Traditional banks, commercials banks, digital banks, and fintech apps that act like banks but aren’t really banks… with so many banks around these days, a low fee or free account isn’t enough anymore; you should be able to find one that offers checking, savings and extras you can earn or that just come along with the account you choose to open.
One of the very first things people look for when opening a new account is free checking, but in order to properly make your money work for you it’s important to look at extras you can earn and/or interest you can receive on the money you keep there.
The trick is to find an interest-bearing account that has no minimum balance requirement or one that the minimum balance requirement is low. Other things that are important to look for are no ATM fees and no overdraft fee charges.
How about paying your bills? Does the account offer free bill pay? This is certainly a benefit because no one really writes out checks anymore, but if they do it’s a hassle to have to run around all over paying bills. Instead you can do it right from your mobile phone (or computer) whenever you want.
This should be a given but make sure your bank has an app that lets you see your banking activity on a minute-by-minute basis. It used to be monthly or daily but with so much fraud happening in this day and age, you need the ability to access your account whenever you want. With the right account, you can see where your money is going almost in real time and you can balance and keep track of everything right in the bank’s app.
Of course one other advantage is the debit card that now comes with every checking account at any bank. You can use it just like a credit card or a debit card. But does your debit card give you rewards? Some banks have been testing the option of giving rewards or cash back with your debit card (talk about being innovative).
It’s a great idea to visit different bank websites before you decide with whom you will open a new account. This allows you to see what kinds of things they can do for you before making a commitment.
There are websites online that allow you to compare banking institutions of all types so you can get the best checking account, savings account, and extras available. The only thing about those sites is that banks are changing things constantly so if the site can’t keep up, you may be making a decision based on old information.
Bank accounts are a dime a dozen but the right account for you requires finding the right company with the right passion and the right vision. My guess is that if you are reading this now you either have the right account (cough, cough… BankMobile Vibe) or you are ready to get into the right account. What are some other extras you wish came with your bank account? Comment below!
The views and opinions expressed by the author are not necessarily those of BankMobile. The blogs are intended as general financial knowledge that may or may not be applicable to your individual needs. Always contact your accountant for tax advice.
All company/product/service mentions in this post are not intended as an endorsement and the views of that company do not represent the views of BankMobile or Customers Bank.