Bank accounts fees and costs be a savvy saver
Choosing the right bank account can mean saving thousands in account costs or losing hundreds in lost interest over the course of few years. Choose wisely and you will have more money to spend!
For many people using an ordinary bank account is a easy low cost way of building up your savings. While most accounts have a monthly fee these days for savvy savers they can still win by moving money through different accounts.
Lets look at the three main areas that will help you through
- The type of account
- The type of facilities
- Monthly costs
- Try to find an account that will give you savings, check and credit facilities, that way you'll find it easier to move your money into the right account to save on fee's and earn interest.
- Make sure you find you what the fee's are, some accounts do not have a monthly fee if you do not require a posted balance statement
- Find out if there are any options for for reduced fee's - students or other people may get reduced interest or enhanced facilities
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Types of Facilities
Monthly costs Banks make money through various methods, as a customer you can reduce your charges by
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- Dont get cash from credit cards, its one of the most expensive methods, rather use an
overdraft - Put un-used money into a term deposit and earn higher interest
- Choose your ATM carefully, some have very high withdraw fee's or a set fee.
- Get cash out when buying with your EFtpos card, that way you can save by having no fee.
- Get wages paid to your home loan account, stick to your monthly budget, you'll pay off your
mortgage quicker. - Make sure your account pays you interest daily, or monthly not yearly
- Make sure your account does not have limits of the amount of withdraws you need to make
- Make sure you know what terms your credit card has, i.e has to be used so many times per
year for no fee - Bank online, its the lowest cost of banking there is.
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