If you’re looking into starting low-cost banking this summer, then look no further. To save money while you bank, it's important to evaluate a couple of features. This includes the banks monthly fees, their interest rates, their ATM fees and network availability, rewards, and other free services and rewards.
In this article, we hope to simplify some of the research for you by showing you three of our favorite low-cost banks.
MoneyLion is one of our favorite low-cost banking services, where you will be able to invest just as easily as you can deposit in a checking account. It offers a free investment tool with no trading fees, where you’re free to add as much as you desire. This allows users to create their own diversified portfolio across domestic and international stocks and bonds.
With MoneyLion, your money is insured to stay your money, with zero ATM fees, overdraft fees or monthly service fees. MoneyLion is available through 55,000 fee-free ATM’s across the globe. This low-cost banking service can be found for free on the App store for your mobile device.
Ally Bank Interest Checking
This online bank has been rated highly for it’s easy accessibility and low fees. Not only will you avoid monthly fees, there are no fees for transfers to or from other banks, no fees for incoming wires or cashier’s checks. By avoiding fees for regular checking account activity, you can save big through Ally Bank interest checking.
As a customer, you will also be provided with free checks, free Allpoint ATM access and a $10 monthly reimbursement for fees charged at other ATMs nationwide. Ally has over 43,000 ATMs nationwide so you most likely won’t need reimbursement. Its customer service is also very accessible 24/7, if having human contact is important to you in your banking activity. You will be able to deposit your checks remotely through their Ally eCheck Deposit system.
Schwab Bank High Yield Investor Checking
Charles Schwab (NYSE: SCHW) is our best recommendation if you want to avoid ATM fees. This checking account does require a Schwab brokerage account, but there are no fees involved there either. Once this is opened, you will have unlimited ATM rebates worldwide. That’s right, everywhere and anywhere on the globe and you will be reimbursed by this bank monthly.
Investor Checking with Schwab is a great option for an online bank, as it comes with mobile banking, mobile checking deposits and is compatible with Apple Pay and Google Pay. Schwab also has no foreign transaction fees for using your debit card overseas, so if you’re a frequent flyer this might be the best option for you.
MoneyLion is a content partner of Benzinga.
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