If you’re planning to open a new checking or savings account (or perhaps both), you’re likely exploring how to choose the best bank for your needs. Banking often influences your daily life, so it’s beneficial to find a bank that aligns with your personal requirements. Here are some aspects to consider during your search that can potentially save you time and money.
Consider Fee Structures. Banks often have varying charges and these can differ even within the same institution depending on the account type. You should be clear about potential costs for each account. For example, some banks may charge for checkbooks, while others provide them without cost. Others might mandate direct deposits or certain online bill payments every month.
Explore Online Features. Nowadays, the majority of banks enable you to manage your finances online, like bill payments and check deposits via your mobile, sparing you from regular trips to your local branch. If you’re leaning toward a smaller bank that may lack certain online features, gauge their importance to you beforehand. Some banks even provide POS device arrangements or additional assistance for your small business needs.
Assess Interest Rates. If opening a savings account, the offered interest rate is a critical factor. However, in the current low-interest climate where few banks offer significantly more than 1% annually, the interest earnings might not drastically differ between banks. Hence, factors like customer service might need higher consideration.
Evaluate Customer Service. This brings us to the issue of customer service. How will your bank treat you when you have a query? The best way to assess this is by observing the way you are handled when you inquire about potential accounts at the bank. If they attentively listen to your queries instead of being overly focused on selling their products, it’s usually a positive sign.
Look into Rewards Programs. While this might not be a top priority in your decision, if a bank offers a rewards program or sign-up bonus, it’s worth considering, particularly if it leads to extra cash in your account!
