(NC) Banks charge fees for their products and services, like savings accounts. There are ways to reduce those fees so you don’t pay more than you need to.

First, consider how you use your accounts. You don’t want to pay monthly fees for account features you will never use. On the other hand, you need to be careful with fee-per-transaction accounts because fees can add up quickly.

For many accounts, banks charge a set monthly fee. This allows you to make a certain number of transactions each month. The number and type of transactions included in your monthly fees depend on your account. You must pay for each transaction over the pre-set number your monthly banking package allows.

Some accounts will waive the monthly fee if you keep a minimum balance throughout the month. For example, say you pay $12 per month in fees. Your financial institution may waive this cost because you maintained a minimum balance of $2,000, saving you $144 per year.

You may also qualify for a multi-product discount if you have more than one banking product with your financial institution. For example, you may get a discount if you have a mortgage and a credit card. Check with your bank to find out if you qualify for one of these service packages or discounts.

With a “per-transaction” account, you pay for every transaction you make, and fees can add up fast if you’re not careful. Consider the number of transactions you make per month before deciding if a per-transaction account is right for you.

Certain financial institutions have signed an agreement with the federal government to offer low-cost accounts with basic features. Low-cost accounts charge a maximum of $4 per month in banking fees. You may be eligible for a free low-cost account if you meet certain conditions.

Before you sign up for an account, make sure you understand all the terms and conditions, including fees. Ask questions about anything you don’t understand. Keep a copy of your account agreement for your records.

Banks must send you electronic alerts any time your account balance falls below $100 or another limit you set. This will help you avoid overdraft fees.

To learn more and use an account comparison tool to find accounts best suited to you, visit canada.ca/money.