Three Things To Consider When Looking For A New Checking Account

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After I declared bankruptcy for the second time, I realized I needed to learn how to manage my money a lot better. I had always kind of done my own thing in regard to balancing my checkbook and things like that, but I could tell that it wasn't working for me. Instead of continuing to guess, I realized I needed to work with a financial professional to figure out where I was going wrong. It was hard for me to open up to someone, but the meetings that I had made a huge difference. I was able to learn how to manage my money, and seven years later my finances are in great shape. Check out this blog to learn how to manage your money.

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Three Things To Consider When Looking For A New Checking Account

15 December 2015
 Categories: Finance & Money, Blog


When some people are on the hunt for a new checking account, they don't give the process a lot of thought. They choose a reputable bank with a convenient location and go from there. Don't make this mistake. While these are important factors, they aren't the only factors. Make sure you are investigating all your options before selecting a new checking account. Here are just some of the factors you want to consider on your search.

Interest

The idea of earning money off your money, effortlessly, is appealing. Interest yielding accounts allow you to accomplish this. If you're looking for this type of account, pay attention to the minimum daily balance requirement the account has. Many interest yielding accounts will require that you keep a certain amount of money in your account.

When your balance falls below this amount, you won't earn any interest. If you will have a hard time maintaining the minimum balance, you will not at all benefit from this type of account. Only choose an interest yielding account with a balance you can afford to maintain.   

Fee Structure

Banks offer fee-based and free checking accounts. It's important to understand that one isn't necessarily better than the other. How you use your account should be a bigger factor when it comes to the fee structure of the account. Take a free checking account that charges a fee every time you perform a transaction with a teller or at an ATM, for example.

The same institution offers a fee-based account that allows unlimited teller and ATM transactions. For an individual who frequently needs to use the ATM or teller, the free account might not be best for you. The fee based account might actually be more economical.

Mobile Access

Even with a large network of ATMs, it's not always convenient to make it to one of these locations. However, it's still important for you to be able to manage your account. Make sure the account offers computer and smartphone access to your account.

When examining this access, look for more than just the ability to check your balance. You want mobile access that also allows you to perform transactions within your account, such as transfers, bill pay and electronic deposits.

You've worked hard for your money, so make sure you are putting it into the hands of a bank that is best suited to meet your needs. Take your time and make your decision wisely.