Banks have it pretty good, don’t they? They get to hold our money AND charge us for it. The average person doesn’t make interest on their bank account…they just pay fees. If you’re aware of your fee structure, you could be saving a lot of money every month.
Here are some tips for you to:
Save Money On Bank Fees
- Find out if there’s a flat fee service account that lets you have unlimited transactions. This could save you substantially!
- If you keep your account above a certain balance your fees might be waived. Be sure you’re getting a decent interest rate as well, though. It’s important to weigh your options!
- Don’t use an ATM of another bank. Most banks will include several trips or unlimited trips to your own ATM for free but once you use another machine, you’ll pay not once but twice because your bank will charge you plus the other bank will as well. A $20 withdrawal could be closer to $25!
- Stay out of overdraft unless absolutely necessary! Cancel it if you must! It can be a trap
- Save fees by doing cashback on purchases. If you need cash, the grocery store or department store will top up for you and give you cash back without an additional fee
- Shop around for the bank with the best rates. Some banks even pay loyalty points instead of charging you service fees. Look around for the best deal
- Senior citizens and students often get their bank fees waived if they have the right type of account. Double check available accounts at your bank.
A little goes a long way and you could be spending hundreds of dollars per year MORE than you have to on bank fees. Instead of living with your debit card where you don’t think much about what you spend because you’re not dealing with cash money, consider switching to a cash budget through the money jar or envelope budget. This is a huge way to save money..you’ll actually SEE what you are spending!