No fee checking accounts are all the rage in 2023. Millions of Americans use these types of accounts to receive direct deposits and spend money with a debit card. There are several kinds of free checking accounts, some of which are geared toward specific populations. For example, college students can often open checking accounts with incentives.
Some types of bank accounts reward you for spending responsibly and saving money. Continue reading through the slides below to learn more about checking accounts and how they can help you save some serious cash.
Free checking accounts are exactly what they sound like: free of monthly fees and fines. When you open a free online checking account, you don’t have to worry about monthly maintenance fees, which could be as much as $25 per month. Why pay a maintenance fee at all, if you don’t have to?
Most of these free checking accounts also have no minimum balance requirement, which means you can have just a few bucks at the bank and still avoid getting hit with a low balance fee. Major banks often charge you if you account balance drops below a certain amount, which could happen frequently if you plan to use your checking account as a primary form of payment.
Millions of Americans open a no monthly fee checking account because most do not require you to deposit a large sum of money upfront. You can usually get started with a new account with as little as a few dollars. Some major banks require you to deposit a few hundred dollars just to open up an account.
However, not all types of bank accounts offer all the benefits discussed above.
Likewise, smaller banks may offer no-fee checking accounts but often do not have as many options as nationwide institutions. If you have an account with a small bank and travel outside of your home area, you may be limited when looking for ATMs to withdraw money. Some institutions might not be able to refund you for hefty withdrawal fees, either.
Finding no-fee checking accounts could save you upwards of $180 per year on maintenance fees alone. Add in minimum balance charges and overdraft fees, and you could be facing hundreds of dollars each year.
It’s always a good idea to shop around before opening a checking account. It takes a bit of time and effort to settle on a bank that gives you all the perks and incentives you are looking for.
Do some research beforehand so you know the types of fees you could run into. Free checking accounts aren’t always advertised, so it may take some digging to explore your options.