How to Compare National Banks

Which bank you choose can affect your ability to access your money.

Several national banks exist, and deciding which bank you will use to handle your money and finances is an important decision. Interest rates, fees, and features are important to compare when choosing a bank.

Interest Rates

If your account will accrue interest, it is important to compare the annual percentage yield and when interest will begin to accrue because it can effect how much interest you earn on your money. It is also important to know if your annual percentage yield or interest rate on your account will change. Also, compare rates on basic investment vehicles such as certificates of deposit and money-market funds.

Fees

Compare the banks on monthly service fees, fees for Automated Teller Machines (ATM) withdrawals, stop payment fees, and fees for returned checks and payments. These fees can add up, and comparing the charges is crucial to determing whether you are being charged excessively.

Features

Compare withdrawal and deposit limits and deposit-availability time, which can affect your ability to spend your money. You should also compare when and how the bank grants you interest on accounts that earn interest, whether they mail a check or credit it to your account. Does the bank have plenty of branch locations and ATMs convenient to your home and workplace? Does the bank have online banking with free electronic bill paying?

References

• Foriegn Born: Compare Bank Accounts: Bank Fees, Features, Interest Rates