Do you absolutely despise spending $10 per month to maintain your checking account? Do you get depressed when you think about how little interest you receive on $2,000 set aside in your savings account? Perhaps it’s time to change your financial institution.
According to a new study by WalletHub, credit unions offer the best deals for consumers on checking and savings accounts.
When it comes to checking accounts, the fees charged to clients are 70 percent less than what conventional banks charge. Savings accounts, meanwhile, offer 10 percent interest rates, which is 10 times higher than those provided at regional banks and six percent higher than those listed at national financial institutions.
In addition, online savings accounts offer interest rates that are 57 percent higher than online checking accounts.
Finally, consumers should stay away from business accounts, says WalletHub, because they come with bloated fees and less attractive features. For instance, business account fees are 115 percent higher than personal online accounts, 42 percent come with fewer features and 72 percent have less interest than personal online accounts.
This comes as a new Bankrate.com survey released last week found that ATM fees are up five percent this year. On average, a customer will pay $4.35 for each transaction. Overdraft fees have shot up for the sixteenth straight year as the average client will fork over $32.74 after each charge is made.
What’s the conclusion? It’s costing more to access and hold your money at a bank.
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