Are you looking for a new place to store and protect your money? Choosing a new bank can be difficult. You need to find a place that you can trust. Do you know how to get started?
There are a few things that you should look for when you’re trying to find the right bank for you. We want to help you out so the decision is easier than ever. We have a few banking tips and tricks that will match you with the right bank in no time.
You don’t have to stress yourself out over this, let us help you. Keep reading to learn more.
Check Extra Services
A bank isn’t just for storing your money. There are plenty of things that banks can offer you. Choosing the right bank is all about the kinds of services that you want or need.
So what kind of services can banks offer?
Some banks offer in-house credit cards, or credit card assistance to those who need to build credit but don’t know where to get started. Others focus on services that are relevant to merchants, such as Farmers Bank in Idaho. If you run a business, this service is crucial.
Many banks handle mortgages and other types of loans. They can help you with investment accounts and financial planning.
Consider your needs. If you’re an independent saver and spender, the extras might not be important to you. If you like a bit of extra help, these services can be lifesavers.
Consider What Kinds of Accounts You Need
So what are you looking for in a bank? What do you intend on doing with your money?
Most people have two basic needs from their banks (although some use separate banks for each one). People need a checking account and a savings account. The checking account is for money that’s available for spending without hassle while the savings account builds interest over time.
A certificate of deposit, or a CD, is similar to a savings account, though it’s more difficult to withdraw money from it. This option builds greater interest than a savings account.
Check on what sorts of accounts are available before making your decision.
Pay Attention to Fees
Many banks have high fees associated with their services. Before you sign any paperwork, check on these fees.
Many banks have fees that are waived provided you’ve met certain conditions. These conditions may include a certain amount of deposits or withdrawals (from income and from debit card purchases) per month, or a certain amount of money staying in the account.
Almost all banks have ATM fees for ATMs that aren’t within their network, as well as fees for when you’re traveling abroad. Check on these ahead of time to make sure you’re able to live with them. If you travel often, you want low foreign transaction fees. If you’re worried about overdrafts, you want to check on overdraft fees.
These may not be obvious on websites, but they are on contracts.
Check on Interest Rates
Interest rates are another important part of the banking world. When you put money into a savings account, interest is everything.
Most banks offer low interest rates. This doesn’t have to be a problem if you love everything else about the bank. Higher interest rates, however, allow you to earn money without any extra effort.
While you won’t find a bank that offers anything substantial as far as interest goes, you have options.
Make Sure You Have Easy Access
How accessible is your bank?
If you need an “in-person” location, make sure that it’s near enough to where you live that you have no trouble getting to it when you have to. ATMs should be easy to find and use.
It’s a great idea if the institution offers some form of online or mobile banking options. While not everyone is on board with mobile banking yet, there are plenty of helpful mobile banking tips that help you learn how to keep your banking simple, safe, and accessible.
Decide If You Need a Brick and Mortar Location
On the topic of online banking, it’s more popular than ever for people to do all of their banking online. And why not? It’s easy, you can do it from anywhere, and you have constant access to your account so you can make sure that there’s no trouble.
Many brick and mortar locations offer online banking, but there are also online banks without a brick and mortar option. If you’re the kind of person that feels more comfortable visiting someone in person, especially in the event of any problems or concerns, consider choosing a bank that has a brick and mortar location available near you.
Ask Questions and Pay Attention to Details
Never sign a contract before reading the fine print and asking questions. Banks sneak in information about fees, restrictions, and interest rates where you aren’t as likely to see them.
To avoid this problem, have the banker go over the contract with you. Make sure to ask questions about anything that you’re concerned about (like the helpful details above) so you know what you’re getting yourself into before you make any commitments.
How easy is closing an account, or transferring money? What kind of security does the bank offer in the event of some sort of breach?
These things are important to know ahead of time.
These Banking Tips Will Help You Find Your Perfect Bank
Never choose a bank without considering the nitty-gritty details. They might seem unimportant at the moment, but when you choose the right bank, you’ll find that your life gets so much easier.
Your goal is to never have to worry that your money is in the wrong hands. Use our banking tips to make that happen.
For more answers to all of your finance-related questions, check out the rest of our site.