There are countless bank account options, whether you’re looking for a bank account to save money, conveniently deposit your salary, or a platform to pay bills electronically. Most banks have accounts with different features, interest rates, maintenance fees, etc.
With the overwhelming number of options, you may wonder how to settle on the best bank account.
Here are seven tips for picking the best bank account for your needs.
Determine Your Needs Before Choosing an Account
Different bank accounts offer various types of products and services. Determining your needs at first will help you compare the options available to find one that aligns with your interests and preferences.
The most common accounts include savings accounts, checking accounts, money market accounts, and certificates of deposit. Individuals looking for the best rates can opt for high-yield savings accounts instead of regular accounts. Different bank accounts offer varying benefits, and you must research to settle on the right one.
Ask About the Bank Account Interest Rates and Fees
When choosing one, you also need to consider the bank account’s interest rates and fees. Most brick-and-mortar banks charge high fees due to their operating costs. Online banks are a better option if you’re looking for an account with low or no fees.
Some will also provide ATMs with no-fee withdrawals for specific account holders. Find an account with the best annual interest rates and low to no overdraft fees, ATM fees, or monthly maintenance fees.
Find Out if the Account Offers Mobile App Features
A bank account with modern digital features lets you easily track your banking activities. You need to find out if your preferred bank account offers access to online banking features through user-friendly mobile applications.
Some accounts will offer additional perks like mobile banking alerts, the ability to lock a debit card remotely, budgeting features, etc. Go through reviews to determine if the app is user-friendly.
Research About the Account’s Accessibility and Convenience
How easy is it for you to access a specific bank account? Do they provide 24/7 customer support? Check if your preferred bank account is easily accessible by paying close attention to their customer support, online banking services, and ATM availability.
Traditional banks offer more convenience if you need to handle large financial transactions, while online banks will provide more competitive rates and 24/7 access.
Find an Account With Great Customer Service
A bank’s ability to handle its clients can be a differentiating factor in your banking journey. Sometimes, you have concerns or questions about your account that need to be addressed. When comparing the available options, a bank with customer service via email, chat, or phone is a must-have feature.
Evaluate the bank’s level of personalized attention by the ability to access a service rep quickly, their customer reviews, and any awards they’ve received.
Evaluate the Accounts’ Benefits
Some accounts have additional perks and benefits. You might be eligible for identity theft protection, extended warranties, cash-back rewards, and discounts on travel or shopping. Check the benefits different accounts offer and decide if they match your preferences.
Don’t Forget About the Bank’s Security & Protection
Your preferred bank needs to prioritize your account’s security and personal information. Find banks with powerful security features such as advanced fraud detection systems, multi-factor authentication for online banking, encryptions, etc., to protect your account and personal information.
Banks insured by the National Credit Union Administration and Federal Deposit Insurance Corporation will protect your deposit, even if the bank fails.
Find the Bank for You
Finding the right bank account doesn’t have to be overwhelming anymore. With these seven tips, you can settle for an account that aligns with your financial goals based on interest rates, fees, accessibility, convenience, and security.
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