How to Get the Best Banking Services
Banks offer different types of accounts, both checking and
savings. Different accounts pay different levels of interest and perks. Some
accounts are tailored specifically for certain audiences, like senior citizens
or students, while others are geared to those with low incomes. What all share
in common is that each has restrictions, fees, and fee waiver opportunities if
you meet certain requirements.
Using the Internet is one of the easiest ways to compare fees, yields and minimum deposit requirements nationwide. When shopping for a bank, consider how much money you are bank, how many checks you write, how many related banking services you want, and how many different accounts you plan to set up at the bank.
Higher average balances are more likely to get "free" checking with interest. The average balance required for a no-fee, interest-bearing account was around $3,500. If you settle for a non-interest bearing checking account, however, the average minimum balance is just shy of $110 to avoid a monthly charge.
Some no-fee accounts charge high fees if you exceed a predetermined limit of checks. If you do write a lot of checks, consider a flat fee account.
Look for banks with plenty of ATMs located near where you live and/or work. Using another bank's ATM can cost $3.00 or more.
The more accounts you have with your bank, the greater your chances of a better deal. So, for example, if you have a checking and savings account and are taking out a mortgage or signing up for the bank's credit card, be sure to ask if you're entitled to any discounts.