Step-By-Step Guide to Choosing the Right Bank

If you’ve been thinking about opening a new bank account, start by considering your needs and priorities. Will you be using your bank account as a way to store money for short- or long-term goals? Do you need access to an ATM network with thousands of ATMs across the country? What kinds of additional perks does the bank offer?

These are the questions you need to be asking before you choose a bank to open an account with. Still confused? Our step-by-step guide helps you avoid all the guesswork and gives you the right advice straight from our financial experts.

Identify the Right Type of Account to Open

Banks offer numerous products and services. Comparing all of them can be extremely daunting. So, start by deciding what type of account you would like to open.

Look for Banks that Don’t Charge Any Fees

There’s no need to pick a bank that charges a ton of fees, given that many banks offer low-fee accounts. If you are unable to find a traditional bank that doesn’t charge any fees, it’s best to consider an online bank.

Decide if You Need the Convenience Provided by A Bank Branch

When it comes to banking, accessibility is a key factor you will want to consider. Most consumers check the bank’s ATM network, but they forget to take into consideration how accessible the branch is.

If you are comfortable using online banking services, you may never have to worry about visiting a branch. However, if you like the option of visiting a representative at a bank branch, it makes sense to look for a bank that has branches near where you reside.

Consider Credit Unions

Many consumers are pretty familiar with big-name banks, but you should make sure to consider if you can join a credit union as well. Credit unions offer lower rates on loans and higher rates on savings deposits, so it’s worth considering if you can join one.

Check What Digital Features the Bank Offers

Most banks provide you with basic services through their website and app. But not all banks offer more advanced digital capabilities. If you value a seamless online experience, make sure to take this into consideration.