A great way to avoid this is to look for a free checking account when you’re shopping for a bank. Unnecessary fees are killer to your savings, and they can cut into any interest you earn.
When you open any savings or checking account, it’s paramount to ensure you’re not paying fees for features you’re not using.By only making withdrawals when absolutely necessary, you can give the interest you earn the opportunity to earn even more interest. Contribute to your account if you can, but otherwise just let compound interest work its magic. If you’re looking to grow your savings, either through a high-interest savings account or a CD, a hands-off approach is best.
