Bank fees are one of those expenses that look minor individually but can add up to a considerable amount over the course of a year, especially if you never take the time to review what your bank is actually charging you.
Account maintenance fee
This is the recurring fee (monthly or quarterly) charged simply for keeping an account open. Most banks waive it if you meet certain conditions, such as having your paycheck deposited directly, keeping a minimum balance, or making a minimum number of card transactions per month. It's worth checking and meeting these conditions if you want to avoid the charge.
Overdraft fee
This applies when your account balance goes negative, whether because of a charge that exceeds your available balance or because you're using an authorized overdraft facility. It usually combines a flat fee plus interest on the overdrawn amount, which can become quite steep if the overdraft drags on for a while.
Transfer fees
Transfers within the same bank are usually free, but transfers to other institutions, especially urgent or international ones, can carry significant fees. Checking whether your bank offers a number of free transfers per month, or whether there are cheaper alternatives (such as certain peer-to-peer payment apps for small amounts), can lead to meaningful savings.
Fees for withdrawing cash at another bank's ATM
Withdrawing money from an ATM that doesn't belong to your bank (or to a shared fee-free network) usually triggers a fee, both from your own bank and, in some cases, an additional one from the ATM's owner. Planning your cash withdrawals around ATMs in your own network avoids this unnecessary cost.
Card fees: issuance and maintenance
Beyond account fees, credit and debit cards can carry their own issuance and annual maintenance fees, which can often be avoided in the same way as the account maintenance fee, by meeting minimum usage requirements or loyalty conditions with the bank.
Compare between banks periodically
The conditions for avoiding fees change fairly often from one bank to another, and some banks, particularly digital ones, offer completely fee-free accounts with no loyalty requirements at all. Periodically checking whether your current bank is still competitive against other options on the market can lead to considerable annual savings.
Redirect what you save on fees toward your financial goals
Every euro you stop paying in avoidable bank fees is a euro you can put toward your savings instead. Our compound interest calculator shows you the cumulative effect of that extra savings over time.