How can I save money on my bank fees?
Nicole C. emailed us at expert@sweetspot.ca, and RBC financial expert Priscilla Yu, answered;
These days we're all looking for ways to save money. But if you take the time to understand your own personal banking behaviour, you can find accounts that meet your own unique needs – and potentially save hundreds of dollars a year.
Are you the small-withdrawal type?
If you tend to take out small amounts of cash from an ATM on a regular basis, or use your debit card a lot, you could be paying more than you realize in transaction fees over the course of a month. Why not consider an account with unlimited debit transactions? It may have a slightly higher monthly fee - but could end up saving you a lot more in the long run.
Make any ATM your ATM.
We all live busy lives, and sometimes it’s hard to find an ATM from your own bank. But using other ATMs can often lead to fees from both the ATM owner and your bank. Choose a bank account that waives some or all of the fees for using other ATMs (check to see if yours does) to help save you money. If you can't get to your bank's ATM, here’s a tip: Ask for “cash back” with your debit card when shopping at a retailer that offers this option.
Bundle up and save.
The same principles that apply to the other bundled services in your life – like your cell phone plan or your cable television package – can be applied to your personal banking services. Does your current financial institution offer you discounts on bundled services and accounts? For example, can you bank for free if you have several products in addition to your bank account like a credit card, mortgage or investment? Or pick a flat-rate account to eliminate à la carte charges for transactions you regularly make? Try to find a package that also includes rebates on credit cards, safety deposit boxes or offers free drafts and overdraft protection is the goal. If not, it might be time to consider switching banks. After all, a bit of time spent shopping for the right bank account can lead to big savings at the end of the year.
Get a personalized account recommendation from RBC’s online account selector. Visit rbc.com/accountselector.
Do you have a questions that you need a centsible solution for? Ask our SweetCents experts by commenting below.
Priscilla Yu is currently a Product Manager for Personal Deposit Accounts with RBC Royal Bank. Priscilla is a Financial Services professional with over 10 years experience in both banking and credit products. An aspiring photographer, Priscilla is saving for her next big travelling adventure where she can get the perfect picture!