Tips on Opening the Right Bank Account

Tips on Opening the Right Bank Account

If you’re thinking about opening a new bank account, there are a lot of areas that you might want to consider before starting with your nearest bank. Larger banks have more options and features, but they may charge you higher fees. Take a look at these tips on opening a bank account before you hand your money over.

Bank Options and Benefits

Smaller banks and why they’re important

A smaller bank is great because if its in your neighborhood, you may have a good working relationship with the people at your branch. This can help if you want to apply for a new loan or start a new business because you will already have an existing relationship with your bank. You may find there are perks to having a smaller bank in that if you have an overdraft fee, for example, it may be easier to have it waived as you have an existing relationship with your bank.

Things to look for include lower fees on accounts, drive-thru tellers, 24-hour ATMs and flexible account options. The downsides to banking with a smaller bank are that they may have limited banking hours, they may not offer a lot of online services or 24-hour operator assistance and the mobile platform may have limited features as they try to stay competitive with larger banks.

Benefits and downsides of a larger bank

The Wall Street Journal suggests that with a big bank, sometimes size does matter. A larger bank may give you more options as they can afford to give you more services. These can include 24-hour customer service, free checks, a good online mobile banking platform and credit card options with rewards privileges. When you bank with a larger bank, you’ll also find that they have more locations and they may offer different types of account options. For example, a smaller bank may only have a checking and savings account, but your larger bank may have different types of checking accounts and they may include fee-free options, too.

Additional benefits with a larger bank include more online options that mirror the branch’s on-site services, more tellers and managers that can help with your particular needs and more options. A larger bank may have IRA options, money market accounts, College 529 Savings Plan options and a host of other services that you may not find with a smaller bank.

You may also find that your larger bank may have a better website where you can read articles with helpful tips and pointers on saving money and investment tools for the future. You can also find that your larger bank may have locations convenient to your travel destination or new home if you move. A smaller bank may not offer locations outside of the general area.

When you’re ready to open a new account or for help if you want to apply for checking account online in Jackson MI, be sure to do a search for the banks in your area. You can always stop in and ask about the account options you need to ensure you open the right account based on your particular needs.