QUICK PERSONAL FINANCE TIP; Free Banking

By in Money Management, Personal Finance, Saving

Welcome to the, “Quick Personal Finance Tip.” This feature gives you access to quick tips to further your financial goals. Look for these tips periodically. Better yet, pick up my RSS feed or email subscription and follow me on twitter so you get the word immediately.  

 

FREE BANKING

Free Banking Still Exists

I’m a huge fan of FREE. It really cuts down your expenses!

I recommend getting free banking a lot. But researching and finding out where these “free” banks are is a lot of work. Here’s a tip sheet to get you started! Leave the work to me, or actually to an article from the April 10, 2011 WSJ Sunday by Rachel Louise Ensign. 🙂

NO MINIMUM BALANCE REQUIRED & NO SERVICE FEES:

  • State Farm Bank
  • Ally Bank
  • Charles Schwab Bank

They even refund ATM fees!

NO INITIAL DEPOSIT REQUIRED

I didn’t believe this one. Ally Bank’s interest checking account and Charles Schwab bank’s high-yield investor checking accounts can be opened without an initial deposit. How great is that?

INTERNATIONAL TRAVELERS?

Both State Farm and Charles Schwab Banks refund foreign ATM fees as well. Great if you’re heading out of the country.

WANT TO EARN INTEREST?

Schwab and Ally offer interest and State Farm will give you interest if you maintain a $2,500.00 minimum balance.

WHAT’S THE DOWNSIDE?

DEPOSITS! You need to mail in deposits or transfer from another bank. Although, you smart phone and android users can mail in photos of the deposits. Others can scan in their deposits. You decide if the hassle is worth it!

Charles Schwab is looking better and better with investment account minimums of only $100.00 and no minimum deposit checking!

image credit; wave music studio

Where do you bank? Online or bricks and mortar? How have you changed your banking?