Compare Free Checking Accounts
A checking account is a bank account that allows the account holder to write checks against their balance. Checking accounts typically pay less interest than other types of bank accounts such as savings accounts and CDs, and they also sometimes charge a monthly fee. There are, however, free checking accounts available that will all the account holder to have the benefits of a checking account without needing to shell out a large monthly fee.
The table below will allow you to compare free checking accounts.
In recent years, it has become harder to find banks or other financial institutions that offer free checking accounts. However, it is still possible to find banks or credit unions that offer free checking accounts or checking accounts that have minimal fees. What can you do to make sure that you aren't paying too much for the right to keep your money in the bank?
Look for Promotional Offers
There is a good chance that your local bank or credit union is running a promotion that allows new customers to open their checking account for free. Even if account fees are only waived for a few months, it gives you time to figure out a way to minimize the fees that you may face in the future. To find promotional offers near you, you can visit the website of a local bank or credit union that you are interested in joining. If you already belong to a credit union or have a bank account, ask that bank or credit union if there is any way to open a checking account for free or if you can have the fees waived.
Learn to Get Around the ATM Fees
There are several strategies that you can utilize to get around fees that your bank or credit union may charge to use your checking account. A common way that financial institutions make money is to charge an ATM fee each time you take your money out. To get around that fee, you can use a debit card or look for ATMs that do not charge a fee to take out your own money. In some cases, the financial institution itself may allow you to use their ATM for free. A bank or credit union may also allow you to make a certain amount of ATM withdrawals each month without being charged a fee. Although the practice has become less common in recent years, your financial institution may reimburse you for any ATM fees that you are charged in a given period of time.
Is There a Minimum Balance Requirement?
The best way to avoid checking account fees is to look for an account that doesn't charge a fee for not maintaining a minimum balance. It is not uncommon to see banks or credit unions insist that you keep a minimum balance of anywhere between $100 and $1,500 at all times. Before opening a checking account, be sure to ask if there is a minimum fee requirement and how long you can be under that balance before fees kick in. When looking for a free or inexpensive checking account, you have to be a savvy consumer. Compare as many different options as possible, look for promotional deals and find ways around the most common fees to help you save money. If you do these things, you increase your odds of keeping your money in the bank without having to pay for that right.