There are so many banks out there that it could feel overwhelming to choose which one is right for you. One way to narrow down your options is knowing what your personal preferences are. Take these factors into consideration before determining which bank suits your needs.
Fees and Interest Rates
Certain fees are standard with banks, such as ATM fees. Will you withdraw money from the ATM often? If so, then you may want to try a bank either with low ATM fees or no ATM fees. Now there are banks out there that charge for basic account transactions. These can include talking to an assistant, monthly fees, or paying a fee for each check you deposit. It is advised that you avoid any banks that have these. As for interest rates, try to look for a bank with high return rates and low charged rates.
Online and Offline Banking
Banking has become more convenient with the inclusion of the internet. Online banking can allow people to make easy, quick transfers between accounts and even pay their bills without issue. Some bank accounts take longer to transfer money, so find a bank that doesn’t take as long. Bill pay isn’t always free, so find a bank that provides that service without fees. If you don’t plan on using these services, then it may not matter. Also, see if the bank has physical locations. You can’t withdraw cash from your computer. Some security and transaction issues also can’t be resolved online but at a physical location. Certain banks are exclusively online, which can be more practical for certain individuals. You can check out some great examples of online banks at GOBankingRates.
It’s true that you can’t deposit cash through your laptop, but you can deposit checks. There are banks that have apps that allow you to take a picture of your check and sometimes immediately deposits the money into your account. You could also take a picture and upload it online. Not all banks do. In the case you are planning on depositing a lot of checks in the future, look for a bank that has this particular feature.
Look for the FDIC (Federal Deposit Insurance Corporation) logo with the banks you find. This means the bank has insurance in case of an incident. So, your funds are protected. Whatever the best bank is for you, knowing they have this lets you know that they put their clients first.
Find a bank that fits your particular interests the most. There are many great banks out there, but they can be great for different reasons. Do some thorough research on the banks of your choice and, if applicable, talk to friends and family who have experience with these banks.