How to Choose a Bank?
Choosing the right bank is important. After all, you’ve worked hard to earn your money. Before you start shopping around you have to figure out what you need from a bank. To do that, you have to look at what you will be doing with your money.
Will you be moving money in and out? Are you going to deposit money and watch it grow? Do you prefer going into a bank and talking to someone? Or would you rather take advantage of the ease and convenience of online banking.
When looking for a new bank you should look at:
- Fees – look for no or low fees
- Interest rates – online banks often pay better interest rates
- ATM locations – make sure you can get to your banks ATMs, ATM fees can really add up
- Benefits & bonuses – can you earn cash back or airline miles
- Bank schedule – will you be able to get there?
- Online banking – setting up online bill pay ensures that your bills are paid on time which helps keep your credit score up
- Personal touch – a community bank or credit union might be right for you
- Overdraft protection – a good overdraft plan can save you a lot of money
Watch out! Don’t get sucked in by the free toaster or even the free checking account. If these accounts have fees you could end up paying for that toaster two or three times!
