Tips for Avoiding Bank Fees

You are ready to put some of your hard-earned money into an interest-bearing savings account, but you're wary of bank account fees. The best way to avoid bank fees is to review them when you first open your account to learn what triggers them, and then work to avoid those triggers.

Fee structures vary for savings accounts, money markets and CDs, so compare bank fees before you decide. If you take the time to understand what you are looking for, you can reduce the potential of incurring fees and increase the value gained from investing in a savings account, money market or CD.

Guideline 1: Define your investment strategy to avoid savings account fees

Choosing the right account depends on a variety of factors, including the amount of money you have for your initial investment and the frequency with which you'll be withdrawing money. Answer these defining questions so you have them available as you compare account details and bank fees:

Guideline 2: Choose the right type of account for your investment to avoid bank fees

Once you understand the strengths of each of these accounts, avoiding bank fees is easier. Deposit accounts can be divided into categories based on the answers you gave to the questions above.

Guideline 3: Know the general and specific fees associated with each account

Once you can put yourself into a category for investing, it is important to contact your banking representative and compare bank fees. Here are ways you can reduce or eliminate certain bank account fees:

Savings Account:

Money Market Accounts:

Certificates of Deposit (CDs):

Make sure you understand how bank account fees and terms are defined at your bank.

Maximize earning potential when you avoid fees

For more information and recommendations about how to avoid bank fees on your deposit account, schedule an appointment with a Citizens Bank financial consultant. Our consultants will answer your questions about each account and help you get started. Call 1-800-242-2224 for more information.

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