*This post is written for The Thrifty Scot.*
If you are lazy like me, than having online banking at the click of your mouse is great.
Gone are the days when I have to put on decent clothes, drive to the nearest bank branch, take a number and wait to be called to the banking counter to do my transactions.
However mind you, that even with all the automated process doing the transaction online, it is not free without any bank charges.
(I know a local bank which charge 50cents if you do more than 3 transactions per month with less than the allowable minimum balance in your account, yes, in your account as if the money is theirs..huhu!)
Remember the minimal charges they charged you whenever you have late payment on your credit card statement.
Well, something like that.
Even though it’s not really your fault since it’s a long public holiday and the check you post could not arrive on time or maybe the statement arrive late at your home address.
What about the cost you have to bear for having current accounts?
The one that I have is so called Premier that charge me $5 per month as monthly fee.
I have been planning to close that account but with so many obligation and standing instruction tied to that particular account, I have no choice but to bear with the monthly fee.
Imagine how much I could save with $5 every month for how many years – 4-5 years now?
And if you somehow have to open saving accounts, apart from the one that you already have, check out the rate they give on AER (Annual Equivalent Rate).
Perhaps it’s time that we become less ignorant consumers. After all it’s our hard earned money that we put into that piggy bank of theirs.