There are countless banking options to choose from these days. Finding the right institution involves evaluating your needs and matching those with the services each one offers. Between national banks, local banks, credit unions, online-only banks and more, how do you know which to choose? Below are some tips on finding the bank that is right for you from the Idaho banking experts at D.L. Evans Bank.
Many people like to keep all of their accounts at one bank. Others may like to choose different institutions for their savings, checking, credit cards, loans, money market accounts, certificates of deposit and other products. There is no limit to how many institutions you can use. However, if you want all of your accounts at one institution, consider looking to a national bank. They typically offer more account options than smaller banks.
Rates And Fees
Some banks charge various fees for things like ATM usage, monthly account maintenance and transferring money from one account to another. Most banks and credit unions post their fees on their websites. Review these before choosing a bank.
ATMs And Branch Locations
Think about how you like to conduct your financial business. Do you prefer taking care of business online, over the phone or through an institution's website? If you need cash often, is the bank you are interested in located nearby? If you don't want restrictions on how you do your banking, look to larger banks that have multiple branches.
If you want help staying on track with your finances, consider a bank that offers its customers technology and apps that help you track your spending. If you prefer to conduct your business away from a branch location, find a bank that has an easy-to-use mobile app. Check if their app has the necessary features you need such as check depositing, security measures and budgeting tools.
Most people have insurance to protect their homes, vehicles and health. Your money needs to be protected as well. Choose a bank that has protection from the FDIC. If you choose a credit union, make sure it is backed by the NCUA. Both the FDIC and NCUA are federal agencies that insure bank customer's balances up to $250,000 each if the bank or credit union goes under.
Next Steps To Take
Choosing the right bank for your financial needs is a personal decision. It won't be the only decision you make on this journey. Once you choose the institution you want to bank with, you will need to decide which of their account options you want to sign up for. Each of those will also need to be weighed for the pros and cons.
Make a list of priorities you want from the bank you use, and then use that list to narrow down your choices. Keep in mind, you are free to switch banks whenever you feel it necessary. Do research online and ask friends and family members if they can recommend a bank or credit union to try. Getting opinions from someone you trust is often the best route to take.