At some point in life, every individual needs to choose a bank account to open their first account to deposit their earnings. Or, you may feel the need to open a second bank account or switch your banks. Whatever may be the reason, you cannot finalize a bank just going by its name. Every individual has a different banking need; hence, you should consider a few factors before choosing a bank to open a bank account.
- Minimum Balance Requirements:
Some bank accounts have the requirement to maintain a minimum balance, or you will be charged an account fee. Choose a minimum balance account with the requirement you can meet comfortably.
You should find a bank account that does not charge you any fees for basic account transactions. Check if the bank charges you a monthly fee, a fee of account assistance, or per-check fees. Talk to the bank representative using and confirm the same.
- ATM Fees:
If you use your ATM card frequently, you need to factor in if the bank is charging you for the ATM usage. These are some hidden charges you may not account for initially, but as they pile up, you will have to pay a huge chunk of money. Check with the banks to make sure that you choose an account that offers a maximum rebate on ATM fees.
- Ease of Deposit:
We know it is the age of online banking, but there are instances when you need to deposit checks or cash. Even if there is no local bank branch near you, they may offer home deposit services to make the process faster. Just consider how often do you need to deposit checks or cash. If you do it often, then you should take note of this factor. If it is something you rarely do, then you can stop worrying about it altogether.
- Online Banking Features:
Ok, this seems like the most important factor to consider, especially in times of pandemic when we hardly step out of our home. Any bank you choose should have the best online banking services which are absolutely secure. Not just your bank account; if you have a credit card from the same bank, you should be able to access its information and make bill payments through net banking services. Here is a list of the Best Online Banks that offer all these facilities and much more.
- Branch availability.
Can you really open an account in a bank that has no physical bank nearby your location? While a few people only stick to online banking, most of them prefer to have the option open for visiting a nearby bank branch. If that is something on your priority list, you should definitely choose a bank with a local branch in your area.
The Bottom Line:
Take a note of your current banking habits and needs, which will help you figure out the factors that really matter to you. Once you are clear on that, compare what different banks have to offer. You may probably end up with a bunch of banks on your shortlisted list. Contact their customer service to verify what they offer and how responsive they are before you finalize one.