How To Choose A Bank For Personal Banking
When it comes to your personal finances, you want a bank you can trust, whether that’s through mobile banking, a credit union, or a traditional bank. Placing your money in someone else’s hands isn’t something to take lightly. You know the benefits of keeping your money in a bank, but it’s important to note that not all banks are made the same.
Before you decide who you’ll bank with, it’s best to start off with a bit of research. Take your time to look into several factors before you choose a bank. The bank you select should offer you convenience, peace of mind, and a few extra features as well.
Not sure where to begin your search?
In the guide below, there are several factors for you to consider when choosing a bank. Read through each of these factors and then keep them in mind while on your search. Are you ready to get started?
Continue reading below to learn how to choose a bank that’s right for you!
Look Into Fees and Interest Rates
Did you know that banks have their own fees and interest rates? Each bank will come with different membership fees and interest rates on their individual accounts. It’s a good idea to know what fees and interest rates to expect before deciding what bank you want to trust with your money.
Different banks will have different fees, but some common fees to expect from banks are monthly maintenance fees and a minimum balance fee. Do keep in mind that there are some ways to lower these fees or reduce them altogether. For example, some credit unions might eliminate their $200 account minimum if you’re a student.
Setting up direct deposits for your paychecks might reduce your monthly fees at other banks. Always check with the bank to fully understand their fees and what your options are for reducing or eliminating them.
Bank Interest Rates
Next, determine what the bank’s interest rates are for each type of account.
The checking, savings, and other accounts you open will all differ in interest rates. It’s best to find a bank that can offer you the highest interest rates on these accounts so your money that sits in them will collect interest quickly.
Ask About Some of Their Extra Features
What extra features does the bank offer? You should ask this question to every bank you’re considering. A bank that offers a full-featured online service, like Farmers National Bank Online is ideal for those who need to access their bank accounts on a frequent basis.
You should also look into the bank’s security features. All banks have some type of insurance to cover against a loss, but what extra safety features are put in place to protect your money? Be sure to ask this question since the level of security will range depending on the bank.
Don’t forget to ask about any other extra features that members should know about as well.
Locate Their Branches and ATMs
Do you require the use of cash on a regular basis? Do you often like to speak with someone in person rather than over the phone or online? If either of these is true, then you’ll want to consider the location of the bank’s branches and ATMs.
Where are all of the bank’s branches and ATMs located? Are there enough of them to make it convenient for you to visit either one when needed? Keep in mind that some banks or credit unions will offer free ATMs services through certain ATMs from other banks.
You can always ask the bank which ATMs are free for you to use and where are all the branches located.
Discover What Bank Best Suits Your Lifestyle
Think about your own lifestyle before choosing a bank. What type of account is most important to you? Are you most interested in a savings account to save up for a major life goal?
Do you need a checking account for direct deposit from your job? Whether you’re an entrepreneur or an explorer looking to open a travel fund, it’s best to find a bank that can help you reach these specific goals. You should be able to find a bank that offers helpful tools and resources geared towards your specific banking needs.
Read Member Reviews Online
After doing a quick online search for the bank you’re interested in, you should be able to find member reviews. Take a few minutes to read through the member reviews online to get a better understanding of what to expect from the bank. If you can’t find reviews on the bank’s website, then search the name of the bank on a review site.
See what current and past members are saying about the bank and if they’d recommend it to other people.
Review All Terms and Conditions
Before selecting a bank, the very last thing you should do is review all the terms and conditions. This might include looking over all the fees and interest rates mentioned before, but it should also include reviewing any charges the bank might place on you for specific things.
For example, if you were to overdraft your account, then what are the fees associated with doing so? If the bank were to ever close, then how will your money be insured? When you sign up, are you under a promotion that might expire soon?
Ask all of these questions and more to ensure you understand all of the bank’s terms and conditions.
Allow This Guide to Help You Choose a Bank
Finding the right bank for your individual needs might take a bit of research, but with the help of this guide, you should be able to choose a bank within no time! Make sure to remember to ask questions and do your research before making a final decision. When you find a bank you can trust with your money, then you’ve found peace of mind, and that’s priceless.
For more topics similar to this one, don’t forget to check out more posts on our blog!