Banking fees are fast becoming a thorn in the side of banking consumers all over the country but often they can be avoided.
There are a number of ways to spend less on banking fees and this guide will go through three of the best ways that consumers should be aware of in order to save money.
The first point to note is that the fight to save on banking fees starts from the very first time that consumers look to save money on financial products in general.
The lowest rates on personal loans are important as are the longest introductory rates on credit card promotions or the best rewards programmes for debit and credit card spending.
However, the fees that you could be charged are just as important in the long term.
These fees won’t be advertised by financial services in their marketing materials but instead consumers can track them down by paying close attention to terms and conditions and checking consumer help websites.
Using a good and reliable website to compare credit cards can help users to find these fees in advance.
In the case of credit cards these can be balance transfer fees which equal a percentage of the amount transferred or just typical interest rate which is offered to consumers.
A long interest free period can also help consumers to spend less as it can make it easier to pay off the balance in full and so avoid high interest rates and their associated fees.
This also applies when consumers go to compare personal loans since fees apply in this case too.
For example, some accounts charge a fee for paying the balance of the debt back early.
Finally, it’s important when consumers go to compare current accounts.
In that case the most important fees to look out for are those which relate to getting into an overdraft on the account. These are often high in terms of the annual interest rate which is charged on the product as well as in terms of day to day fees which can quickly add up into hundreds of pounds.
In the last case, it’s important to read through all the terms and conditions of the bank account to check how much money you’ll be charged for certain issues.
For example, some products charge more for getting a bank statement in the post while others include it for free as part of the account.
