Managing one’s finances has been made effortless through banks. You can open a bank account where all you can conveniently manage personal finances, while there are several kinds of accounts with different features available. Essentially, bank accounts whether a Checking, Savings, or Money Market account, are helpful and they offer further benefits such as earning you interest.
While owning a bank account usually brings about monthly fees, you can choose one from a bank that does not include such expenses. The ultimate advantage of no-fee bank accounts is the hefty payments they get to counter. Eventually, they will have saved you a substantial financial amount which you would have incurred in a regular bank.
Besides eliminating monthly fees, most such banks include Annual Percentage Yield (APY) for funds accumulated over an entire year. If you want to enjoy most of these benefits, check out on this guide entailing banks with no-fee services.
Capital One Bank
If you live in large cities in the United States, then Capital One is the best no-fee bank option for you. It has branches in major cities including New York and Los Angeles, while its headquarters is located in McLean, Virginia. Since most banks in major cities do not include several over-the-counter services, Capital One features an online platform hence convenient for you.
This bank does not limit account opening options for their 360 Checking account, i.e., no minimum opening deposit amount or balance. Withdrawing money through their vast network of ATMs is entirely free. Other free services include free check deposit for the first time from where you will be charged $5 for every check order. Capital One offers APY benefits to customers including; account balances less than $50 000 earns 0.20%, balances above $50 000 but below $100 000 earns 0.75% APY, while balances above $100 000 get 1% APY. There are no charges as well if you swipe your credit card with insufficient funds unknowingly. On top of all, this bank does not include a monthly fee for account maintenance.
While considering a bank that can handle most of your financial requirements, then Ally could be the best choice you would make. Ally bank includes a wide variety of services that accommodates different financial options, such as loan services, credit cards, and various accounts kinds. Money transactions are fast and reliable with Ally bank, plus they have an active customer care support that you can contact anytime in case of an issue emergence. Their website is easily accessible and convenient to use.
A Checking account by Ally Bank includes no monthly maintenance fees, which is accessible online. Moreover, Ally’s checking account does not include charges for using ATM’s. Funds transfer from other accounts whether Ally bank or a different bank is free, as well as $10 discount for every statement period from ATM’s of different banks. This account does not limit account opening deposit amount, plus no minimum bank balances but substantial balances will earn you an APY. Daily deposits amounting to $15 000 earn you 0.60% APY while anything less than that allows 0.10% APY rate. Other services include free check orders, Zelle for money transfer, and free debit MasterCard services.
Besides offering Credit card services majorly to their customers, Discover Bank also provides online banking services. Among the banking services are various accounts entailing different features. Even though Discover bank does not have a specific location where you can access in-person services, there are up to 60 000 ATMs all over hence increasing convenience. You can also access information about your account through their website, including checks transfer records.
One of Discover’s account, Cashback Checking account offers no-fee services for various transactions. With this account, you are not required to pay a monthly maintenance fee. Besides, there are other benefits, such as free debit card services and free ATM transactions. In addition, for every month that includes over $3000 transactions amount, you get a 1% discount. If you want to access your check records, then you will also get that for free. You can also deposit your checks through a mobile phone as well as pay bills online.
TIAA bank also qualifies in our list due to its excellent services, including high-interest rates. It is situated in Florida, and it various offers services along with several of their account kinds. Their checking account does not include monthly fee while there are massive interest rates to enjoy.
Even though you are required to deposit a minimum $5000 while opening the checking account and maintain this minimum amount to enjoy free services such as ATM transactions, you get to enjoy high rates. For bank balances amounting to $250,000, you earn 2.15% APY for the first year since registration. After that, you receive an interest of up to 0.71%, which increases and reduces with your balance amount. Basically, this bank offers free services for balances up to $5,000 while fees are low for balances below this amount.
Suitable for members of the military, USAA bank offers the best checking account services to them and their families. If you are in the military, you might consider joining this bank to avoid unnecessary fees for your account.
Classic Checking account by USAA provides for opening with no minimum deposit amount specifications. This account does not include a monthly fee while you get to avoid overdraft fees for credit card usage. USAA has up to 60,000 ATMs all over the United States, while transactions over them provide for up to $15 refund. Opening an account with USAA ensures that your payments reflect as soon as they are done, while you can access them through a mobile phone. This bank also includes online access where you can access your account information through their website.
Opening an account with no associated charges helps save you substantial finances amount. Most banks will promise high-interest rates, but eventually, monthly maintenance fees and other related costs will exhaust accumulated interest. The contemporary world involves frequent ethereal transactions since most systems do not allow physical transactions. Therefore you need to establish a bank that does not take most of your funds through transaction costs.