It seems like a pretty simple task. You just walk into any old bank and open an account. But not all banks are the same. Many banks may offer pretty much the same collection of products, but each has their own spin. Here are some factors to consider when choosing a bank.
What Bank Services You Need
Do you need a savings account? A checking account? Will you be shopping for a mortgage or other loan? You may want to consider finding a bank that offers everything you need, as they may offer special deals and privileges when you utilize several different services. When it comes to savings and checking accounts, make sure you’re aware of the interest rates and any fees that go along with them. Some accounts require a certain amount of money at all times, while others may require a certain number of transactions each month. Be aware of what is expected of you.
Bank Rewards Programs
There can also be perks for some accounts if you qualify. Some banks may offer extra money if you make a certain number of online payments from an account. Similar to the requirements we listed above, only these come with rewards. Look around and see what each bank offers. You may be able to add some free money to your accounts.
Many of the larger banks will offer online account management, bill paying services, and even mobile apps to make your banking more convenient. If these types of tools are important to you, then look for banks that offer the tools you want.
Along with online access, you may want to have several branches and ATMs at your disposal. If easy access is important to you, then you can find a bank with branches convenient to your location. Some banks are only based online, without brick and mortar locations. This is another viable option if you prefer the online tools over in-person service. You may still need to access ATMs, but they will often reimburse you for any fees.
These are just a few thing to consider when choosing a bank. Make sure that you do a little research and find a bank that fits your needs in terms of products, service, and convenience. You can always use different banks for different accounts. It may be a little less convenient, but again, this is all up to you to decide what works best for you and your finances.