Fees
Most commercial banks have fees involved, so watch out for them. Find out if you need a minimum amount to even open a checking or savings account. While these can be hefty, some banks offer enough rewards to offset the cost if you use the account enough. However, if you’re looking for no fees, credit unions are typically the way to go.
Also, consider, will you have to maintain a minimum balance or only write a maximum number of checks or make a minimum number of withdrawals each month to avoid fees? That can make a big difference over time if you have to lose money dealing with that bank.
Are there any monthly service charges, or is everything free including unlimited checks, which may only be a possible “perk” for those over a certain age? These and any other potential fees should be considered before making an account with any bank.
ATM rates
Will you be subject to a fee every time you use an ATM that is not located right at your bank? This is important if you do it regularly. Either find a machine at a store that lists your ATM at no charge or make sure to go by your bank instead. That being said, you’ll want to make sure there are plenty of ATM’s for your chosen bank available in your area if you want to save money.
Interest rates
The rates on credit cards sometimes are astronomical, so look at that closely to see what your bank charges. Continue to look until you find the unusual bank or credit union that has a much smaller interest rate. If you need an auto loan or any type of loan, also check out all the particulars so you can see what you are really being charged.
Rewards options
Rewards can be quite different from one institution to another. Browse what that bank offers to make sure it has the choice that you prefer, whether it is gift cards or redemptions only at particular stores, or the ability to apply the amount of the reward to the balance on your credit card.
It is well worth the time to know exactly what costs and fees you will be faced with. First, take the necessary time to think long and hard as to what your individual needs are and then start comparing a few of the banks to offer the perfect one that offers exactly what features you are looking for.
