The average person spends over $150 per year just to have a checking account open. Fortunately, we have information that can help you save a lot of money. We have a list of bank accounts that can help you reduce fees. Most banks are not designed for people who do not have a lot of cash flow. The majority of banks avoid offering features like no minimum balance requirement, legitimate overdraft protection, free ATM usage, no maintenance fees and lower level accounts. There are some banks that offer these features, but they do not have a physical branch where you can go outside. You will have to do all of your transactions online. This can be a problem for people who prefer real-world interactions.

Overdraft protection is one of the most popular checking account features. It is common for people who are living check-to-check to overdraw their account. People who do not keep track of their finances may also overdraw their account unintentionally. You may think that overdraft protection is there to help you. However, it often ends up costing people a lot more in the long run.

For example, you attempt to withdraw funds from your account. However, the amount that you are requesting is greater than the amount that is in the account. The bank will allow the transaction to process, but you will be charged a fee.

Large banks are known for charging customers extra fees. A monthly maintenance fee will usually go into effect if a person does not maintain a minimum of balance of $1,000. People who make an out-of-network ATM transaction will be charged a fee up to $5. Overdraft fees can exceed $25.

If you want to get a bank account without the outrageous fees, then you should consider one of the following bank accounts:

Ally Interest Checking Account

There is no minimum balance required. That is why it is a great choice for people who have little income. Even though this is a checking account, you can earn over 0.1 in interest. It will also pay up to $10 for out-of-network ATM transactions. You can link the account to a savings account in order to avoid overdrawing your account. If you make a debit card transaction, then you will not be able to make it if the amount is greater than what you have in both accounts. However, if you have $0 in your account and an outstanding check or scheduled payment goes through, then you can be charged $25.

Scwab Bank High Yield Investor Checking

There is no minimum balance required. It also does not have any overdraft protection fees. However, you will need to have a linked brokerage account, which has a minimum balance of $1,000 if you are opening an individual account. If you open a brokerage account at the same time as the checking account, then the brokerage account does not need to have a minimum balance.

Your account can earn up to 0.06 in interest. You can also be reimbursed for out-of-network fees. If you attempt to make a transaction, and you do not have enough funds in either account, then the transaction may not go through. You may also get an insufficient funds fee for auto payments and checks.

Aspiration Summit Checking

Like the other two accounts, you will not have to maintain a minimum account balance. ATM fees will be reimbursed every month. If your account has $2,500 or less, then it will earn 0.25 in interest. Your account can earn 1 percent in interest if it has over $2,500 in it.

You will not have to link an account to an Aspiration Summit Checking account. You will be charged a $33 fee if a check bounces, or there is not enough funds in the account to cover an auto payment.

If you do not have enough funds to cover a debit card or ATM transaction, then the transaction will not go through. However, the website states that it will waive an overdraft fee if overdrafts do not happen that often. You will not be able to use this account right away after you open it. You will have to wait seven to 14 days before you can use your account.