6 Ways to Bank Like a Boss

Whether you’re saving for a big goal, looking for the best checking account, or just want more control over your money, smart banking habits can make a big difference. Luckily, you don’t need a C-suite salary to bank like a boss. Here are six simple ways to bank smarter, faster, and more confidently. 

1-Go mobile 

Mobile apps make banking easier by putting your accounts at your fingertips. In just a few taps, you can: 

• Check your balances. 
• Move cash between accounts. 
• Set up alerts for low balances or large transactions. 
• Deposit checks remotely. 
• Pay bills. 
• Send money to friends and family. 

Some mobile apps also offer budgeting tools, like trackers for personal spending and saving goals. 

2-Pay yourself first 

Want to grow savings without lifting a finger? Pay yourself first. That means prioritizing saving money before spending it on anything else.   

Setting up a system that automates savings helps you build your nest egg without having to think about it. Here are a few ways to do it: 

• Automatic transfers: Schedule a recurring transfer from a checking to a savings account on a weekly, bi-weekly, or monthly basis. Just be sure to check if your bank limits the number of transfers per month. 
• Direct deposit split: Ask your employer to send part of your paycheck to your savings account and the rest to your checking account. 
• Round-up features: Use your bank’s round-up (also called micro-saving) feature if it has one. The feature rounds up the money you spend to the nearest dollar and deposits the spare change into your savings account. 

You don’t need to make huge deposits. Even small amounts can make a difference, and once it’s automatic, you don’t have to think twice. 

3-Ditch fees 

Perhaps the best way to avoid bank fees is to find a fee-free account. These accounts typically eliminate one or more common bank fees, such as monthly maintenance and minimum balance fees. Some even offer unlimited transactions. 

But even fee-free accounts can have costs. Take a look at this list of standard bank fees with tips for avoiding them. 

• ATM fee: Choosing a bank with a large ATM network minimizes the chances of you being charged for using an out-of-network ATM. Another option is to get an account with a bank that reimburses ATM fees. 
• Overdraft fee: Some banks offer overdraft protection that covers transactions that overdraw your account for free. If yours doesn’t, you may be able to avoid overdrafts by linking your savings account or credit card to cover overdrafts or turning on low balance alerts in your mobile app. 
• Insufficient funds or returned item fee: Banks may charge this fee when they deny a transaction because you don’t have enough money in your account.  Avoid it by keeping a buffer in your account and monitoring your balance regularly. 

Boss move: Review your account’s fee schedule once a year so nothing sneaks up on you. 

4-Look for perks 

Many people don’t realize that checking and savings accounts sometimes offer perks like credit cards. These benefits range from cash back to special event access to financial literacy resources.  

The best part is you often don’t have to do anything to earn the reward. Take cell phone protection as an example. Some banks automatically pay to repair or replace your phone if it’s damaged or stolen if you use their card or account to pay your bill. 

Other perks might include travel rewards, discounts on subscriptions and services, increased interest rates for multiple accounts, and referral bonuses. Digging into perks can help you benefit even more from your account.  

Some perks may require a premium account or specific card, so check the details. 

5-Keep your credit history in mind 

Wherever you are on your credit journey, banks have tools and products you can use to strengthen your credit score.  

A secured credit card is one of the most common tools banks have to help someone build or rebuild their credit score. When you apply for a secured card, you make a one-time cash deposit. As you make on-time payments and keep balances low, your bank reports your activity to the credit bureaus, helping you boost your score. 

Already have good credit? Then you may want to check out reward credit cards, loans, and lines of credit. These products can help you enhance your credit profile even more.  

6-Always be learning 

A checking or savings account (or both!) is a solid start, but it’s just the beginning. As your life changes, so will your financial goals. Later on, you might want to invest or buy a home. Knowing how banking works puts you in the driver’s seat for all of it. 

The best way to stay sharp? Keep learning. 

Your bank might offer financial workshops, credit tools, or even free counseling, so make use of them. And don’t stop there. Podcasts, blogs, and YouTube accounts can teach you everything from decoding interest rates to avoiding financial traps. 

Boss-level banking starts now 

Banking like a boss is all about how well you manage your accounts. Start with these simple steps, keep learning as you go, and you’ll stay in charge of your financial future. 

Resources: 

https://www.bankrate.com/banking/unique-bank-perks/ 

Contact Information:
Name: Sonakshi Murze
Email: [email protected]
Job Title: Manager