SWITCH TO FEE-FREE BANKING
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”