How to Choose a Bank

There are more banking options than ever these days. With a little research and legwork, you can find the banking relationship that fits you and your finances.

Difficulty:

Moderately Easy

Instructions

Things You'll Need

• Banks
• Pens And Pencils

1. Consider a bank that is convenient to your everyday activities. Look for banks that are easily accessible as you drive to and from work or while you run your usual errands.

2. Check out different banks' Web sites. There you can get a good idea of the types of accounts, available services and rates offered before you set foot inside a branch office.

3. Think about what is most important to you in a banking relationship. If you want to be able to develop a personal, long-term relationship with a bank, a smaller, local bank might best suit your needs. If you travel frequently and need access to branch offices while you are out of town, consider a regional or national bank.

4. Consider how you will be banking. If online banking and ATM banking interest you, select a bank that offers those services.

5. Visit the branch office where you would be conducting most of your banking business. Are the tellers professional and friendly? Are the account officers and/or managers accessible? Are the hours of operation compatible with the hours when you will do your banking?

6. Compare interest rates and service charges among banks to make sure you're getting the best deal.

Tips & Warnings

• Ask friends and family to recommend a bank.

• Many banks will use the combined balance of all your accounts (checking, saving, money market, etc.) in calculating monthly account service charges, so consider moving all of your accounts to one bank.

• Consider a 'virtual bank.' All banking is done online or by mail, and service charges, if any, are minimal. Some virtual banks will even reimburse you for fees you incur using their cards at another bank's ATM.