When we have TV shows, Netflix, and even software suites kicking us out of our monthly budget, there is only one thing that isn’t charged for. It’s your bank account! For several centuries, the business model of many major financial institutions has been built around the fact that customers pay to keep their money in a bank and use it for whatever it is it’s meant for. Maintenance fees, the minimum balance penalty, and fees for accessing your money from an ATM may cost you at best no fee bank accounts of dollars every year just to put that cash in your bank account. The good news is that there is a whole new financial revolution going on and a surge of banking institutions that are the kind of companies that will take care of you, not them. So, it is now entirely possible and highly recommended that you move your money into an account that works against you, not against your money. This article will walk you through the clearly-measurable advantages of no-fee banking, as well as some key features that make up some of the available today.
The Hidden Cost of Traditional Banking
Many people simply continue with their bank accounts because they are well-worn, or because there is some sense of security associated with their account. And in many cases, these people don’t realize how much money these fees cost. The average monthly maintenance fee can range from $10 to $15, and with charges for falling below an introductory balance, using an unconnected ATM, or even getting paper statements, you might be paying $20-$250 in annual fees that money could be going to your savings account, invested for the future, and more. Such Baselane no fee bank accounts disproportionately affect the people least in need of them, and can be a barrier to achieving financial stability and growth. The main purpose of a bank is to have your money safe and make it possible to do business, not to trap you in a maze of charges imposed when you use your own money. Knowing the cost is the first step toward taking control of your money.
The Digital-First Advantage
The major driver for no-fee banking has been the emergence of digital-first financial institutions. With no traditional brick and mortar networks to maintain, these banks can pass off the savings directly to their customers by having lower fees and higher interest rates on their accounts. Similarly, their entire business model is centered on you getting an effortless and intuitive experience through a smartphone app and website. This doesn’t mean you can’t get cash in, though: many of these institutions have longstanding partnerships with large ATM networks that give you access to tens of thousands of surcharge-free machines across the country. It’s also super-convenient. You can open an account in minutes from your couch, deposit a check with a photo, and instantly transfer money to friends, and even budget and track you’re spending via built-in budgeting tools. For most people whose banking needs are addressed online, these platforms are the better, faster, and way cheaper alternative to the brick-and-mortar banks of the past. They have set the standard for what consumers should expect from their financial partners.
Specialized Financial Management for Modern Needs
As we’ve found in personal banking that they’re getting pretty innovative, there are just a few places where people’s finances are still more complex and not serving them well. These areas are those with specialized financial ecosystems such as freelancers, independent landlords, and small business owners. You might have multiple streams of income, you might be able to track your business vs your personal expenses and you might have responsibilities regarding taxes which you may be responsible for and all of that can be a real pain in the ass with just a standard bank account. That is where the specialized platforms are making a difference. One good example of this is Baselane. Isn’t just another bank, it’s not just another finance company focused on a certain target market. They have noticed what challenges landlords face. They’ve built a suite of integrated tools that go way beyond just doing the bank’s job. At its core, they offer some of the best no fee bank accounts for property management and pairs that power with an intuitive software to easily track your income, expenses and profitability per rental unit.
Making the Switch A Seamless Process
You may have heard that switching bank accounts is a complex process, but that doesn’t seem like such a complex process. There are many ways to switch banks, and even then it can still be rather simple. The first step is to choose your new bank, and make sure that it meets all of your criteria to make one of the best no fee bank accounts. Once you’ve started with the new account you’ll want to transfer out your funds. Most banks will have detailed instructions on how to do this. A good tip is to update your automatic payment information on your bills like utilities, subscriptions, and loan payments, as well as your direct deposit information with your employer. For some reason you should stay open with a small amount of money in your old bank for a month or two. This way you’ll be able to see if there are any Baselane payments you may have missed. After all your new automatic payments are having their money transferred, and your direct deposit is making its way into the new account, you can close your old account. The whole process is typically really simple, and can potentially save you hundreds of dollars per year. That makes it one of the most lucrative financial tasks you could do.
Conclusion
Digital banking and specialized platform providers such as Baselane have provided an open signal to the industry: now consumers will not tolerate being nickeled and dimmed for basic financial services. The bar for a good banking experience has never been higher. As competition intensifies we can expect even more innovation, ranging from technologically advanced financial insights to more integrated mobile and online payments and more personalized rewards. No-fee bank accounts aren’t just another way to save money; they’re a statement of intent. It means choosing a financial partner that cherishes your hard work and gives you the latest tools for managing that money effectively. Whether you pick a general-purpose digital bank or take advantage of a specific platform like for your unique needs, you’ve taken a leading step in putting your money to work for you. The best no-fee bank accounts are not an exclusive offering for the future; they’re the clear and logical choice for today’s confident consumer.