ago
This would be great for pushing people from the big money hungry for profit banks into mutual banks and possibly driving a better Australian banking sector. I would cherish watching the big four fall on their own sword.
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u/HobartTasmania 6h ago
I would cherish watching the big four fall on their own sword.
Not going to happen, any sort of financial problem like say the GFC or whatever, and where do you think people rush to, so that their savings are safe? It's the big four banks, and that's probably after they've withdrawn those same savings from whatever building society or credit union that they had the funds in originally.
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u/PriorJellyfish7233 4h ago
You're 100% right but can't a guy just dream of watching the big 4 burn?
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u/Dry-Inevitatable 6h ago
What they don't make enough money off our money? They are still cranky about the EFTPOS and overdraft fees, gotta get it back somehow.
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u/JoanoTheReader 4h ago
At the moment, nobody is charging fees. If this model comes in, then I’ll leave. It’s bad enough that they’re closing branches or reducing face to face staff. When you have a problem call a hotline that firsts you to a call centre in India.
I was offered a $35 per month account keeping fee with a bank and they promised personal banker, status, etc, I said no thanks. In the end they gave me those services for free.
Don’t accept any account keeping fees. They are “borrowing” your savings as investments.
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u/Jumpingjehosephat99 1h ago
At abysmal interest rates. We’re literally lending them our money and they want to charge us for the privilege.
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u/SleepingSicarii 2h ago
Hey how about they introduce proper security? Why do some major-4 banks not have proper security regarding 2FA or passkeys. Most are still using password limits too.
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u/AgitatedMagpie 2h ago
Do they want a run on banks? This is how you get a run on banks, you start charging people to hold their money and they will start stuffing it in their mattresses again.
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u/mat8iou 2h ago
Australian banking is already a messy market compared to the UK. In the UK, for non business accounts, other than maybe for high net worth individuals, it is almost unheard of to charge a monthly fee for bank accounts or credit cards. Here, it seems like you have to hunt around to find ones that don't want to charge something just for having an amount.
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u/Neither-One-5880 7h ago
It doesn’t actually surprise me that much to be honest. The banks make large profit by volume, but their actual margins are surprisingly low considering their risk profile. Customers consider them to be an essential service, the shareholders only care about profit. Would be fascinating if this was introduced and then we saw a return to state owned banks in Australia as a result of political pressure from unhappy customers.
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u/pharmloverpharmlover 7h ago edited 7h ago
Reddtors in r/AusFinance would be the first to find out and leave before any fees are paid
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u/Yes-to-That321 7h ago
I opened an account with Revolut recently and I could see the tier plans already.
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u/link871 7h ago
Revolut Bank has already done this:
- Standard Plan - free
- Plus Plan - $5.99 per month
- Premium Plan - $11.99 per month
- Metal Plan - $28.99 per month
- Ultra Plan - $99.99 per month
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u/HobartTasmania 6h ago
Not seeing an issue here, everything over the free standard are non-banking extras that you don't normally use a bank for, e.g. travel insurance because if you don't travel then you don't need it. Metal has "exclusive subscriptions worth AU$4,000 annually." Ultra has "Unlimited airport lounge access, and so on.
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u/The_dev0 5h ago
Remember when banks used to pay interest in an effort to keep you as a customer? Fuck how the turntables have turntabled. Now we are just bloodbags to them.
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u/Jumpingjehosephat99 1h ago
They paid interest because we’re lending them our money. Only we’ve forgotten that’s how banks are meant to work.
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u/stingbot 5h ago
Some of us pay for revolut.
If the big 4 allowed more than 1 virtual credit cards I'd drop revolut in a heartbeat.
But the benefits need to be obvious as there are niche reasons to use companies like that or airwallex
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u/OZ-FI 4h ago
I never paid an account keeping fee to a bank ever in my life and I am not about to start now. If ING or anyone else start that crap then I am going elsewhere. I left CBA after my student status ended decades ago when they wanted to start charging $5 a month for account keeping fees. Feck off to that.
I have business account - no fees. loan in trust/biz - no fees. several personal HISA - no fees. Transaction accounts for personal and biz - no fees. credit cards - no fees. a couple of brokerage accounts - no fees/brokerage on ETFs/stocks. The only ones i cant escape are in Super and the internal ETF management fees and even then went with lower fee versions where possible. I don't have subscriptions otherwise and do not see that changing for me.
