How to Save Money – Tips on Bank Accounts

Using ATMs
When you need to draw money, prefer your bank’s branded ATM. and avoid paying excess fees. Other ATMs will almost always charge higher fees than your bank’s. If your bank account charges you a fixed fee each time you use an ATM – prefer drawing one large amount instead of a few smaller ones.

Although ATMs rarely make mistakes, it is best to count the withdrawn money before you walk away from the machine so that the security camera can record if there was a case of you receiving the wrong amount.

Never Pay Checking Account Fees
As competition between banks continue to grow, there are many banks who offer now days free checking account with no fees or minimum cash balances. Most will also offer reasonable interest on your checking account. ING Direct is an example for such bank, and there are more.

Making a transfer to another bank is not as hard as most people think. If your bank happens to charge you fees, ask them to reverse it before you take your business to another bank. They may cancel your fees and save you the trouble altogether.

Start Using Flexible Spending Accounts
Flexible Spending Accounts (FSA) or Flexible Spending Arrangements are one of a number of tax advantaged financial accounts that can be set up through an employer in the USA.

An FSA allow you to pay certain medical, dental and child care expenses using pre-tax dollars, resulting is substantial tax savings. If you’re not taking advantage of these accounts, you’re wasting money!

The most common are Medical FSA or Health FSA. Check with your HR department about enrollment.

Other Banking Resources
If you’re living in the U.K., maybe a budgeting account could help you to save some extra money?

---

Click here for more Save Money Ideas – Insurance Money Saving Tips.