Key Considerations for Selecting the Right Bank

If you’re thinking about opening a new checking or savings account, or maybe both, you’re probably trying to figure out which bank is right for you. Banking plays a big role in everyday life, so it’s important to find one that matches what you need. Here are some things to think about that could help you save time and money.

Take a look at fee structures. Different banks have different fees, and even within one bank, they can vary based on your account type. Make sure you understand any potential costs associated with each account. For instance, some banks charge for checkbooks, while others offer them for free. Some might require direct deposits or certain online bill payments each month.

Check out the online features. Most banks today let you handle your finances online, like paying bills and depositing checks through your phone, which saves you trips to the bank. If you’re considering a smaller bank that might lack some of these online tools, think about how important they are to you. Some banks also offer POS device options or extra help if you have small business needs.

Look at interest rates. If you’re opening a savings account, then the interest rate is important. However, with current low-interest rates, most banks don’t offer much more than 1% a year, so interest earnings might be similar between banks. Because of this, customer service might become more important to you.

Think about customer service. How a bank treats you when you have a question is crucial. The best way to get a sense of this is by noting how they respond when you ask about opening an account. If they listen to your questions rather than just push their products, that’s a good sign.

Consider rewards programs. This might not be your main focus, but if a bank offers a rewards program or a sign-up bonus, it’s something to consider, especially if it means extra money in your account!