Many consumers give away a significant amount of money every year because they pay fees for their current checking account, even though this would not be necessary if the bank details were changed. Anyone who finds out quickly finds a financial institution that offers the free guidance of the current account. However, one should consider some important aspects when selecting the bank or savings bank.
Minimum payments and cash withdrawals
Many banks and savings banks with branches and online banks advertise free checking accounts. For most, however, the cost-free is linked to a minimum monthly payment receipt of a certain amount. If this is not achieved, fees are immediately due for keeping the account, which are often unreasonably high. Therefore, low-income consumers should carefully check whether they reach the required minimum monthly payments before deciding on a bank. Similarly, one should inform oneself about the network of ATMs, which makes it possible to withdraw cash in close proximity. Especially with foreign online banks arise here often problems, because there are hardly any such machines. Then one is forced to use very high fees non-bank ATMs, so that thereby the savings effect of toll-free account management can be completely counteracted.
Disposition credit and additional services
Consumers who often wish to use the discretionary credit line that they have to their checking accounts should be sure to take into account the amount of interest due when selecting a new bank account. For here there are clear differences, while low-cost banks demand relatively moderate interest rates of less than 10 percent, others demand interest rates of 15 percent and more. This can add up to considerable sum in case of frequent overdrafts with appreciable amounts. It may even be advisable to accept account maintenance fees if the interest rates are advantageous. In particular, many savings banks offer giro accounts that require a fee, which enable customers to use numerous additional services, such as purchase discounts or certain insurance policies. Here, a customer should think carefully about whether the use of these services and benefits for him at all makes sense and whether the resulting savings effect offsets the account fees.
Savings through an account change
No one should be deterred by the associated effort of changing accounts (-> go to the source). For most of the time he is limited, many banks even offer to take the necessary correspondence. And even after changing the bank details, you should check from time to time whether the conditions for the account management still fit your own needs.