What is the first thing that pops into your head when you think of your bank? For most, it is the place where they keep their money, with the occasional loan and maybe a little interest paid on savings. But banks are much more than that these days, offering perks that can save you cash in ways you never thought of. Let’s dive into five little-known bank perks and see how they might help you keep more of your hard-earned money in your wallet.
1) Take Advantage of Cashback Programs
Have you ever heard of cashback programs? Many banks provide these as a little thank you whenever you use their debit or credit cards to pay for everyday expenses. It really is quite a simple proposition: spending money at grocers or gas stations or eating out gets rewarded with a small percentage back. It doesn’t sound like much at first, but before you know it, those few dollars here and there add up pretty fast.
Think about it. You spend $500 a month on groceries, and your card gives you cash back at 3%. This is $15 every month. That is $180 in one year. A good deal for something you are going to spend anyway. To get started, just check out the cashback offers at your bank—you might even be able to activate special categories every quarter. It’s like getting a little bonus for doing what you already do!
2) Utilize No-Fee ATM Networks
You know that feeling when you see that ATM fee charge pop up like, “Seriously, three dollars?!” It’s just frustrating, and those charges can really add up if you’re doing it regularly to withdraw cash. But here’s the thing: many banks actually have networks with no-fee ATMs when you are away from your hometown.
To avoid those extra fees, check out banks that participate in national ATM networks. Another pro tip: if you are traveling, do a quick search to see what ATMs around you won’t charge those extra dollars. A bit of planning can spare you many dollars and a lot of headaches.
3) Don’t Miss Out on the Sign-up Bonuses
But have you ever thought of opening a new account specifically for the bonus? Banks sometimes want to get your business by offering sign-up bonuses, even for something as simple as a checking account. These checking account bonus offers are kind of like a welcome gift when choosing their bank. And trust me, they can be a game changer.
The qualification criteria to secure one of these perks are very simple. Like, you can earn a $200 checking account bonus by bringing in a $1,000 deposit within the first 60 days, or you may need to establish some direct deposit, build up a balance, or make a few debit card purchases. It’s free money because you’re basically just doing what you would have done anyway.
4) Learn About Fee Waivers and Discounts
Let’s face it – no one likes paying a fee, let alone the monthly maintenance fee. However, only a few know that most banks would be glad to waive such fees for you if you meet specific requirements. Maybe it is simply maintaining a minimum balance requirement, setting up direct deposits, or even linking several accounts.
For instance, your bank might waive a $12 monthly fee if you receive at least $500 in direct deposit per month. They may also reduce your other services, such as safe deposit boxes, or waive overdraft protection fees. Take the time to dial your bank or check the Web site for specific options. Why pay extra when you don’t have to?
5) Open High-Interest-Earning Accounts
Of course, it is now time to make a little more money with the money we just kept saving. Yes, your traditional savings account pays out little in interest terms. Nowadays, however, many banks have high-yield savings or even money market accounts, which can give you a little more for your buck. Such accounts usually pay more interest, meaning your money will grow faster just for sitting there.
The trick is to shop around. Don’t settle for the first rate you see; compare a few alternatives—that often leads to finding an account offering double or triple what you’re earning now. Make it a habit to review your interest rates at least every year. If your bank’s rate starts lagging behind those of competitors, then it may be time for a change.
Conclusion
And there you have it—five easy ways to unlock those hidden perks your bank might be offering. Whether it’s getting cash back on your everyday purchases, avoiding annoying ATM fees, or taking advantage of bonuses. You’ll find a lot more value if you know where to look. Happy saving!
