How to reduce your bank fees

If you aren't thinking much about you banking fees then you are potentially letting $100s of dollars every year go into thin air!  This article provides four tips to help you reduce your bank fees and keep more money for yourself.

Tip 1: Find the best bank account for you: There is quite a difference between bank's and bank accounts these days. Some charge for all transactions, some charge for transactions once you reach a certain number per month, others charge a flat monthly fee. Shop around and find the best bank account for you.




Tip 2: Consolidate all of your bank accounts into one bank: This will keep things simpler for you and the bank will reward you if you have multiple accounts and you will ultimately pay less fees.



Tip 3: Don't pay late or dishonour fees ever: Build up a minimum balance of $1000 in your chequeing and bills account. Once you have money in your account, you are less likely to pay late fees or dishonoured fees. These fees are sometimes between $30 and $40. Better to keep this money for yourself.



Tip 4: Ask you bank if they will waive account fees: You may be amazed at how often the bank, especially if they fear they are going to lose your business, will consider waiving or reducing their fees.

As you can see, with a few simple changes you can quite significantly reduce your bank fees.  If you want to learn to save $1000s a year then check out our Money Saving Tips E-book.

Cheers

Rusty