A big portion of how you handle your finances will have a lot to do with the bank that you choose. In most cities, you should have quite a few choices, and with internet banking, it’s never been easier to find a new bank. However, before you open an account, checking or savings, there are a few things that you need to know ahead of time, to help you determine whether or not a bank is right for you.
First, it’s very important to learn all that you can about the fees a bank will charge.
Whether it’s extra money to write more than a certain amount of checks, a monthly service charge, atm fees, or other little fees, these can quickly eat away at your balance. This is money that could be going into savings or that could be better spent. Never take a bank’s word for it, always read through the documentation they provide to help you figure out just how much an account will cost you. Free checking doesn’t necessarily mean free.
Next, you should also consider whether the account will grow with you.
Do the bank offer easy upgrading to a different account type or do they make it easy to transfer funds in between your accounts? Ask questions about the different types of accounts they offer to help you better determine which one will be the best fit for you not only now, but also in the future.
The question of interest is very important.
As banks get more competitive, they are starting to offer high interest bearing checking accounts as a well as savings accounts. This is an easy way to earn more money on your existing balance, but these accounts may come with balance minimums and there may be a few more charges. Once again, go through all of the documentation before you decide.
Last but not least, there is the question about availability of funds.
This is a common mistake that many people make when they first set up a bank account, and the resulting bounced checks can cost you a fortune. Make sure you know exactly what the bank’s policy is on deposit availability, how long it takes checks to clear, and how long eft’s take to clear. In some cases, it can take longer than a week, and if you are not prepared, you can easily bounce checks everywhere. Some people may open up a new account with a paycheck, only to find out that they won’t be able to get a dime of their money back until that wait period has passed.
Don’t be afraid to switch banks if they aren’t meeting your needs or helping you reach your financial goals. The process of finding the right bank may take a few tries, but eventually, you should find the one that is perfect for your individual needs. By taking the time to do your homework on your own however, you can ensure that you will be happy and that your money will be safe.
Photo Credits: 1
Originally posted 2008-12-09 05:47:35. Republished by Blog Post Promoter
Related Posts -
Tips for Paying Off Student Loans Right now, the student loan industry is going through one of its worst periods in decades. New Federal regulations have forced many banks to stop offering student loans, and students are being forced to either find a direct loan or start paying back what they owe. Enrollment figures are being...... -
Do You Need an Accountant? The average person usually tries to struggle with their finances year after year and only visits an accountant a few days before their taxes are due. By this point, it’s up to the accountant to try to piece everything together and they won’t be able to offer much help when...... -
How to Keep Your Money Safe As some of the biggest and most respected banks in the world look as though they may be crumbling, consumers are wondering in greater numbers just how safe their finances are. In times of economic uncertainty, there are no real guarantees, but there are a few things that you can...... -
8 Tips on Saving Money Without Scrimping Retrain your Brain - If you deprive yourself of the things that bring you pleasure, you are going to have trouble saving money. Retrain your brain by visualizing a future that is more fulfilling, like credit card bills that are smaller, and higher savings account balances to give yourself a...... -
Holiday Shopping Techniques To Avoid Breaking the Bank It is looking like the upcoming holiday season will be gloomy for many families, given the current state of the economy and continued bad news on many financial fronts. While this may not be a time to go all out with gifts, there are holiday shopping techniques that you can......
Related Websites -
Banking Reviews: AmTrust Direct’s E-Money Market Savings There are dozens of different banks offering high-yield online savings accounts. Most of them have very similar features and very similar rates, and it can sometimes be a bit difficult to figure out which is the best for you. AmTrust Direct has been consistently advertising on Getting Green for some...... -
Federal Funds Rate And Your Savings I'm sure most of you have heard a story on the news about the Fed (Federal Reserve) raising or lowering the Federal Funds Rate. Did you pay close attention to the story? What the Fed says about the Federal Funds Rate will affect your savings! What is the Federal...... -
Banking Reviews: ING’s Electric Orange Checking Account Just a half-decade ago, the term online savings account was known to very few. Online banking was merely in its infancy. Some banks were allowing people to view their accounts online, but thatâs about it. ING changed the name of the game when it launched the first online high-yield...... -
For High Interest Checking and Savings, Think Small, Look Local If you read other personal finance blogs (and I read dozens), you will be exposed to much information about high yield savings accounts from Internet banks. Account reviews, updates on interest rates, sign up bonuses, and advertisements - it's everywhere. This information available is helpful to those who are stuck...... - 4 Investing Ideas for Your Economic Stimulus Tax Rebate Check Today's post comes from Miranda Marquit. She writes about personal finances for YieldingWealth and edits debt consolidation information for Destroy Debt. The "economic stimulus" tax rebates have begun arriving, and now people are wondering how to spend them. Instead of blowing all that cash on something you don't actually need,......
- Tee Times Green Fees Golf
- Bank of Canada Canada North, Central America Paper Money World Coins Paper Money
- New Balance Womens Shoes
Categories:
Banking, Money, Personal Finance, checking, saving
Tags:
2 comments ↓
I think it’s also important to figure out whether their online banking is good enough for you. In a lot of cases, I don’t actually ever see anyone from the bank much anymore, just occasionally.
The concept of an online bank is going away I think because all banks and CUs now have online services. but if you are comforatble with online banking without going to a physical branch, there are great deals out there. Here is my list of the best reward checking and high yield checking deals out there right now.
we published a list of the best checking accounts paying as much as $220 for new customers to sign up. And periodically we have featured banks offering the best checking accounts paying as much as 5.01% APY interest on checking account balances up to $25,000.
So we’ve divided this list into two parts: 1) the best checking accounts from banks offering attractive deals for new customers, and 2) the best checking accounts if you are looking for high interest rates.
http://ratenerd.com/best-checking-accounts-to-start-2010-2379
Leave a Comment