How to Find the Best Bank for You

Choosing the right bank for you can be a confusing and slightly disorientating process. Many of us are tempted to just pick one that seems popular and leave it at that, without digging deeper into the pros and cons of using that bank. But it’s important to invest some time in choosing your bank properly, since policies vary a lot from bank to bank, and you could be saving yourself more money by picking the right choice for you. Unfortunately, there’s no magic formula or quiz to help you out, and what with so many of the best banks in America to choose from, it can seem overwhelming. If you are wondering how to find the best bank for you, read on to discover the four main steps you’ll need to get on the right track.

Royalty Free Photo

Set Out What Your Needs and Wants Are

To properly decide what type of bank is best for you, you must clarify exactly what you want. Ask yourself how you use your bank in everyday life, and what your main priorities are when it comes to banking. If you have a lot of savings and high interest rates are of importance to you, an online bank might be appropriate. However, they lack physical presence, and therefore might not be as convenient for you if your main priority is being able to use an ATM wherever you go. If being able to use a banking app on your phone while on the go is a priority, smaller and more local banks may not offer this service.

Choose What Type of Account Suits Your Needs

Once you’ve established what your needs are, look for accounts that provide for them. It’s a wise idea to concentrate your efforts on your checking account first, as you can always link your savings account to your checking account. There are plenty of free checking accounts available, but many banks will charge for services such as bounced checks, safety deposit boxes and withdrawals not made within its ATM grid (so if you take a lot of cash out, make sure you find a bank with plenty of ATMs).

Look at All Your Options and Compare Them

Now you’ve gathered all of your options together, it’s time to compare them based on their pros and cons. It’s a good idea to list what you want from your bank in order of priority and then see which accounts most closely fit that list. There are also websites that provide you with detailed up-to-date account information and help you to compare the different accounts you’re looking at such as findabetterbank.

Decide Whether It’s Worth Switching Bank Accounts

The final step is to decide whether it’s really worth switching bank accounts and objectively look at your situation. Yes, an online bank might offer higher interest rates, but if your job includes a lot of travel, it may be better to stay with a larger bank that offers more services all over the country. Pick carefully and weigh up the amount of time and effort it would take to switch accounts. A lot of banks nowadays offer relatively seamless switching services, so this may not be a problem for you, but it’s still important to check.