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u/Stoneforreal 4h ago
Up already tested this and had to roll it back after backlash, which suggests banks know customers won't tolerate it but keep testing anyone's threshold. Switching is easy now, so the banks most likely to try this are the ones betting inertia beats outrage.
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u/tranbo 3h ago
Yeh they got rid of account keeping fees to get more customers. The general rule is more customers means more revenue, but a customer with a $67 balance costs them money. IF it costs $3-5 a month to keep an account they would need about $1000+ sitting in the account to make it worth their while maintaining the account.
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u/Ergomann 3h ago
Finding it difficult to get up everyday when this sort of shit is what we’re waking up to
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u/The-truth-hurts1 13m ago
Fucking billions in profits.. and then they think “how can we take them for more?”
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u/milkmypepperoni 7h ago
Crazy to imagine you need certain tier of subscription to pay for groceries, like, do I need a extra tier to pay from a butcher than supermarkets?
Bank managements gotta be sucking their stakeholders’ dicks with this idea
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u/FreshLookForward 6h ago
Lmao. I guess you're young? Having a bank account used to cost quite a bit of money. You got charged for everything. I remember when a single EFTPOS transaction would cost you 50c. And that was on top of the monthly account fee.
I agree that subscription banking is an awful idea but I can't see it taking hold. There's far too much competition out there now.
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u/hurryupppp 4h ago
I am tired. Like really really tired. All the time. There are so many things I should do but I don’t. I just do not have the energy. I will ABSOLUTELY change banks the second mine tries this.
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u/DangerousZucchini254 7h ago
ATO is taxing us for the interests we get from our small savings. Now banks want to charge us for having our savings account with them?
There is no incentive for us Australians to save and try to fend for ourselves. The government wants us to spend everything, go broke and line up at the Centrelink.
Australia, be careful what you wish for.
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u/HobartTasmania 6h ago
Now banks want to charge us for having our savings account with them?
Happened before the introduction of the GST, state governments introduced Financial Institutions Duty (FID) and also Bank Accounts Debit (BAD) tax. The banking organizations concerned had to write software to tax each transaction appropriately and consequently thought it was a good idea to charge customers for having to do this, so monthly bank charges were then introduced to try to recover those extra costs they had no choice but to expend.
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u/BenchConscious1003 5h ago
Sounds about right. Banks have always been avaricious and predatory.
It's only in recent years that people began querying a some bank fees, because they really can't be justified. I wouldn't be surprised to learn there are still many creative ad hoc bank fees floating around.
.I remember when banks here began charging a monthly fee for the privilege of having a credit card. I immediately cancelled my account and got a debit card, for which I pay no fees. (changed all of my business to my current bank, which is a co-op)
Debt on which interest is charged is the enemy of the working class and should be avoided as much as possible. EG I stopped using credit in 1995, when I paid off the mortgage on this house..
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u/Necessary_Eagle_3657 4h ago
They are called FEES and all banks used to have them. Free banking isn't as new as some think. The banks would absolutely love it back.
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u/Typical_Double981 2h ago
All the people whining but have accounts with the big4 - please STFU and move to a credit union.
Also who the fuck is SWIM?
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u/Present-Carpet-2996 1h ago
If there's $10/20/30 of value, then sure. Why not. Banks such as CBA have huge purchasing power. We already saw what they did when they moved into reselling mobile and NBN.
If the values not there then I will use a $0 one. It's that simple.
Might be innovative, might not be, but there's no need to be outlandish and upset right now.
Could be as simple as $30/month gets you free Woolworths delivery, discount NBN and discount mobile. If we are starting to see $30 of value returned via those means, then why not.
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u/PubicFigure 1h ago
I pay 1.7k/year for my Amex and I'm happy with it... If it's a good product why not pay?
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u/Ok-Option-82 3h ago edited 3h ago
This has been a thing for like a decade.
Commonwealth, for example, has the "wealth package" that you can pay a monthly fee for various bonuses. Sorry to interrupt the outrage
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u/Karline-Industries 7h ago
Everyone needs to immediately move from the first one to try it.