by Nico G.
How to Choose A Bank
When choosing a bank there are many things to consider, but here are just a few very important things to look into while choosing. You want to look into the types of accounts offered. Can you have a checking account, savings account, getting information about their credit cards. Knowing this information is just one of the many things you need to know when choosing a bank. There is also no limit to the amount of accounts you can have so feel free to personalize your accounts the way you want and/or need.
Another thing to look into is the fees and rates. Some banks might charge fees for your monthly maintenance such as your ATM usage, overdrafts, and transferring money into account(s). Each place is a little different so the list could be longer relating to fees and rates. Look into whatever bank you choose a website to get information on their rates and fees schedule, if you're not able locate them on their website call and ask.
Being able to look at your account on your bank's app is the easiest place to look. Your ability to transfer money to friends and family if needed is an important feature that anyone should have and want, making your life a whole lot easier, and being able to do this, getting your bank's app is the way to go. If you want the most recent technology, look more into national banks, online only banks, and mobile banking.
The most important thing to consider is your money safety. You don’t want to lose money and you want to keep track of your money at all times. Look for banks whose deposits are protected by Federal Deposit Insurance Corp. or credit unions whose deposits are protected by National Credit Union Administration. Both of these federal agencies insure balances of up to $250,000 if the bank or credit union fails to protect your money.
7 Critical Factors to consider when choosing a bank
Scope security when choosing your bank
Is the account you're looking for available?
Hidden fees, annual fees, Transfer fees
Varying Interest rates
Cash Limits
Online Banking
Honesty/Trust
Knowing these things allows you to have better control over your income and outcome. Best way to do that is looking into these 7 critical factors I have shown you and learning what they’re all about.
What are some of the best banks to choose from?
Ally- Over all the best bank
Chase- Best Customer Service
Wells Fargo- Best for teenagers
Simple- Best for College Students
Capital One- Best for Millennials
USAA- Best for military members
Charles Schwab Bank- Best for international travelers
Capital One Spark Business- Best for small business
Works Cited
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Lambarena, Melissa. “How to Choose a Bank.” NerdWallet, 3 Dec. 2020, www.nerdwallet.com/article/banking/how-to-choose-a-bank.
Rosenberg, Eric. “The Best Banks of 2021.” The Balance, 22 Feb. 2021, www.thebalance.com/best-banks-4165386.
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I like the fact that you dove right into how to find a bank that's suitable for you, and that you were able to sub categorize banks based on age and period of life--this not only applies to the audience now but in the future when we retire or are in college. My question is, do you know what bank you're going to choose and why? I feel like a lot of people have different answers for different reasons and it would be interesting to hear it from the perspective of someone who has researched different banks.
ReplyDeleteEveryone needs a bank in order to really do anything financially in life. The hard part is choosing one that is both suitable for your needs as well as one that doesn't want to scam you out of your money. This article is very helpful and you made it very easy to follow and read. I liked how you made it clear what to avoid in a bank as well as some suggestions of good ones to choose from.
ReplyDeleteI think this is awesome, just because this relates to all of the readers in the fact that we were all going to open up a bank account someday. And we're all going to have to gothroung the same process, finding which bank to go to. I agree that you should look into things like overdraft fees, ATM usage, and account fees. But I never would have thought to look at the bank's app, and that's what you mostly interact with so it should be easy and have a good experience. Thanks for the great post!
ReplyDeleteChoosing a banks feels so stressful! This blog definitely helped making choosing a bank sound like a less stressful task to do though! All your information was very useful & intuitive. I really like how you used a bullet point list of things to look for when choosing a bank, makes it easy to find information in your blog & presented clean.
ReplyDeleteI really liked your blog, it is very helpful in choosing a bank. I know most people use banks and I liked how you gave some good tips on what to look for and what to avoid. I think this was a great blog topic for your audience(high school students). I also liked how you gave some banks to use and who they are most targeted to.
ReplyDeleteI've never picked out a bank; however, I can see that I along with many of our peers will have to in the near-ish future. This made me feel a lot more confident for when the time to pick out a bank comes. I really like how you listed the 7 critical factors to help us when looking for a bank, but you also listed some good, recommended banks to help us even further. The layout of the blog was organized and easy to follow and the flow of the writing was good. Nice Blog!
ReplyDeleteI like the list of factors for choosing a good bank, as I think it can help people narrow down their options.
ReplyDeleteI have never researched any banks or chosen a bank before. This might just be the thing I know the least about. Which is why this one was so interesting. I really like that you listed some of the best banks, as well as the characteristics of a good bank. Over all, I though that your piece was well put together and easy to understand. Great job.
ReplyDeleteI really enjoyed this post. I thought the idea of the 7 factors was very helpful. This post was very good. Good Job!
ReplyDeleteI think this post is a good way for people who are looking for a new bank to understand what they have to look for. I've never had to choose a bank, because I use the same bank that my parents have always used. Do you think there would ever be a good reason for me to do some more research and switch banks?
ReplyDeleteI liked how you listed all the factors of choosing the right bank and how it is important in choosing the right bank.
ReplyDeleteSo far in the growing up process I'd probably say that choosing a bank is one of the hardest things I've had to do. I never know what features are important to look out for so I tend to waste my time researching and reading things I barely understand. So this all in all helped me come to a conclusion of what I'm looking for when I am researching for a future bank.
ReplyDeleteI think most people who look at banks at face value will see all banks as the same. THough they technically do have the same functions, goals, and structure, this article did a great job at bringing up other factors that someone might not think about when first choosing a bank. Things such as customer service, and age range recommendations are probably not things that people will consider.
ReplyDeleteI think this is awesome, just because this relates to all of the readers in the fact that we were all going to open up a bank account someday. And we're all going to have to gothroung the same process, finding which bank to go to. I agree that you should look into things like overdraft fees, ATM usage, and account fees. But I never would have thought to look at the bank's app, and that's what you mostly interact with so it should be easy and have a good experience. Thanks for the great post!
ReplyDeleteI definetly agree with pretty much everything you said. THe biggest thing people want to make sure when choosing a bank is making sure that their money is safe and that they won't be losing money. A bank is supposed to be a place where we can store our money and not worry about losing any of it. Really keeping money in banks should make us money if we open a savings account. Yes the interest rates are extremely low on savings accounts but we are still making a little profit.
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ReplyDeleteI like that you included the situations that make the most sense for people to join credit unions as opposed to banks. I also like that your post showed a variety of services offered by credit unions, including the free services offered by credit union websites and the counselling offered by credit union associates. pm.mba/kaizen-20-keys-to-workplace-improvement-examples
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