Unless you have been living under a rock everyone in the present day has a bank account. It is not safe or prudent to stash your cash at home. In the bank, while the interest rates are dismal, your money is safe and does earn some interest unlike when kept at home.
It is really simple to open a bank account. You can do it online without any hassle. The problem begins in identifying the right bank.
How to choose a bank for your account
You must be aware that when you open an account in any bank you have to pay for the services rendered. For their part, a bank will provide you with an ATM card, checkbooks and give access to internet banking wherein you can check your account balance from anywhere anytime. Nowadays, all of the above services are provided by a majority of the banks free of cost but some banks still charge you a nominal service charge.
Here are a few other features that you must consider when choosing a bank to house your funds.
- How secure will your funds be? Choose banks that are insured by the Federal Deposit Insurance Corporation or the National Credit Union Association. Anything else must be steered clear off.
- What are the all the fees levied? This is a good comparison feature between banks as some banks levy charges for usage of paper checks and interbank transactions while others offer these services for free. A bank representative might be able to provide a clear picture on this account.
- Is it easy to deposit cash and checks? You must inquire if the banks allow mobile deposits instead of you going in search of a branch and depositing it physically. Of course, this factor comes into play only if you need to deposit often.
- What are the interest rates: This is another tilting factor; interest rates vary between banks and you must choose one that is most profitable to you. You must consider not only the interest rate on your deposit but also the rate levied on your transactions and loans. Choose a bank that is able to provide a balanced rate in both cases.
- What is the minimum balance required? Several banks levy fees when your balance drops below the minimum amount; it is, therefore, wise to know the minimum balance requirements before you open your account.
A good customer service will be an additional bonus.