HOW TO CHOOSE THE RIGHT BANK ACCOUNT?

Many people still pay for their bank accounts. They are charged with monthly fees or pay for ATM access, not knowing, that a checking account can be totally free of charge. Find out what you should take under consideration if you want to change your bank account or look for the first one.

What Should You Consider Before Choosing a Checking Account?

These days many bank accounts are free or have some easily avoidable fees. In fact, it applies to the majority of checking accounts! Bankrate found that 98% of checking accounts are either free or close to it.

There is really no reason for you to pay for your account. But you should know, that the maintenance fee is not the only fee bank can charge us. There are a few really important things to take under consideration while choosing a bank account. If you do it wisely, you can save much money.

Monthly Maintenance Fee

Most bank accounts have no monthly fee or have one, but it’s easy to avoid paying it. Often all you have to do is just maintain a minimum balance or even sign up for electronic statements.

Minimum Balance

It is better to have an account with no minimum balance required. Balance requirements can be really high and they only block your money. But, like it was already said, sometimes maintaining a minimum balance can relieve you from monthly maintenance fee for your bank account.

Free ATM Access

You shouldn’t be charged for withdrawing money, at least at your bank’s ATMs. Try to find a bank that has a large network of ATMs and there are some close to your workplace or apartament. Some banks also give back fees imposed by other bank’s ATMs – and that could also be a good choice.

Transactions Limitations

You can be charged with some fees related to transactions you perform within your account. With the best bank accounts you won’t have any limitations regarding to the number or methods of these transactions.

Beware for the fees for transferring your money between checking and saving accounts, or fees for international or even regular bank transfers. In some cases you can also have limited number of debit card transactions or the number of checks you may write.

Online Access

Search for a bank that enables a possibility to manage your checking account online.

Online banking system is really convenient – you can pay your bills, transfer the money and stay up to date with your balance and expenses.

You shouldn’t be charged for the access to online banking system.

Mobile Access

Nowadays we’re constantly on the run, so it’s really convenient to have an access to your bank account on your mobile device.

Apps allow us to perform similar operations like within the online banking systems.

You shouldn’t be charged for installing and accessing to the mobile banking app.

Saving Possibilities

Banks give profitable saving posibilities to owners of their checking accounts. That could be saving accounts or deposits with high interest rates.

If you are interested in saving money (and you should be), pay attention to that factor.

Overdraft Fees

Overdraft fees are very high. If you are often short with money, you should check overdraft fees within an account.

But it is always the best decision to skip the overdraft.

Compare Different Acounts Using Comparison Sites

It could take time to seek for all available bank accounts and compare their details on your own. Fortunately, you can use comparison sites which compare all these offers for you and present to you accounts tailored to your needs. It could be really helpful to know which bank accounts you should consider in the first place.

Choose Your Bank Account Wisely

To sum up, choosing your fist bank account or selecting the new, better one can be a tough decision. There are many things to take under consideration and many fees to avoid. Choose wisely and you won’t have to pay anything for your bank account.

Author: Olga Gierszal