Many Americans spend hundreds of dollars on checking account fees annually, even though no-fee checking accounts are widely available.
Despite a large number of no-fee alternatives, people don't switch checking accounts because of"inertia," says Greg McBride, chief financial analyst at Bankrate.
Most Americans simply aren't in the habit of shopping around for checking accounts. The average checking account holder sticks with their bank or credit union for 17 years,"Changing to a free account just becomes something that you perpetually get around to, unless you take action," McBride says.If you do open a new account, be sure to leave your existing account open with enough money to cover any balance minimums.
, according to the Federal Deposit Insurance Corporation. Higher rates are available, but often they require a minimum deposit, ranging from $1 to a few hundred dollars. However, earning interest shouldn't be your main goal with a checking account. You're better off parking excess cash, including emergency savings, in a high-yield savings account. You can currently findInterest rates aside, your goal"should be a no-fee checking account, because it's widely attainable," says McBride. By doing so, you could save a few hundred bucks a year on fees.
, which distills the billionaire's No. 1 best piece of advice for regular investors, do's and don'ts, and three key investing principles into a clear and simple guidebook.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Dell clearance sale knocks $300 off this gaming laptopThe Dell G16 gaming laptop is a great laptop for anyone keen to play the latest games on the move. It's on sale now at Dell but you'll need to be fast.
Read more »
Best Buy just knocked $300 off the Microsoft Surface Laptop 5The Microsoft Surface laptop 5 is a stylish system that's ideal for taking out and about with you. It's on sale now at Best Buy.
Read more »
Tesla’s New Supercomputer Accelerates Its Ambition to Be an AI Play Alongside NvidiaThe EV company's $300 million computing cluster will develop self-driving car technology and shows how the artificial intelligence ecosystem is developing.
Read more »
Sell Rockwell Automation Stock, Says Analyst. Expectations Are Too High.Barclays analyst Julian Mitchell downgraded shares of the manufacturing automation company. His price target went to $287 from $300 a share.
Read more »