How to save nearly $300 a year on unnecessary bank fees

Many Americans continue to pay checking account fees — even though they don't have to, a new report from from financial services company Bankrate confirms.

Common checking account charges include fees for out-of-network ATM withdrawals, overdrafts and non-sufficient funds. As of June, ATM fees rose to an average of $4.73 — the highest in 25 years, according to Bankrate. Fees for overdrafts and non-sufficient funds have dropped in the last year to averages of $26.61 and $19.94, respectively, but still weigh on consumers.

Another common charge is a monthly maintenance fee, which costs users an average of $15.33 for interest-bearing accounts and $5.31 for non-interest-bearing accounts.

All told, checking account holders spend an average of $24 per month on fees, according to a Bankrate poll published earlier this year. That works out to nearly $300 per year.

However, many of these fees are avoidable with a no-fee checking account, a number of which are available through online banks or credit unions.

No-fee accounts typically don't charge monthly maintenance fees, overdraft or NSF fees, and some will reimburse you for out-of-network ATM charges. Some might even pay interest on your balance, too, although the rates are usually less competitive than what checking accounts with fees offer.

There are a few drawbacks to no-fee accounts, however. They might require a minimum balance and may enforce a monthly a limit on transactions. Plus, many pay little to no interest. To get the best deal, you will need to shop around.

Why people still pay checking fees

Despite a large number of no-fee alternatives, people don't switch checking accounts because of "inertia," says Greg McBride, chief financial analyst at Bankrate.

Most Americans simply aren't in the habit of shopping around for checking accounts. The average checking account holder sticks with their bank or credit union for 17 years, according to Bankrate survey data.

"Changing to a free account just becomes something that you perpetually get around to, unless you take action," McBride says.

But it can be smart to switch, since it could save you a decent amount of money. (Check out this list of the best no-fee checking accounts from CNBC Select.)

If you do open a new account, be sure to leave your existing account open with enough money to cover any balance minimums. Wait until you've confirmed that direct deposits are working with your new account to close the old one.

It's worth noting that the interest rate for most checking accounts is very low, currently averaging 0.07%, according to the Federal Deposit Insurance Corporation. Higher rates are available, but often they require a minimum deposit, ranging from $1 to a few hundred dollars.

However, earning interest shouldn't be your main goal with a checking account. You're better off parking excess cash, including emergency savings, in a high-yield savings account. You can currently find interest rates over 4% on these accounts.

Interest rates aside, your goal "should be a no-fee checking account, because it's widely attainable," says McBride. By doing so, you could save a few hundred bucks a year on fees.

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