Your checking account maybe costing you too much


Checking accounts can be both expensive and complex: up to $800 a year across 49 different fees if you choose the wrong account for your needs.

Those are the findings of  Checking Account Cost & Transparency Studies released today by

The personal-finance website compared checking accounts from 35 of the largest banks and credit unions in order to determine how costs vary across institutions and types of users. 

Report’s chief findings:

* The less money you have, the more a checking account will cost you. The average cash-strapped consumer incurs roughly $470 in fees each year.

* All consumers can save on everyday banking by gravitating to checking accounts from credit unions and online-only banks.


* The average checking account has approximately 25 total fees. Surprisingly, traditional banks offer the most transparency regarding key account terms, while online-only accounts provide less visibility than their branch-based brethren.

* Santander extra20 Checking is the best overall checking account on the market right now, topping three out of the five consumer profile scenarios WalletHub considered. This account offers a $20 reward each month for making a direct deposit in excess of $1,500 and two online bill payments. However, keep in mind that you’ll have to open a savings account as well.

The complete 2015 Checking Account Cost Report, including account recommendations for numerous types of consumers, can be found at

For the full 2015 Checking Account Transparency Report, visit