How to Make Money

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

Updated December 4, 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 Fidelity card because there’s no annual fee and you can earn up to $100 just for opening an account.

TPH Fidelity Image-102516

We also love that with this card you’ll also receive unlimited 2% cash back for every purchase to deposit into an eligible Fidelity account — with no category restrictions.

Best Free Checking Account

Aspiration’s Summit Checking Account is an online-only bank account we could find with no fees, no minimum balance, and no minimum monthly deposit.

The Aspiration account is in a tiny minority – only 4% – of interest-bearing checking accounts that are free to use. Plus, they offer an interest rate that is around 100x the average checking account.

Best Free Savings Account

Our favorite free savings account is Chase because they offer up to $150 bonus to new customers who open an account. We’ll take the free cash every day.

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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