How to Pick the Best Bank
Picking the best bank means picking the bank that has everything you want and need for your specific finances. The right bank for you will have all of the products, programs and services you want to have access to your money and to be able to borrow money when you need it. You want to take the time to find just the right bank because you and your bank should be a long-term relationship. Your bank may be what gives you your mortgage, helps you save for your retirement and helps you fund your child's education.
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Instructions
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The Best Bank for You
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Research the different products and offerings that are available through your various local banks by making a list of the products that are offered by all of the banks you are considering, and then spending some time in the local library finding out what the products are and how they work. Educating yourself not only helps you choose the best bank, but it also helps you to better understand how to manage your own money.
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Determine which kinds of services you would like your bank to offer. Some banks offer interest-free checking accounts but the trade-off may be a lower interest rate on their savings accounts. Look at the various loan products that the banks offer and make sure the bank you are considering has all of the long-term loan and investment products you need.
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Compare interest rates from the various banks over a period of two weeks. Each day, contact the banks and make a note of the interest rates they offer on savings accounts, mortgages, personal loans and car loans. The bank consistently offering the best interest rates may be the one you consider strongly.
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Make a personal appointment to speak with a bank representative. A bank can have all of the products and services you need, but if they do not make the process of discussing and getting those products easy, then you will not feel comfortable doing business with them. It may be difficult to become attached to one particular representative as banks normally have many loan officers and representatives available to help customers during business hours. Nonetheless, the process of seeing a representative should be comfortable for you.
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Find out what the limits are for the various accounts you may want to open. Some banks require you to carry a minimum balance at all times, while others require only a one-time initial deposit to begin an account.
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Tips & Warnings
If you want access to your money online, find out if the bank offers that, and if there are any limitations on how you can move and access your money online.
References
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Comments
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Joan Cavalieri Conway
Nov 09, 2010
Public accommodations is no joke with branches like Chase that routine push you out their door when you are still counting your money. Chairman and CEO Jamie Dimon is beyond my ability to communicate with him. Other banking management say they will take it up when they train their employees and you have a feeling you have to sue to get their attention. -
Joan Cavalieri Conway
Nov 09, 2010
I often get uncomfortable with banks. Usually I don't like their security guards; I see them as overbearing and harassing outside employees.
