Most people think of checking accounts as simple, easy ways to gain access to their money, not as ways to make it easier to save money specifically. However, depending on the checking account your family chooses, you can actually use your checking account to save more money. Many accounts, like the Chase checking account, offer these tools and benefits. Here are a few ways that you can make sure your account is working for you.
1. Avoid Fees
Most checking accounts have some kind of fees attached to them. You may have to think about ATM fees, overdraft fees, and maintenance fees, with different accounts offering different fee groups. However, there are often ways to avoid these fees, especially maintenance fees. See what companies offer lower fees and options to waive these fees that are easy for your family to meet. It’ll be a better way for you to bank overall.
2. Maximize Purchase-Based Cash Back and Rewards
Cashback and rewards programs are becoming increasingly common among different banks, even banks that only provide a debit card. If you want to make sure that you’re getting the best cashback and reward options, you should check to see how you can get them. Some checking account companies offer more cashback on certain categories, which means that you might be able to choose specific cards for specific purchases.
3. Stick to In-Network ATMs
In-network ATMs are an important part of saving money when you need to withdraw cash from your checking account. Most companies offer thousands of in-network ATMs across the country, and if you need to withdraw cash, it’s free to use those in-network ATMs. Before you sign up for a specific checking account, it could be worth it to see where your local in-network ATMs are, as withdrawing from an out-of-network ATM could cost you a few dollars per withdrawal.
4. Refer Friends to the Same Bank You Use
This is something not many people think about when it comes to saving money with a checking account. However, many companies offer cash bonuses if you refer people to the same checking account you have. Check to see whether the bank you’re interested in applying to offers a referral bonus. While this isn’t exactly an extremely reliable way to get regular bonuses, it can help you save a little bit of extra money over time.
Checking accounts aren’t just a good place for you to deposit your money so you’re not carrying around cash all the time. They’re also a great way that you can save money over time, especially if you have a particularly good checking account. Everyone decides for themselves what makes a “good” checking account – after all, that’s why there are so many banks out there. However, once you’ve decided on a good checking account for your family, you can use these four points to ensure that you’re getting the most out of your checking account purchases and deposits.