The average US household spends $290* a year on bank fees. $290?! Do you know what you can buy for that kind of cheddar every year? Here are a few ideas on what you could do if you took a few minutes to open an account with a bank that doesn’t charge unnecessary fees.
- Buy 290 $1 Tacos – that’s a taco every workday for a full year, plus 30 more for fun.
- Save It – Just by eliminating unnecessary bank fees, the average household would save $17,603 over the course of a lifetime.
- Invest – As a result of compound interest, your $290 per year in savings could really add up by the time you’re ready to retire. For a new, 18-year-old banker, investing that $290 savings into investments that generate a stable 6% return, the compound interest would turn those saved fees into $74,113.71 by retirement.
- Donate – If you have the means, few things feel as good as helping a cause that’s important to you. Many organizations who do some of the best work rely on the generosity of supporters to fulfill their missions. Here is a list of some of the highest-rated charities and organizations, along with some tips from Consumer reports: http://www.consumerreports.org/charities/best-charities-for-your-donations/
- An iPad, Screen Protector & Case – You could get a new one every single year, just by avoiding common monthly fees.
- Travel from New York to San Francisco – Onboard the first transcontinental railroad, no less! Your bank fees are depriving you culture, exploration, and a journey across the great United States of America. Every year.
- Whatever You Want – The key takeaway is this: you should get to decide to do with your money. And there are a lot of things you can do with $290 every year that are way more fun than giving it to your ban