How To Find the Best Bank Account
In my last article in the Best Way To Invest Money series, I discussed that the best way to invest $100 is to find the best bank account for you. In order to get your finances organized, you need to find the best bank account that suits your needs.
Despite the primary focus of the Online Banks Blog being online banks, I believe that everyone needs a traditional bank. There are two reasons for this. First, there are certain banking services that are best provided by traditional local banks (e.g. cashing checks). Second, many online banks require that you link your online bank accounts to a traditional bank account.
Therefore, as the first step toward good personal finance you need to find the best bank account. This article will give you some tips for choosing the best bank.
As I suggested in the Best Way To Invest $100, the first think you need to do is to open a checking account and a savings account. Hopefully, this tips will help you find the best bank accounts that will suit your checking needs and savings account needs.
1. You need to understand what you need from a bank. Do you to be able to bank on Saturdays? Do you need a savings account, money market account or checking account? Once you know what banking services you know you need, you will be well on the way to find the best bank account.
2. Find the best bank location. While too many people make location the only factor they consider in finding the best bank, the location of the bank branches is a very important factor that you need to consider. I recommend finding a bank that is close to both your home and work.
3. Find a bank that is open when you need it to be open. Ask yourself, when do you intend to do your banking? Can you go to the bank during your lunch break? Do you need the bank to be open after your work hours? D you need to your bank to be open on Saturdays? It is important that you bank is convenient for you. If your bank is not open when you need it to be, you will not use it to its fullest.
4. Find a bank with low fees. Notice how I didn’t say no fees. Some people only need a free checking account, but others need more banking services than a free checking account offers. You need to ask yourself, What banking services are you willing to pay for and what aren’t you willing to pay for? I only need a free checking account, but you might need more. Look at the bank fees and find the bank with low fees but still suits your needs.
5. Find the best bank rates. For an online savings account or an online checking account, I always stress finding the best bank rates. But, for a local bank, this is not the most important factor that you should consider. But, definitely shop around to find the best bank rates. Most local banks will not offer high interest savings accounts and high interest checking accounts, but their rates will differ.
What factors did you consider when you picked your bank?
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3 Comments on How To Find the Best Bank Account
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Carnival of Personal Finance, Cyber Monday 2008 Edition | Mighty Bargain Hunter on
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[...] Online Banking Blog shows how to choose the best bank account. [...]
[...] How To Find The Best Bank Account By nittany · Filed under: Personal Finance Articles [...]
[...] submitted my article on How To Find The Best Bank Account. If you haven’t read it yet, it is the second article in my Best Way To Invest Money [...]
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