is your bank ripping you off?

December 19, 2017

My bank made a big mistake this month.

Out of the blue, they decided to start charging me $8 a month to keep my accounts open. Sure $8 doesn't sound like a lot, but it felt wrong to suddenly be charged for a service I had been receiving for free, for the last 21 years. And then it got the cogs turning...

I've been with this bank for 21 years! Why? Because it what was opened for me by my parents before I could walk. Is that the only reason I'm with them? That seems a bit of a pathetic reason, I'm a grown ass woman now, I need to make my own decisions, especially the financial kind. I started to browse...

With my current bank, I was receiving 1.65% interest per month, with their only high interest earning savings option. This also came with limitations such as your balance must go up by x amount month and you can't make any withdrawals or you forfeit the 1.65%. I won't name names, but all I will say is this is one of the biggest, if not THE biggest banks in the country.

I then had a look at a smaller, less commonly used bank... 2.95% interest per month, with no minimum or restriction on spending and NO monthly account fees. IM SOLD. I did do more research than it looks, but at the end of the day, the decision to make the switch was so obvious. 

The moral of the story... just because you are banking with one of the BIG banks in your country, doesn't always mean you're getting the best deal. Although the smaller banks may have fewer ATMs or mainly reside their customer service online, if it means you're getting more bang (interest) for your buck, then what are you waiting for?

Now I can sit back and watch my money work harder for me and increase my passive income, with that extra 1.30% bonus interest and NO $8 account fees. Thank you very much!

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