4 Best Bank Accounts To Use If All Your Bills Are on Autopay
If you want to simplify your financial life, you’ll likely set up autopay for your bills so that you have one less thing to think about. Enabling autopay means that your bills will be covered without any additional effort on your end. You fill out the forms once to ensure the expense is automatically deducted from your bank account, so you don’t have to worry about paying your bills manually.
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Here are some of the the best bank accounts if you want to put your bills on autopay.
Autopay Banking Considerations
“The best bank accounts for autopay are those with two features: free online bill pay and no overdraft charges — or at least the ability to disallow you to pay more than you have in your account,” said Todd Stearn, founder and CEO of The Money Manual.
When finding a bank account to set up autopay, you may want to consider one that offers a checking account and a credit card in one place to simplify your finances further.
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Checking Account vs. Credit Card
Stearn elaborated on choosing the right account for autopay:
“Autopaying by credit card is typically less risky, because you can dispute mistaken charges. And if you get a surprisingly higher but accurate bill, your credit card limit should cover it. For example, you might overdraft your account if you autopay your electric bill from your bank but have a month with a higher bill than normal. Then, your bank might hit you with an awful $35 overdraft charge.”
However, paying bills with a credit card sometimes comes with added fees — it’s important to check the terms before you pay and pick the option that makes the most sense for your finances.
This article focuses on the best checking accounts for autopay, but you may want to look into banks that offer multiple account options.
Checking Account Requirements
Here are some of the requirements that should be met when you’re looking for the right banking account:
No fees or limited fees for using the account
Some sort of overdraft protection, in case there are issues with autopay
The ability to easily track your autopay subscriptions
ATM access nationwide
Stearn advises that if you’re using autopay with your bank account, you should see if the bank offers an overdraft protection service and sign up if it’s an option. This service will protect you in case you don’t have the funds required to cover the bill due to unforeseen circumstances.
Best Bank Accounts for Using Autopay
GOBankingRates reviewed checking accounts to see which ones provide the ideal features for those who want to use autopay.
Discover® Checking Account
“Discover has overdraft protection,” Stearn said. “Be aware that this service isn’t automatic, so be sure to sign up for it.”
With the overdraft protection service and zero banking fees, Discover® Bank, Member FDIC, is at the top of the list of the best bank accounts for autopay.
Here are some of the additional perks of using a Discover checking account:
You don’t have to pay any fees for your checking account.
You can earn 1% cash back on debit purchases up to $3,000 each month — see website for details.
You can get paid up to two days earlier with direct deposit.
No fees for the overdraft protection transfer service.
It offers fraud protection tools and services.
Capital One 360 Checking Account
“With a Capital One 360 checking account, you can protect yourself from overdraft fees with an auto-decline option if the charge would put your account in the negative,” Stearn said.
You can connect your checking account and credit card so that you have access to your accounts under one umbrella. You can also review your Scheduled Payments tab to view your subscriptions in one place and track the funds set to leave your account. You also don’t have to pay any fees to open or use this checking account.
Here are some of the additional perks of using a Capital One 360 checking account:
Early Paycheck feature lets you get paid up to two days quicker
Over 70,000 fee-free ATMs to access your money
Instant alerts on account activity to stay on top of your transactions
Three overdraft options: auto decline, free transfer from another account or no-fee overdraft
Citi® Checking
“Citi has a twist on overdraft protection,” said Stearn. “They have an option called Safety Check that moves money from a linked Citi savings account to cover the amount.”
Citi offers two options for an everyday checking account — you can choose between Access Checking, if you don’t need to write checks, or a Regular Checking account.
If you want to set up autopay, you’ll enjoy the overdraft protection. This automatically transfers funds from another account to cover the cost if an expense is higher than usual.
Here are some of the additional benefits of using a Citi Checking account:
Access to 70,000 plus fee-free ATMs in the U.S.
$0 liability for any unauthorized charges to your account
Bank of America Advantage Banking
Bank of America offers Bill Pay, which allows you to set up payments through the Bank of America app or online banking — and keep track of all your bills in one place. It’s quick and secure, and you’ll receive a confirmation notice immediately when the payment is successfully scheduled.
The bank also offers Erica®, a virtual assistant that can remind you when your payments are scheduled and alert you of changes to recurring payments, among other features.
It’s worth mentioning that Bank of America, Member FDIC, has three options for a checking account to choose from based on your needs:
SafeBalance®
Advantage Plus Banking
Advantage Relationship Banking
All three accounts have unique features that could possibly entice you. The fees range from no monthly maintenance fee — if you meet the criteria — to $25 for the highest tier.
Here are some of the additional benefits of using Bank of America for your everyday banking:
Interactive budgeting tools to help track your spending habits
Fraud protection with the $0 liability guarantee for any fraudulent transactions made with your debit card
Custom alerts to stay on top of any account changes
Every account offers these incentives, so if you’re looking to use autopay, you can have the right financial tools on your side to ensure that your account doesn’t go into overdraft.
Closing Thoughts
These bank accounts are a good place to get started if you’re looking for the right place to hold your money and set up autopay. Reviewing the account features to ensure that the perks offered match what you’re looking for is important.
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This article originally appeared on GOBankingRates.com: 4 Best Bank Accounts To Use If All Your Bills Are on Autopay
