Saving on Bank "Convenience Fees"

I have spoken about different ways you can save money, however one important method I have yet to mention was how to save money on your banking fees.

If you examine your bank account closely, you will find yourself paying quite a bit on bank fees, or what some might call it “convenience fees”.

The “convenience fees” that banks have in place are not at our convenience, but their own, at out expense. By examining the list below you will be able find several new ways to save money from being taken by your bank.

1. Avoid ATM charges

Take the extra time and withdraw money from your own bank’s ATM. If you are among the many who does not, you will find yourself paying $1.50 a couple times a month which can add up to a big number.

2. Consider virtual banking

Most virtual banks will offer you no fee chequing and savings accounts. As a positive, you are more than likely to get higher interest rates on positive balance. You have to remember that virtual banks may have no fees for certain usages, however using an ATM may cost you a minimum of $1.50 to withdraw money.

3. Pay for what you use

Examine what you are offered with your bank account, and determine if you actually need all of the features you are paying for. Chances are you are paying for services you do not need, and you can save a bit of money by adjusting your account.

4. Do not pay for more credit cards than you need

Having too many credit cards can often impact your eligibility for loans and mortgages. It is in your best interest to keep the credit cards that benefit you most, than several which you may not end up using at all. You do not want to be caught paying the annual fee for a credit card that you end up not using at all throughout the year.

By following the tips above you should find yourself saving a bit of money, in which you can put directly into your savings account.

The changes might seem small, however it will make a big difference in the long run.