If you’re thinking about opening a new checking or savings account (or maybe even both), you’re probably wondering how to pick the best bank for your needs. Since banking plays a big role in your daily life, it’s important to choose one that fits your personal requirements. Here are a few things to keep in mind that can save you both time and money.
First, consider the fee structures. Different banks, and even different accounts within the same bank, can have varying charges. Make sure you’re aware of any potential costs. For example, some banks might charge for checkbooks, while others offer them for free. Some may require direct deposits or certain online bill payments each month.
Next, explore online features. Most banks today offer online banking services like bill payments and mobile check deposits, making it easier to manage your finances without frequent trips to a branch. If you’re considering a smaller bank that might not have these features, think about how important they are to you. Also, some banks offer POS devices or extra support if you have small business needs.
When it comes to savings accounts, take a look at the interest rates. Although current rates are generally low and most banks offer around the same rate, it’s still something to consider. Since interest earnings might not differ much, other factors like customer service might become more important to you.
Speaking of customer service, how a bank treats you when you have questions is crucial. The best way to judge this is by how they handle your inquiries about setting up accounts. If they listen carefully to your questions rather than just trying to sell their products, that’s usually a good sign.
Finally, check out rewards programs. While this might not be your main focus, a rewards program or sign-up bonus can be a nice perk, especially if it means extra money in your account!