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Maximize Your Bank Account Benefits with O1ne Mortgage

Are you only using your bank account for deposits and withdrawals? If so, you might be missing out on a plethora of perks and rewards that can help you manage your money more effectively. At O1ne Mortgage, we believe in making the most out of every financial opportunity. Here’s how you can maximize the benefits of your bank account.

1. Maximize Your Savings Yield

Keeping all your money in a checking account might not be the best strategy if you want to earn interest. Checking accounts often offer little to no interest. In contrast, high-yield savings accounts can provide a much better return on your savings.

For example, as of May 2023, the average interest checking account earns just 0.07%. However, some high-yield savings accounts offer an annual percentage yield (APY) of 3% to 4%. If you deposit $5,000 into a savings account with a 4% APY, you could earn $204 in interest over a year, compared to just $3.50 in a typical checking account.

2. Use Banking Alerts

Online and mobile banking platforms often come with customizable alerts. These notifications can help you stay on top of your account activity, alerting you to potential fraud or important transactions. You can set alerts for unusual transactions, low balances, or large expenditures, ensuring you’re always in the know.

3. Make Use of Rewards Programs

Did you know some bank accounts offer rewards for your spending? Rewards checking accounts can provide points or cash back for purchases, giving you an incentive to spend wisely without the risk of accumulating credit card debt or interest charges.

4. Understand Banking Fees (and How to Avoid Them)

Bank fees can add up quickly, but many can be avoided with a little knowledge. Monthly maintenance fees, which can range from $10 to $15, are common but often waivable if you meet certain conditions like maintaining a minimum balance or setting up direct deposits. Always review your account terms to find ways to minimize fees, and consider switching to a fee-free account if necessary.

5. Review Overdraft Penalties and Overdraft Protection Options

Overdraft penalties can be costly, with fees around $35 per transaction. Some banks offer grace periods or fee waivers if you quickly bring your balance back to positive. Alternatively, you can opt out of overdraft protection for debit card purchases, which means transactions that would overdraw your account will simply be declined without a fee.

6. Take Advantage of Borrower Discounts

When you need to borrow money, start with your bank or credit union. Many financial institutions offer loyalty discounts and better loan rates to existing customers. For instance, US Bank offers credits toward mortgage closing costs for checking account holders, and Bank of America provides rate discounts on car loans and home equity lines of credit for Preferred Rewards customers.

7. Look Into Financial Advising and Asset Management

Many banks offer financial planning and wealth management services. If you need guidance on saving for college or retirement, a financial advisor at your bank can provide valuable insights. Be aware that these services often come with advisory and brokerage fees, so understand the costs before committing.

The Bottom Line

Think of your bank account as more than just a place to store money. With the right strategies, you can manage your cash more effectively, earn higher yields on savings, and minimize fees. If your current bank isn’t offering the perks you need, it might be time to shop around for a better option.

At O1ne Mortgage, we’re here to help you make the most of your financial opportunities. Whether you’re looking to open a new account, need advice on managing your money, or are in the market for a mortgage, we’ve got you covered. Call us today at 213-732-3074 for all your mortgage service needs. Let’s work together to achieve your financial goals!

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