Dollar Saver Tip #17
Are you still paying a monthly account-keeping fee on your everyday bank account? It's time to ask yourself why.
Alison here, Finder's banking and saving expert and a big advocate for ditching unnecessary bank fees and charges.
Did you know?
Some banks still charge a monthly account-keeping fee to… keep your account?
Think about it.
You're letting the bank hold onto your hard-earned cash and do whatever it likes with those funds while you're not using it. You're basically letting the bank borrow your money to use for its own purposes such as investments and lending to other customers for home loans (on which they all make a big profit, I might add).
Banks are using your money to make even more money… and you're paying them $5 a month for the pleasure.
Really, they should be paying you a monthly fee!
Some of the accounts that charge a monthly fee give you the option of having the fee waived by depositing large amounts of money each month. Again, the more money you deposit the more the banks benefit.
But you don't need to put up with this. There are so many great everyday bank accounts that don't charge any monthly fees and don't have any ongoing deposit conditions either.
You might not be bothered to switch bank accounts for the sake of $5 a month. But that's $60 over a year.
Imagine holding a $50 note and a $10 note and simply throwing them down the drain. You'd never do that, so don't put up with unnecessary bank account fees either.
Compare bank accounts today and make the switch to one without monthly fees.