When it comes to money, many of us don’t even realize how much we throw away each month on fees. If you take the time to look around, you can find a company that will offer you a cheaper phone bill and better price for cable and internet services. But far too often we get lazy and just accept what we’ve always had because it’s easier than calling around and doing the research. One of the easiest ways to save money is by finding a new bank.
Big banks charge considerable fees. Many end up at one of the big brick-and-mortar banks. Yet, if you look at all the fees they charge, you’d realize you could be saving hundreds of dollars a year by looking elsewhere. Consider how odd it is to give your money to a bank and then be charged a monthly fee to access it. And if you need to use your debit card more than the number of times they allow, you get dinged with more fees. It’s a trap that no one needs to fall into anymore.
The future is online. If big banks are in the past, it’s because online is the future. Younger generations prefer to do most things online, and banking is no exception. Online-only banks have popped up more and more over the past few years and that trend won’t stop anytime soon. They provide quick, convenient access to your money. The best part, however, is that because they don’t have the overhead cost of a brick-and-mortar shop that the big banks have, they offer no-fee banking.
Consider a credit union. If online-only doesn’t work for you, another option is a credit union. At a credit union, you as a member are part owner of the cooperative, taking the profit out of the bank’s hands and putting it back into your own. You have access to all the same services you would at a traditional brick-and-mortar bank, but you get to keep more of your money and enjoy better rates.
Canada’s no-fee banking options continue to grow. With Tangerine, Simplii and EQ Bank being just a few of the options currently available for online no-fee banking, it’s no wonder more and more are choosing to opt out of traditional banks and take it online. If you’ve been on the fence about making the switch, now’s the time.
