Opening a savings account is an easy way to save up for big purchases, like a car or your first apartment. But opening a savings account can also be nerve-wracking if you’re like me. Especially when it comes to avoiding overdraft fees, if you’re trying to open a new savings account but want to avoid dealing with high fees, there are plenty of options out there. Here’s how you can open a bank with no overdraft fees checking and savings accounts that don’t charge overdraft fees:
Table of Contents
Talk With A Banker.
It would help if you also talked with a banker. You should be able to ask your questions and get a clear answer, even if it’s not the one you wanted. You’ll want to know what kind of overdraft fees they charge and why, how often they’re charged, and whether there are any other fees associated with the account. The more information you have about how their service works, the better off you will be when choosing an account for yourself or your business.
Read The Fine Print.
Reading the fine print is key. Don’t just focus on the interest rate, APY and annual fee. You’ll also want to pay attention to other things like monthly service charges and minimum balance requirements.
Compare The Options.
When it comes time to choose a savings account, don’t just look at the interest rate. You have several things that you should consider before opening an account:
- Interest rates: Different banks offer different interest rates, so compare them all and see which one is best for you. If you want your money safe from inflation, a CD is more appropriate for your situation.
- Fees: Some banks charge overdraft fees, and others charge monthly maintenance fees or minimum balance requirements. Make sure that whatever bank you choose doesn’t have any hidden costs associated with using their services before signing up for them!
Pick Your Savings Account Wisely.
There are a lot of factors to consider when you’re choosing a savings account. For example, you’ll want to pick the right bank and the right type of account (checking vs. savings). But before all that, you really need the right interest rate. SoFi advisors say, “There are no fees and no interest charges for using this feature.”
And that’s because most banks offer few options for their savings accounts. Most will only offer one or two types of rates—usually between 0% and 1%. And if you’re lucky, maybe your local bank offers 0.5% as an introductory rate for one year before reverting to 0%. So the problem with these small amounts is that they won’t be able to keep up with inflation over time: Your money will lose value over time if it isn’t earning enough interest.
Savings accounts are a great way to save for the future, but they can be frustrating if you try to avoid overdraft fees. So it’s important to pick your savings account wisely and ensure it only charges you fees when there is enough money. This article should help guide you through some of these steps so that you can find a bank that fits your needs!
Also Read: How To Reduce Your Business Purchasing Costs