How to Compare Banks on Checking & Savings Accounts
You can open personal checking, savings or business accounts. Each contains different features. There are many ways that you can compare bank accounts. For instance, you can distinguish accounts by cost; there are free and fee-based options. Some fees are nominal, while others might be a percentage of your account balance. Banks might waive account fees if you maintain a minimum balance.
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Instructions
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Determine the type of account you need. Your money is liquid or easily accessible with most accounts. Select banks that are FDIC insured so that your deposit is protected (the limit as of November 2009 was $250,000). Open multiple accounts if you have more than the limit.
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Evaluate bank promotions and account fees. For example, some banks waive monthly maintenance fees if you establish a regular direct deposit. Thus, you will likely be charged a fee if you do not comply with the rules (two months without direct deposit).
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Assess standard options. A bank might provide free checking with online banking and overdraft protection. Other banks might provide higher interest rates because they are online based with a handful of actual locations. Many online banks transfer cost savings to clients because they do not operate brick-and-mortar locations.
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Determine if the bank locations are adequate. For instance, you will face ATM fees if you choose a regional bank but travel frequently out of the region. Consider national banks if you travel often.
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Evaluate your professional affiliations. If you can join a community credit union, you likely will receive lower account fees and better benefits. Credit unions usually maintain a small-bank environment.
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Tips & Warnings
Banks might require a minimum deposit in order to open an account.
Be prepared to provide valid identification, such as a driver's license and social security card. You might be unable to open an account if you have bad credit.
