As noted before, the best savings account for you may be the one that let's you have overdraft protection.
One reader contacted us to say that after following up with her bank, she could do the following:
1. Pay $35 per overdrawn check OR
2. Pay $10 for a transfer from her savings account in the event of an over draft
She noted that the bank requires a that transfers be in $100 increments. A $1 overdraft requires a $100 transfer. That still saves $25 after the $10 transfer fee.
The sad thing is that this service could be offered automatically and promoted better by the banks. This customer had to inquire.
As do you!
So check out your savings account options now to see if you can save money by savings account transfers in the event of an overdraft. That may be your best strategy for saving money in the event you're over drawn.
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