SWITCH TO FEE-FREE BANK­ING

Sunday Herald Sun - - News -

WITH about half an hour’s work, you’re go­ing to save your­self $515 over the next year — and thou­sands of dol­lars over the next decade — by ban­ish­ing bank fees from your life for­ever.

That’s right, you’ll never have to worry about stick­ing your card in a so-called for­eign ATM and get­ting the bank­ing equiv­a­lent of her­pes (the dreaded $2.50 “FU fee”).

How? Switch to fee-free bank­ing.

FEE-FREE EV­ERY­DAY BANK AC­COUNTS

■ ING’s Orange Ev­ery­day Ac­count has zero fees what­so­ever. As in none. Not even those ”for­eign” ATM fees. ■ ME Bank’s Ev­ery­day

Trans­ac­tion Ac­count is the only other player in the no-fees space. It charges zero fees and re­im­burses you for any ATM fees you’re slugged with.

STEAL MY WALLET

If you stole my wallet, here’s what you’d find: a pic­ture of me and my golden re­triever, Buf­fett, frol­ick­ing on the grass, and … My ING Orange Ev­ery­day debit card.

This is a corker of an ac­count. (I get paid noth­ing for this rec­om­men­da­tion. I’m fiercely in­de­pen­dent and have no tie-ups with any fi­nan­cial in­sti­tu­tion what­so­ever.)

In fact, I like the ac­count so much I want you to set up two of them. Plus, two linked sav­ings ac­counts and one sep­a­rate sav­ings ac­counts.

HOW TO SET UP YOUR AC­COUNTS

■ 2 × ev­ery­day trans­ac­tion ac­counts — call them “Daily Ex­penses” and “Splurge” and get an ATM card for each (it’s eas­ier if you get your “Daily Ex­penses” card first, then sim­ply open an­other ac­count for “Splurge”)

■ 2 × on­line sav­ings ac­counts — call them “Smile” and “Fire Ex­tin­guisher” and link them both to “Daily Ex­penses”

■ 1 × on­line sav­ings ac­count with a dif­fer­ent in­sti­tu­tion to your ev­ery­day bank ac­count — call it “Mojo”

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