How to Make Money

You’re Wasting $600/Year On Something You Could Get for Free

Updated May 26, 2016
by Kyle Taylor
Founder

Did you know the average American spends more than $50 a month on banking and credit card fees?

You probably don’t even realize it’s that much, but a bunch of small fees can add up quickly.

Americans are paying an average of $4.35 in fees every time they use an out-of-network ATM, according to Bankrate. And we’re doing this, on average, 7 or 8 times per month.

Slap on anywhere from $8-$12 in a monthly service fee many customers aren’t even aware of.

And don’t even get me started on credit card fees where some cards charge more than $200/year in annual fees!

Want to Save That $600? Here’s How

The crazy part is these fees are probably unnecessary. Several banks offer fee-free accounts with equal or better services. A free account or one that costs you money just to have it – it’s kind of a no-brainer, right?

Best Free Credit Card

We’re fans of the Citi Simplicity card because it’s the only card we could find with no late fees, no penalty fees and no annual fees.

We also love the Citi Price Rewind program which can help get you a lower price after you buy something. All you have to do is register an item you purchased with your card and they will track prices at hundreds of online merchants for 60 days from your purchase date. If they find a lower price, you can request a refund of the price difference, up to $300 per item and up to $1,200 per calendar year.

Best Free Savings Account

We’re a fan of both Fidelity and USAA, because they automatically reimburse ATM fees and there are no minimum balances to keep your account free.

The Fidelity account is in a tiny minority – only 4% – of interest-bearing checking accounts that are free to use.

Best Free Checking Account

Our favorite free checking account is Chase, because they offer fee-free checking as long as you maintain $500 in monthly direct deposits.

We also love that they’re offering up to $150 bonus to new customers who open an account. We’ll take the free cash everyday.

So, Penny Hoarders — we’re challenging you to make the switch. Get rid of the fees and start saving an extra $600/year. 

Your Turn: Are you in? Tell us in the comments below…

by Kyle Taylor
Kyle is the founder of ThePennyHoarder.com

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