Whether you already have a bank account or not, it’s essential to see if something is lacking and if you don’t feel that comfortable even though your money goes through a specific party. Let’s go through a shortlist of what you should pay attention to when opening or switching your bank/bank account.

  1. No Monthly Fee

Please research a bit more, so you can find a bank with no monthly fees. If you can’t try to aim for the lowest number. Some banks require having your savings and retirement accounts at their place. Many financial experts recommend having these accounts at separate banks, so you can minimize the chance to take some of your money for unneeded expenses.

  1. No Minimum Balance necessary

If a bank account doesn’t have a minimum balance requirement, that usually means it is a good bank to put your money in. Balance requirements can range from $500 to $10,000. When the account has no minimum balance requirement, that should keep the money untouched.

  1. No Limitations Of Transactions you Mak

If you have a card, especially if you are on the move a lot, you should be free of charge when you are trying to withdraw, deposit, or transfer your money online. That also means you shouldn’t have any limitations to transactions, especially nowadays when everything is going more and more online, from paying bills to borrowing money to a friend.

  1. Free ATM withdrawal

Consider this option as well when you are choosing a bank. Many will charge you if you try to withdraw the money from a random ATM or even their own, so if you are in a tight situation, this isn’t an ideal thing. Also, if you are okay, would you give extra money for something that should be free anyway?

  1. Online And Mobile Bank Platform

You should always be able to check your account, pay bills, and make deposits electronically, both at your computer and on your phone.

In a checking account, some friendly options include branch access, free checks, and a high-interest rate (more common with online banks).

  1. Overdraft Protection

Overdraft fees are usually overseen, and that’s where banks can easily make money. If you want to avoid overdraft, the best way is to link your checking and savings. That means that if you overdraft, you won’t be borrowing money from the bank. Although the fee is usually less than $10, we think it’s worth it.

Try avoiding over drafting. It may be only $1 or $2 short, but then the banks will charge you $35 to process that small amount of money. Just make sure to pay attention to your budget, and everything should be all right.

Overdraft protection is super important, especially if you are living paycheck to paycheck since you often have to spend money when you least expect it. Once again, please pay attention to the fees and make sure you find the bank with the lowest ones, so they don’t earn income from your transactions.

Savings Accounts

Saving accounts are also pretty essential, but people rarely get into the depth of it. We’ll share some crucial information here, so you don’t get into debt, instead of saving more cash.

  1. Federal Deposit Insurance

If your bank fails to treat you like a regular customer and doesn’t give you back your insured deposit, for example, FDI or the National Credit Union Administration is there to make sure you get your money back. One small note: If you want your standard insurance to be over $250,000, our advice is to hold the extra cash in a separate bink, since the amount we mentioned is the limit per customer, so you don’t get into legal problems.

  1. Liquidity always matters

Liquidity means being able to exchange money, withdraw, or transfer quickly. While it’s hard not to spend the money you put in for savings, it is good to keep in check what’s going on and where you’re at. Also, if an emergency happens, you can access it quickly, which is an essential part. This also includes having online and mobile access.

  1. Trading account

This can be considered as both standard and savings account, depending on your intention. Many people find it as a passive income, and once they start diving into the stock market, at one point, they make it a goal to save the money they get. More and more banks offer this option as well, so keeping everything in one place, including trading accounts, is more than a good choice

  1. Sub Accounts

Many financial advisors recommend a savings account that allows you to divide your money for your individual goals. This means that you can hold your emergency savings separate from savings for a payment related to your home, vacation, or any other side-activity. This will prompt you to save more, and you won’t be thinking all the time if you have enough money or not. This also takes away the temptation to take money from your emergency savings for non-essential things. In this case, you should also avoid hefty fees.

Pay attention to the bank’s credibility, choose carefully, and don’t overspend if you don’t need to!


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