Avoiding monthly service fees gets harder3 of 9For those checking accounts that already require you to keep a minimum average balance, that minimum was up sharply from the 2009 average of $185.75. The minimum average balance for a noninterest checking account is now $249.50, an increase of $63.75 in just one year. Overall, that number is 228 percent higher than 2008's average of $109.26.Interest-bearing checking accounts have a history of requiring hefty balances to keep from incurring fees, and this year is no different. Mirroring their noninterest brethren, the average minimum to avoid fees on an interest checking account rose $511.22 to $3,883.40.Tip: Interest checking account holders who consistently get caught below the minimum should consider going with a noninterest checking account linked for easy transfers to a high-interest savings account. That way, they can get financial flexibility similar to an interest checking account, without having to park a large chunk of money at an interest rate averaging 0.1 percent to avoid service fees, says McBride.How free is your checking? Check out this infographic.<< Back to the 2010 Checking Study table of contents. Related Articles:High-Yield Checking Study4 tips to thwart ATM thievesBanking at credit unionsFinancial reform dissectedRelated Links:Checking account tipsDebit Card Rewards SurveyAvoid checking feesOverdraft changes comingadvertisement
For those checking accounts that already require you to keep a minimum average balance, that minimum was up sharply from the 2009 average of $185.75. The minimum average balance for a noninterest checking account is now $249.50, an increase of $63.75 in just one year. Overall, that number is 228 percent higher than 2008's average of $109.26.
Interest-bearing checking accounts have a history of requiring hefty balances to keep from incurring fees, and this year is no different. Mirroring their noninterest brethren, the average minimum to avoid fees on an interest checking account rose $511.22 to $3,883.40.
Tip: Interest checking account holders who consistently get caught below the minimum should consider going with a noninterest checking account linked for easy transfers to a high-interest savings account. That way, they can get financial flexibility similar to an interest checking account, without having to park a large chunk of money at an interest rate averaging 0.1 percent to avoid service fees, says McBride.
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.