Just because the bank down the road from you, The Majestic Bank, has a very high class sounding name doesn’t mean it is the best bank or even one of the best banks for you. You need to find out what that bank offers, what options are free and what services you will have to pay on.
If you are searching for a new bank, you will have to do your homework. Pick out two or three banks. Always pick one local bank, and two that are big name banks. Sometimes the small, hometown bank offers more incentives than the large banks.
Visit the banks; sit down with the new accounts representative. Ask questions such as:
Do you offer free checks?
If not, how much do they cost?
What are the different types of checking accounts?
Do you have a checking account for seniors?
Do you have an interest earning checking account?
How much is the interest if you do?
What is the current interest rate on savings accounts?
What is the current interest rate on money market accounts?
What is the current interest rate on CD’s?
Where are your other branches located?
Do you have online banking?
Is there a fee for online banking?
Do you send paper statements?
Do you have ATM machines in other locations, such as the mall?
Do you have debit and credit cards attached to checking accounts?
Don’t Settle for a Bank by their Name Only
If you make a list prior to visiting each bank, you will have a starting point to garner the information you need. As the new accounts representative answers your questions, make notes. Once you have the information from all three banks you should be able to determine which bank is the best for you,
Remember, CD rates change on a daily basis. If the rate is 3% today but you hold off getting one until a day later, the rate may be lower than that. Once you buy a CD at 3% interest that is the interest you will receive for the life of the CD. When that CD becomes due, and you don’t want to cash it yet, ask what the new rate will be. If you aren’t happy with the answer, call another bank for their rates. You have every right to switch banks in order to find the best bank interest rates available.
Some banks have free online services, while others charge for the service. You have to ask questions before you sign up in order to find the best online banks. If you prefer to do your banking online, then you want the bank with the best free online services.
In order to get the best bank accounts and the best bank rates overall, takes research on your part. If you get all the information up front, you will have no surprises later on down the road. But remember, no matter what bank you join, you are free to take your money elsewhere. The best banks in America are waiting for your business.
No related posts.
