12/10/2023 0 Comments Transaction central fees![]() Most also have higher monthly fees than standard savings accounts, as well as much higher minimum balance requirements for their waiver options. These have variable APY rates that go up according to how much money you keep in your account and whether or not you own a qualifying checking account at the same bank. ![]() We also took a look at some of the higher-yield savings account options provided by major banks. Monthly fees for high-yield savings accounts ![]() Assuming no deposits or withdrawals, a savings balance of $10,000 held at an APY of 0.01% and compounded daily would take 10 years to earn $5, enough to cover just one month of maintenance fees. The low APY of standard savings accounts means that even an expense of $4 to $5 cuts deeply into the interest earned on your balance. However, you should still be careful to avoid monthly fees. Finally, the minimum daily balance requirement, which starts at $300 for standard accounts at the largest banks, creates an incentive for you to maintain some amount of money in the savings account.īecause these requirements align with the way most people expect to use savings accounts, waiving the monthly fee isn't usually a big challenge. Banks also waive the fee if you set up repeating automatic deposits of a certain amount from your checking to your savings, which most people opt to do anyway. The easiest waiver option is to maintain a checking account at the same bank as your savings account, although if you plan to open a new checking account just to waive your savings fee, you should remember that checking accounts come with their own fees. Other transfers from linked Wells Fargo accounts, or
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