With online banks growing and competing with traditional banks, there are plenty of options for storing your money. The average checking account fee is $9.60, according to MyBankTracker. What would you rather do with almost $10 per month? If you keep your money with an institution that charges monthly fees for your checking account, it’s time to look for another bank.
It’s easy to miss these fees when you first sign up with a bank. Many don’t charge a monthly account fee if your balance stays over a certain amount, or if you are signed up for direct deposit. But those restrictions don’t offer much flexibility if you want to shift your money to another account, have some big purchases coming up, or have irregular income.
Before opening a new account elsewhere, find out if you can convert your checking account to a free version at the same bank. If that’s a no-go, search “best checking accounts” online to find options that don’t charge fees—you might even find that some offer sign-up bonuses. Just be sure to choose a bank that’s still convenient for you, whether it’s in your town or online.