Let’s talk about beating banks! A solid financial plan is essential if you want to make progress in your life. You probably know that it is important to save money and not spend too much. You may not realize how much cash could slip through the cracks if your aren’t careful.
Bank fees are one of the most common ways that people spend their money, even though they don’t realize it. It is important to work hard to defeat the banks and to keep as much of your hard earned money as possible. We will show you how to beat the banks.
Banks are not the only option.
Every day, banks and credit unions offer different deals. All banks and credit unions have marketing departments that aim to get you to sign up for their services. They are always looking for new ways to win you over.
The great deal you got a week ago could end sooner than you realize. If you are interested in the offer, don’t hesitate to act now. If you don’t see any offers from your bank that appeal to you, wait a few more weeks. They’ll change!
You should also look into different banks to find out what they have. You can always find different offers at local banks so it’s worth looking around at other banks to see what they have.
You don’t have to be tied only to one bank. Multiple banks are fine.
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How to organize your accounts
There are many ways to arrange your savings and checking accounts. Some ways are better than others if you want to beat banks without paying fees. Personally, I like to have several bank accounts. These are my suggestions
Local bank checking account
A local bank is the best place to open a checking account. If you have an emergency, you want to be able access your money quickly.
Look at the checking account options available on local banks websites to find the best one.
Look for one that charges no fees, or has very low fees and minimal minimum balance requirements. You don’t have to bank at the same bank every time you bank.
Online bank account for savings
Online banks are a better option than traditional banks for my savings account. It is not important that you can access your savings immediately, so it’s okay to have your savings accounts at an online bank.
Higher interest rates will pay off! Online-only banks can offer higher interest rates because they don’t have brick and mortar buildings to rent.
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Multiple savings accounts that are based on your savings goals
A second strategy I use to beat banks is to have multiple savings accounts that are based on my savings goals. Online savings accounts are something I enjoy. They can be used for long-term savings, such as my emergency fund.
A savings account is something I typically have at my local bank. It’s not the same as where I have a checking account. This account is used for our vacation fund as well as our Christmas account. It’s money that I will need in the next year but not immediately.
Finally, I also have a savings account at my same bank as my checking account. It is easy to transfer funds automatically from my checking account to my savings.
Retirement savings accounts
One in four Americans don’t have retirement savings accounts. However, it is an important part of your financial strategy. It’s a good idea to start using any company-sponsored retirement savings accounts.
These plans may not allow you to control the fees but they often include a match of up to a percentage. Employers offer a 100% match for contributions up to 6 percent. This means that if you contribute up to 6 percent of your salary to your 401k, they will also contribute up to 66% to your retirement accounts.
Take the money while you are at work. You can transfer your 401k money to an IRA with lower fees if you change jobs.
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You can also choose from the entire stock exchange and own crypto assets if your individual IRA is set up.