Earning Much but Can’t Save Big? Try No-Fee Checking Accounts TODAY!!

Sick and tired of giving $10-11 as checking account fees per month? Why not switch to no-fee checking accounts? Does that sound like something new to your ears?

Your bank may waive the monthly checking fee if you follow some basics. Firstly, you have to maintain a monthly minimum balance. Secondly, your account should receive a minimum recurring monthly deposit. There might be some other instructions, too, varying from one bank to another.

Today, 45% of the population seeks no-fee checking accounts. It’s cost-saving and also nurtures your propensity to save. Wait, there’s more. Some banks offer free checks, higher APY and cashbacks against your no-fee checking accounts. No doubt, the popularity of such accounts is reaching its zenith. It is one of the best Alternative Investments you can’t ignore.

If you don’t know much about this lucrative option, this article is for you. You will learn the basics about no-fee checking accounts here. I will also discuss the best offers and who offers the best options for no-fee checking accounts in the US.

1. What is a No-Fee Checking Account?

We can’t ignore the growing popularity of the no-fee checking accounts anymore. Meanwhile, do you know what the essential components of these accounts are-

Firstly, a no-fee checking account charges no minimal A/C operating and management fees from you. But there is a catch. You have to maintain a minimum monthly balance at par. For example, Bankrate confirms that Chase Bank’s free checking accounts require users to have at least $1500 in their account. The same applies to the Bank of America. Plus, they want customers to receive $250 monthly direct deposits in their accounts.

Experts say that locking-in is good for developing reasonable spending habits.

Comparison with Traditional Accounts:

2. Benefits of No-Fee Checking Accounts

Check out why a no fee checking account is the best option for you. Here are 3 benefits you can’t do away with-

Cost Savings

One of the prime benefits offered by the best no-fee checking accounts banks is “no monthly maintenance fees.” This means a lot for the micro savers. They can easily manage their money without feeling concerned about the recurring charges on their account.

Bankrate conducted a survey this year. It reveals that the average monthly fee for non-interest-bearing checking accounts is $5.47. You can save this much or more every month when you get a free checking account.

Accessibility

The people who need access to micro funds are students, low-income individuals, etc. Hence, the question is- can they benefit from the free checking accounts? I mean high savings, and all are good. But what about the other standard facilities?

Firstly, you can access your account through ATMs, debit cards, and online banking. All these features are available with your no-fee checking accounts. Secondly, you will never run out of options when you withdraw funds. You can use the debit card when your 6 or 10 monthly ATM withdrawals run out.

Financial Freedom

Your funds are safe with the free accounts. If you’re still searching for no fee checking accounts with no minimum balance option, that’s a drag. Even if such an option exists, it won’t be lucrative for you. Take that from you.

The financial freedom and mental clarity of free checking accounts are unparalleled. Firstly, you can enjoy higher APYs. Hence, you know you are making big money, even if you must lock in $1500 in your A/C.

3. How to Choose the Right No-Fee Checking Account?

Don’t invest in a no-fee checking account until you’ve read this section. There are numerous banks with no fee checking accounts in the US. But who offers the best option?

Researching Options:

Don’t know what to look for, when choosing your free checking A/C? Not a worry. I’m here to help. Don’t grab the first offer that you get. There might be other offers awaiting you. So, compare the rates between several banks and credit unions. And then decide.

Often, online banks offer better APY than traditional banks. An example will help your understanding. Chase Bank requires you to maintain a minimum balance of $1500. However, that’s not the case with Robinhood Online Bank. They don’t need you to keep any lock-in balance. Still, they will bring the best of offers for you through your no fee checking accounts.

I know many would be concerned about the safety of online banks. Let me tell you that the number of frauds in online checking bank A/Cs is much less than in online lending.

Key Features to Consider:

Ready to choose the option that’s best for you? Here are the things that you need to look out for:

ATM access and fees

Online banking capabilities

Customer service quality (if your bank offers a 24×7 chart and call facility)

Additional features (overdraft protection, mobile check deposit)

Well, we know that the best accounts, like Bank of America no fee checking accounts, come with no overdraft facility. But that is only the case with some banks and credit unions.

If you own a small business, this account may fit you. You can carry out small-scale transactions through the best small business, no fee checking accounts.

Another critical feature is higher APY for seniors. Often, the free checking accounts don’t offer APY at all. But banks like Chase offer leverage for seniors. So check out the no fee checking accounts for seniors, too.

4. Top No-Fee Checking Accounts in this Year

6. Potential Drawbacks of No-Fee Checking Accounts

STOP! Check out some drawbacks that may reduce your reduce your gains, while, they are not major, they are still worth checking out-

Limited Services or Features:

The main drawback of the no-fee checking accounts is their limited features and benefits. Firstly, don’t expect any interest on deposits or any overdraft protection. There are seldom any reward programs. Hence, you might miss out on the potential returns that traditional banks come with.

But free checking accounts are suitable for those who are rebuilding credit. They can just save blindly and create a good bank portfolio.

Account Maintenance Requirements:

Various fees and charges are applicable, barring the monthly service and operating costs. In this regard, let’s take some examples. Bank of America charges $1500 as the minimum deposit balance for the first time and then $250 from then onwards. And that’s static for every month. If you miss that, you may have to count penalties.

However, U.S Bank requires customers to deposit $25 only, while opening accounts. Also, don’t expect high or reasonable returns from the free accounts. Instead, you can check out the best savings bank A/Cs that offer the highest rates this year.

7. How to Open a No-Fee Checking Account?

Step-by-step guide on how to open an account online or in person:

1. Start with choosing your bank and the A/C that you want to go with

2. Then gather the documents you will need at par:

A valid ID like a passport or driver’s license

Your SSN ID or your tax ID

Your phone number, address, and other essential private details

3. You will then get an application form. The process is the same online

After that, deposit the minimum due balance in your account. Remember, it is the initial deposit account balance.

4. Now we are nearing the end. At this stage, you will do a test deposit (maybe $1 or $2). Then, you have to verify that you made the deposit yourself. The process may vary from one bank to another. For example, some banks may ask you to produce your receipt or transaction ID.

5. Once done, your account will be activated. And then you can start using it the way you want.

Frequently Asked Questions (FAQs)!!!

Here, we will address common queries related to no-fee checking accounts. Let’s see what people must ask:

Conclusion

Avoid paying any recurring fees to keep money in your account. Choose no-fee checking accounts today. The top benefits of these accounts are no monthly maintenance charges, often no MAB, and easy accessibility. There are ATMs, debit cards and other withdrawal facilities. Some banks also allow you to deposit money through local retailers.

But I recommend readers against making any impulsive decision. Firstly, evaluate your financial status. Check if you need an interest-paying account or not. The free checking accounts are best for those with a massive inflow of money in their traction accounts. However, micro savers or one-time investors can stay away from these accounts.

If you have invested in no-fee checking accounts, ping me your experience in the comments. New users can also post their queries there. If you need more financial tips, let me know in the comments section.

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