Four Factors To Look At When Searching For The Best Bank For You
There are many different places to open a bank account, and the best one will be a bank that has all the features you need while minimizing fees and other potential costs. It will also connect easily with other accounts, such as credit cards, and be easy to manage online.
Look at What Fees Apply
Banks come with different fees that may apply to you, so it's worth taking a look at these first. One such fee is a minimum balance fee: if you keep below a specified amount in your account, you can be charged a monthly fee until you go over this minimum or if you qualify for certain exemptions. This type of fee is often waived if you make at least one direct deposit into that account per month.
Take a close look at all the fees on the type of account you're after, then look to see if you qualify for any exemptions. If you're particularly interested in a specific bank and don't think you qualify, it sometimes helps to ask anyway in case there's anything you might have missed.
Explore Special Offers
Some banks advertise special offers for signing up for a new checking account with them if you meet certain criteria. For example, if you open a new account and deposit a certain amount of money, the bank may give you additional cash simply for signing up.
When looking at these special offers, look at them in conjunction with possible fees. If you get a cash bonus for signing up but will be subject to monthly fees, it may not be worth it.
These bonuses can be found for different types of accounts, such as checking and savings alike, so if you're looking to expand your options and get a little boost in the process, bonuses are worth checking out.
Consider Banks You Currently Use
If you already have a credit card or a different kind of account with a bank already, they might have decent options for you as an existing customer. They might advertise special offers for opening additional accounts specifically for you, and having multiple accounts at the same bank can have some advantages, such as making it easier to pay off your credit card at that bank. While this doesn't guarantee another account there will end up being your best option, it's worth exploring to see if there are any offers or features you can take advantage of.
Look For Features You Need
If you are looking for an account with specific features, this is the time to look for them. One example is a solid mobile banking app that is easy to use. Another might be service fee waivers for ATMs that aren't part of your bank. If you find yourself traveling often, this could wind up being very helpful.
When thinking about what you need, consider how you typically manage your money and what would make the process easier. If you have questions about personal banking, contact the banks you're interested in.