What Features Matter When Choosing a Bank Account?

What Features Matter When Choosing a Bank Account?

When you’re ready to open a new bank account, you need to choose a bank that offers all of the features you need.

Here are some of the key bank account features that matter.

What Features Matter When Choosing a Bank Account?

A Good Mix of Accounts

Even if you’re only looking to open a checking account, it can be useful to choose a bank that has a good mix of accounts available, as you may need to use another account, such as a savings account, later on.

When all of your bank accounts are with the same bank and in one accessible place, it will be much easier to keep track of your finances.

Low or Non-existent Account Fees

You can end up paying fees for multiple bank account features, such as monthly maintenance fees, statement fees, and overdraft fees.

Therefore, you will want to find a bank account that doesn’t charge you for things like replacement debit cards or online bill paying.

Make sure you familiarize yourself with all the fees that you could have to pay for an account when comparing different banks and bank accounts.

The good news is there are bank accounts available with low or non-existent fees.

For example, when you open a bank account with SoFi, there are no minimum balance fees, no monthly fees, and no overdraft fees to pay.

Security and Fraud Protection

It’s crucial that the bank account you choose is with a bank that uses robust security and anti-fraud measures.

So, make sure the bank you select has strong protection in place, both in its physical locations and online.

Online and Mobile Access

In this day and age, you’re sure to want to be able to access your bank account online and via your phone, so ensure the bank you choose has online and mobile banking available.

Being able to access your account at any time and from any location will certainly make life more convenient.

Convenient ATMs

Speaking of convenience, you’ll want to make sure that you can get cash out from an ATM in most locations.

If the ATMs that your bank uses charge you a fee every time you take out money, you’ll want to go with another bank.

Make sure your bank has convenient ATMs in your locality and there are no charges for making withdrawals.

Competitive Interest Rates

Sure, some bank accounts don’t pay a huge amount of interest these days, but it’s still important to get as much interest as you can.

So, look for a bank account that provides a competitive rate.

Spend some time comparing different banks and bank accounts so that you can find the best interest rates along with the other features you need.

Financial Products

If you think you could need to take out a loan to buy an asset in the future or make use of any other financial products that banks offer, like overdrafts and credit cards, make sure the bank account you choose has the products you could require.

Excellent Customer Service

Lastly, you should choose a bank account with a bank that provides excellent customer service.

You should ensure that you don’t have to wait for long times to get through to customer service support on the phone and make sure you can speak to actual human beings.

Of course, you will also want to ensure that the customer support team is knowledgeable, friendly, and helpful.

Look at online reviews of banks you are considering going with to ensure the customer support is top-notch.