Checking and savings accounts are essential financial tools everyone needs to manage their money effectively. They offer convenient ways to deposit and withdraw funds, pay bills, and manage your finances.
However, not all checking and savings accounts are created equal; some come with additional perks that can make a big difference in your financial life. Continue reading to learn about some of the best checking and savings account perks that you should consider when choosing a bank.
High-Yield Savings Accounts
One of a savings account’s most attractive features is its interest rate. Many traditional banks offer very low-interest rates, but some online banks offer high-yield savings accounts with interest rates up to 20 times higher than the national average. While these rates can fluctuate, a high-yield savings account can help you grow your money faster, which can be especially useful for building an emergency fund or saving for a specific goal.
Cashback Rewards
Some banks offer cashback rewards when you use your debit card to purchase. This means you can earn a percentage of your purchase back as a reward, which can add up over time. Some banks offer cashback rewards on bills or other purchases through their online banking portal or mobile app.
ATM Fee Reimbursement
ATM fees can increase quickly, especially if you use an out-of-network ATM. Some banks offer ATM fee reimbursement for their customers, meaning they’ll refund the fees charged by other ATMs. This can save you significant money over time, especially if you frequently travel or live in an area where your bank has limited ATM access.
Overdraft Protection
Overdraft fees can be costly and add up quickly. Some banks offer overdraft protection as a perk for their customers, which can help you avoid these fees. Overdraft protection can come in the form of a line of credit or a linked savings account, which can be automatically transferred to cover overdrafts.
Identity Theft Protection
Identity theft is a growing concern, and some banks offer identity theft protection services as a perk for their customers. This may include monitoring your credit reports, providing alerts if your personal information is compromised, and helping you resolve any issues.
Financial Planning Services
Some banks offer financial planning services to their customers, which can be especially useful if you’re starting to build your financial future. These services may include consultations with financial advisors and investment and retirement planning.
Cell Phone Protection
Accidents happen, and dropping your phone can be costly. Some banks offer cell phone protection as a perk for their customers, which can help you save money if your phone is lost, stolen, or damaged.
Travel Perks
If you’re a frequent traveler, some banks offer travel perks such as airport lounge access, travel insurance, and discounts on hotel bookings and car rentals. These perks can make your travel experience more enjoyable and affordable.
In conclusion, when choosing a checking or savings account, it’s essential to consider the interest rates, fees, and additional perks that can make a big difference in your financial life. Whether you’re looking for high-yield savings accounts, cashback rewards, ATM fee reimbursement, or other perks, there are plenty of options. By comparing and evaluating different banks and their offerings, you can find the account that best suits your financial needs and goals.