How to Pick the Best Bank for Your Needs
Your bank is one of those things that you don't give much thought to until they do something negative that captures your attention. It may be that they offered poor customer service, the fees have increased, or you just don't like the plans they offer. This is the exact moment most people start thinking about switching banks and finding a "better" one.
So, what makes a bank great? Are there even any differences or is it all the same thing out there? If you're on the hunt for a new bank and want to be sure you pick the right one, then you're going to want to read on. Here we'll look at tips and advice on how to go about picking a new bank; one that works best for your needs.
Take a Look at Accounts the Bank Offers
The first step when comparing banks with one another is to take a close look at the accounts they offer. While the majority will offer the typical savings and checking accounts, there are also other accounts that may appeal to you. Sometimes you may also want to have more than one account that fits various financial needs. For example, maybe you are a university student, so you want a student checking account, but also high-interest rate savings account so you can get a head start on your savings.
What About Account Fees and Rates?
As you look at the accounts offered, it’s also important to look at the account fees and rates. This includes such things as whether you need a minimum balance, what the monthly fee/charge is, how many free transactions you are allowed, whether the account comes with checks, and if it offers overdraft protection, etc. Sometimes, the cheapest account fee isn't going to be the best option for you in the end because instead, you'll be paying for services as you use them.
What are the Hours?
Even though many people are moving away from banking in-person, this may be something that is important to you. If that's the case, you'll want to pick a bank that offers hours that work for your schedule and is located near your home or work – whatever is more convenient.
Does the Bank Offer Online Banking?
Online banking is quickly becoming the banking style that most prefer, so this is a big factor to consider. Does the bank offer a mobile app and, if so, what kinds of features and tools does the app offer?
What Do Other People Have to Say?
While it’s important to look at the specifics such as fees, rates, and types of accounts, it can also be helpful to check out what others have to say. The GoBankingRates website is a great source of information and has taken a close look at what the best bank is for 2018, factoring in all kinds of features and benefits.
A Bank That Works for You
At the end of the day, you want to find a bank that works for you, matches your needs, your schedule, and whose fees don't leave your head spinning.