In this day and age, banking is no longer the domain of old white men. It’s something you all do, whether you’re getting a loan or using an app to pay your bills. But as more people have become involved in financial services, it’s also become more complicated. There are tons of fees that pop up when you open up a savings account or apply for a credit card—and they can be confusing! But some banks offer no fee banking. So they’ve put together this handy guide to banking terms so you know everything there is to know about your money.
Look for free checking accounts
Though most banks advertise their free checking accounts, finding a no-fee account is not always easy. Credit unions are more likely to offer free checking than other types of banks, but they may require a minimum balance or have monthly fees that don’t apply to online banking customers.
Some credit unions do offer a monthly fee waiver for active members with direct deposit, so consider that option before closing your account if you can qualify for one. If not, look into switching over; after all, it could end up saving you hundreds of dollars per year (or thousands).
“Stop worrying about being charged for not having enough amount in your account,” as SoFi experts say.
Click here – Process of Opening a Savings Account
Find out if your bank or credit union offers discounts
Some banks and credit unions offer a variety of discounts for different products and services. For example, if you have an auto loan with your bank, they may offer to lower your car insurance rate or give you a refund on the interest that you pay when financing a new vehicle.
Some banks and credit unions also offer mortgages and home loans at special rates. You can usually get the best rate by getting all of your accounts in one place—your local bank or credit union. These institutions want to keep loyal customers happy by ensuring they’re not paying too much for their products like car insurance or mortgages.
Get a reward card from your favorite coffee shop, airline or department store
Reward cards are a great way to save money on everyday purchases. However, not all reward cards are created equal. Some offer better rewards than others and some have higher annual fees than others. To get the most out of your card, you should:
- Research which rewards program offers the best value for your purchase behavior.
- Choose a card that is easy for you to use and has minimal fees or associated charges (for example, some credit cards charge extra when you make purchases online).
There are other places where you can get an ATM fee refunded
Some banks offer refunds for certain types of transactions, such as those at grocery stores or any other retailer that doesn’t have an in-house ATM. If your bank does this, it’s easy to take advantage of the program: just use the bank’s smartphone app to find nearby stores with available ATMs and then withdraw money from one of them. The withdrawal won’t count toward your monthly limit, and it won’t cost you anything extra—it’ll even earn a small amount of interest!
This article has helped you understand how to minimize banking costs. The bottom line is that it is crucial to know how much money you spend on your accounts and look for ways to save money.