How to Check The Credit Rating of a Bank

Check Your Bank's Credit Rating

Before you open any accounts at a bank you should check the bank's credit rating. Just like when you apply for a credit card or a mortgage, the bank will check your credit rating and score, you should in return check theirs. With the way the economy is now, and all the trouble with banks and mortgages, checking a bank's credit rating is a very smart thing to do.

Instructions

1. Visit the website www.bankrate.com. Then click on the link that says Safe and Sound Bank Ratings. This is under the editor's pick category in the middle of the page.

2. Look up the bank by clicking on banks/thrifts in the search box. This will bring you to another screen in which you can look up the specific banks in which you want to see.

3. Answer as many of the 5 questions that you can to find the credit ratings of the banks you are interested in. Click the NEXT button. This will bring you to another screen with a list of banks that matched your criteria.

4. Choose the banks that you are interested in learning more about their credit ratings from the drop down list. Click the NEXT button. The next screen will allow you to view the financial statement or the memorandum for the bank that you chose. It also gives the banks credit rating right under the bank's name. The way the do thier rating is with stars from 1-5. One being the highest rating and 1 being the lowest.

5. If you are still interested in the bank, click on the financial statement box and click NEXT. This gives you the bank's financial information for the past 3 years. It provides you with assests, investments, deposits, income, and tons more information on specific accounts and ratios. This can give you a pretty good idea if a bank is suitable for your money.

Tips & Warnings

• Check out the credit ratings of several banks in your area and also online banks before you choose your accounts. You can do this easily with this website, as it only takes a matter of a couple of minutes to get the information. Print out the information to compare your banks.