Why should you save on bank charges?
We are in moments of economic growth or in crisis situation the saving is always welcome. In this article we will once again draw attention to the growth of banking commissions associated with current accounts and tell you how you can save money.
What is the meaning of paying commissions on your current account?
It may make sense to start by talking about the meaning (not) of paying commissions in your current account. It is true that banks have an investment in infrastructure, in computers or in security. Managing bank accounts has a cost. It turns out that it also has benefits, namely:
- Possibility of the bank to dispose of the money freely to lend to other clients;
- Obtaining commissions in the movement of account in ATM terminals (if you use the service MB Way will not pay these commissions);
- Avoid costs associated with financing your operation in financial markets.
Why are there banks that charge and others that do not?
This is another important question. There are banks that insist on charging for the current accounts service (and even on the ordered accounts). In fact, this is a growing trend especially with the fall in the EURIBOR interest rates. But if some banks have commission-free accounts why are other banks raising theirs?
There are banks that have a greater commercial aggressiveness and that they want to distinguish themselves from their competition not only for price but also for quality of service. They are banks with more agile structures and with less costs and are more prepared for the new paradigm of the banking relationship – See here for our analysis of the best account to order.
Report to annual committees
The payment of monthly commissions ends up being ignored by many people. Maybe because the amount is low. Maybe because we have a lot of moves and we end up losing ourselves. What is certain is that if we take into account that € 5 every month is € 60 at the end of the year, we can gain a greater sense of the waste that we are allowing. Let us now imagine that in your house you have 4 commission accounts, you are easily spending € 240 each year on commissions that could be better spent on savings or at leisure, for example
The success of a savings strategy is to create habits that are regularly reinforced over time. To save on your bank commissions it is crucial that you know the banks that do not charge you commissions and what is the best account to order for your specific case. The offer is wide. There are several banks that want you as a customer and these commissions.