Banking without the fees
Keep your money safe and stop paying banks to hold it.
Money gathered little by little grows. Fees gathered little by little do the opposite.
Proverbs 13:11
Two accounts, two jobs
A checking account is for money moving in and out: your paycheck lands, your bills leave. A savings account is for money you are not touching this month, and it should pay interest. Using one account for both is how people accidentally spend their emergency fund on a Tuesday.
Fees you never need to pay
Monthly maintenance fees, minimum balance fees, paper statement fees and out-of-network ATM fees are all avoidable. Banks earn money from interest, card swipe fees and yes, penalties. Compare two or three accounts before you pick one, and read the fee schedule, not just the marketing page. Credit unions and online banks often have the lowest fees.
Key terms
Interest: Money a bank pays you for keeping your balance there, expressed as a percentage per year.
Minimum balance: The amount you must keep in an account to avoid a monthly fee.
This week's money move
Audit one bank account like a lawyer
0 of 4 done
Week 3 check
3 questions · no grade, just a gut check
1. What does opting out of overdraft coverage do?
2. A job offer asks you to deposit a check and wire part of it back. This is…
3. Which account is best for money you will not touch this month?