How To Bank Efficiently

Unless you’re someone who keeps all of their savings hidden under your mattress, your bank matters to you. Banking efficiently includes picking a bank that allows you to bank from anywhere in the world at your convenience.

When you’re banking efficiently, you’re avoiding unnecessary fees, such as ATM and maintenance fees. Most importantly, you’re using the power of technology to maximize your banking habits. Many people think finding a bank with no fees or minimums is the best way to bank efficiently.

Avoiding Bank Fees

Through online banking, the role of a central bank becomes null. So do the fees that come along with it -- such as the maintenance of brick and mortar banks, as online banks issues their banknotes without regulations beyond those applicable to most common enterprises. You will avoid investment fees through online banks because financial advisors are replaced with much cheaper robo advisors. Financial advisors will charge anywhere from 1%-3% of your portfolio, while robo advisors charge as low as 0.15%.

Banking efficiently also should include choosing a bank that offers no foreign transaction fees when traveling abroad.

Avoid ATM Fees

With online banking, most financial services provide accounts with zero ATM fees, keeping your money in your account.

For example, MoneyLion is one of our favorite online banks which provides this service. MoneyLion gives you access to 55,000 fee-free ATM’s across the globe, making them a reliable and efficient online banking service. These ATMs can also be located through your mobile device, so you can stop wasting time figuring out which ATM will charge you a fee. Another bank that offers this service is Schwab SCHW.

No Minimums

Banking efficiently means banking with more freedom. When you bank online, several banks will allow you to open an account without any minimum requirement. This is great because it takes the pressure off having to make enough direct deposits into your account when getting started.

Get Rewards From Your Bank

You would be banking inefficiently if you did not pick a bank with the best rewards. Banking is about what your bank can do for you, and many online banks have reward systems, such as offering cash back.

MoneyLion has a rewards system where any member can see local offers through the app, and get points for every dollar you spend. Just search by keyword the type of store or restaurant you’re looking for, and the app will tell users which restaurants give you points. These points can later be redeemed for gift cards, saving you money and making your habits just that much more economical.

Another reward of using MoneyLion is users can take out a loan from their planned future income, and later pay back the money at their own pace. Again, this gives you more freedom, by erasing deadlines from a certain loan. Having this flexibility will allow you to get the most out of your bank, and your loans.

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