Buying your first home entails serious investment of both time and money. That is why you have to get rid of unnecessary expenses and save up. Among the most popular forms of hidden fees are bank fees. Nevertheless, your bank account should not charge you for holding money there.
Banks employ some tricks to mislead customers into believing that their accounts have no fees. For instance, there could be an advertisement of a “free checking” account, but when you realize the conditions of not being charged with fees, the minimum balance of $2,000 appears. Consequently, you pay twelve dollars a month for the account, which could be viewed as a rent for your money.
First of all, consider the online banks like Ally Bank and Discover Bank. They offer you the checking accounts with no monthly fees and minimum balance. Since banks earn their money in another way, there are no other payments for the usage of these accounts.
Secondly, there are credit unions. Such organizations as Alliant Credit Union or even your community credit union might offer you the free checking accounts, as they belong to their members. In addition, they treat you as a person, not a source of money, so you will not face any unexpected things from them.
Nevertheless, there are some additional fees that banks may impose on you. For example, some of them have waiver of monthly fee if you use direct deposit. In case you work as a freelancer, this may be an uncomfortable option. Besides, there are checking accounts which charge you for paper statements or out-of-network ATMs. That is why you have to pay attention to small letters.
Since you will be writing many checks to contractors and plumbers or even for emergency repairs, you should have the free checking account. Besides, it should allow you to write free checks, as some online banks do charge for them. Finally, it is also useful to check the quality of the mobile application of the account, as you will be depositing many checks from your couch, where you choose paint swatches.
Do not use the accounts which charge bill payment fees. Indeed, you will definitely have to pay your utility bills, mortgage and home insurance. Thus, having an account with free online bill pay is vital.
There are several free checking accounts which you can consider. For example, SoFi Checking and Saving not only has zero monthly fees, but also provides you with the interest on your account. Another great account is Capital One 360 Checking, which also has no fees and extensive network of ATMs.