How to pick the right bank for you

Category: Personal Finances

Sales consultant talking to clients.

Whether you want to transfer banks or you’re opening up your first bank account, the options can be daunting and you might not know where to begin. The following are some points to consider when making your selection:

Convenience

Choosing a bank that is convenient for you is an important factor to consider. The location, for example—you’ll want to pick a bank that’s near home or work, and a branch that you won’t have to drive out of your way to get to. You’ll also want to take other convenience factors into consideration, such as hours. For example, will you need to do most of your banking on the weekends? Some banks have better weekend hours than others, so this is something you’ll want to look at also.

FDIC-insured

As you compare your different banking options, be sure that they are FDIC-insured. Banks that are backed by the Federal Deposit Insurance Corporation offer extensive protection to consumers, and will mean that if the bank should ever close down, your money (up to $250,000 per account) is protected. And when it comes to your money, you want to always be cautious, and bear in mind that even big banks can shut down at anytime. Although most major banks are FDIC-insured, you’ll always want to make sure before you open up an account.

Fees

Some people decide to change banks because they’re unhappy with fees they have to pay with their current bank. For example, some banks might impose fees for opening and maintaining a checking account. Either way, when it comes to finding a new bank or a bank for the first time, you want to find out ahead of time if there are any fees you’ll need to pay. This could be a big part of your decision making process, especially if you have your options narrowed down to just a couple choices.

Options and services

Some banks might offer a plethora of services and options for their customers, whereas others are very basic and do the job if you just want a place to deposit checks and keep your money. Identify what types of features, options, and other services are important for you in a bank, and eliminate the ones that don’t offer these extras. Examples include mobile deposit options, overdraft protection, a wide range of investment opportunities, and so on.

Loans

Before making your final decision about the bank you want to sign up for, look into the different loans they have available and learn more about them, including their terms, average interest rates, and so on. Whether it’s something you’re planning on for the immediate future, or later on down the road, consider the types of loans that are offered by the bank you want to sign up with. From mortgages to car loans, many banks will offer these types of loans. Although you can apply for a loan at any bank and don’t have to stick to your own bank, you may qualify for a lower interest rate as an existing customer.

If you need to take care of bills and expenses, but could use some extra cash, Peachtree Financial Solutions may be able to help. Contact Peachtree Financial Solutions today to find out how you can sell future payments for a lump sum of cash.


Nothing above is meant to provide financial, tax, or legal advice. You should meet with appropriate professionals for such services.

Tags: banking, loans, savings

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