Finding the best place to put your money is not always as easy as heading down to your local neighborhood bank and opening an account. Of course, that is always an option but banking today more than ever is a matter of investing your funds. So you want to make sure that the bank you choose will be able to give you the most return on your deposits. This applies with checking accounts just as much as it does with savings accounts.
So, when you’re ready to find a new financial institution rather than starting at the location nearest you, begin by searching online for an online checking account: rates, reviews & features. Because the checking account usually is the main instrument for handling finances you want to make absolutely sure that you scrutinize the details of each bank’s account to find the best deal.
Why Consider Moving Your Checking Account?
When you consider that nearly two-thirds of Americans are using checking accounts you can easily see why they are so important to our lifestyle. It’s the one tool that will support the life you lead, pay your bills, and handle the majority of your everyday expenses. While you may be happy with your current banking accounts you may be surprised that with so many options offered, a new account at a new bank may be able to save you money, increase your interest returns and help push your toward your financial goals.
What To Look For:
One of the first things to look for when considering online checking account features, rates and reviews is their fee structure. Most checking accounts have about 30 different features that can be applied to a variety of transactions. One of the most important ones to be wary of is the overdraft fee. If you have an interest bearing account, one overdraft fee could totally wipe out every penny you earned in interest fees in any given month. To avoid that, consider getting a free checking account that offers overdraft protection. According to a report issued by Moebs Services, 59% of all banks offer free checking accounts. That means that there is a host of less expensive checking options out there for you to choose from.
You also want to look closely at the interest rates the banks will provide. You’d be surprised at the disparity of rates between different checking accounts. One bank may pay as little as 0.15% APY while another one may pay considerably more. Find out the rate of interest your bank is offering and compare it to some of the other competing institutions to see which bank has a better chance of helping you progress financially.
Whenever you’re checking online checking account features, rates and reviews make sure that you can find the lowest minimum balance requirements available. You can also look for rewards, credit monitoring services, automatic savings programs, and also if they offer budget and money management tools. Today, checking accounts are far more than a way to pay your bills. They are also a way to live your life, so find a bank that will help you to do that better than any other.