Saving on Monthly Bank Fees: Tips and Tricks

We’re all used to rewards programs for credit cards, but did you know many banks offer perks for checking and savings accounts too? From cash-back rewards to referral bonuses, these programs can significantly boost your savings just by managing your accounts wisely. Whether you’re looking to get rewarded for everyday purchases or grow your savings with interest, this guide will show you the best ways to maximize your bank’s rewards and turn your accounts into profit-generating tools. Get ready to make your money work harder for you with minimal effort!

Opt for Free Checking Accounts

Many online banks and credit unions offer free checking accounts with no monthly maintenance fees. Some may even provide additional perks, such as free ATM access or higher interest rates on balances. Researching these options can result in long-term savings. For example, digital banks like Chime and Ally offer fee-free checking accounts with added benefits such as no minimum balance requirements and access to a broad network of ATMs. Be sure to review account terms to ensure there are no hidden fees like overdraft charges or non-sufficient funds fees.

Meet Minimum Balance Requirements

If you already have an account with a bank that charges monthly fees, see if maintaining a minimum balance can waive those fees. For example, Bank of America and Wells Fargo both offer fee waivers for accounts with a balance of $1,500 or more. You can set up automatic transfers to ensure your balance stays above the threshold each month. This not only keeps your account fee-free but also helps you develop a habit of saving regularly.

Direct Deposit and Other Fee-Waiver Options

Many banks offer fee waivers for accounts that receive direct deposits. If you have regular deposits, such as your paycheck or government payments, ensure that your bank knows about them. This could be an automatic waiver for monthly maintenance fees. Some banks may also waive fees if you meet certain activity criteria, such as making a minimum number of debit card purchases or using online banking services. For example, Chase will waive monthly fees for accounts with direct deposits of $500 or more.

Take Advantage of Student or Senior Bank Accounts

If you’re a student or senior, many banks offer special accounts with no monthly fees or low balance requirements. These accounts are designed to help people with limited income or fixed budgets save on banking costs. If you qualify, switching to one of these accounts can help you avoid fees while enjoying the same banking services.

Consider Banks with Fee-Free ATMs

Some banks partner with ATM networks that allow you to access cash without paying extra fees. For example, Charles Schwab and Discover offer ATM reimbursements for fees charged by other ATMs, which can add up if you regularly need to withdraw cash from non-network ATMs. When choosing a bank, check if they offer access to a large ATM network or reimburse ATM fees to save even more money.

Use Mobile Banking Features

Many banks offer mobile apps that not only allow for easy account management but also help you avoid fees. With mobile alerts, you can receive notifications if your balance is low, preventing overdraft fees. Some apps also allow you to transfer money between accounts quickly, reducing the chances of missing minimum balance requirements. Check with your bank for mobile features that help you stay fee-free.

Monitor and Adjust Your Account Settings Regularly

It’s important to review your account settings regularly to ensure you’re still getting the best possible deal. Banks periodically change their terms, and an account that was fee-free last year may now come with a monthly charge. Make a habit of checking your account fees every few months and consider switching if your bank starts charging fees for services you didn’t expect. Regularly reviewing can prevent surprise fees from sneaking up on you.

Final Thoughts on Saving on Monthly Bank Fees

Reducing or eliminating monthly bank fees is achievable with a little effort and strategic planning. By reviewing your current account options, exploring fee-free accounts, and utilizing fee-waiver conditions such as direct deposits or minimum balance requirements, you can avoid unnecessary charges. Regularly reassess your account to ensure it continues to serve your financial needs while keeping fees to a minimum.