What to Look for in a Bank (Besides No Fees) [Personal Finance]

Avoiding egregious fees is just one part of the equation when looking for a new bank. To make sure you're happy once you've moved your checking account to another bank, consider these options and features as you shop around.

Fees and Minimum Balance

Obviously you don't want to have to pay just to have a checking account or use it, so no monthly fees and transaction fees are the first consideration. Banks may be soon (or are already) sneaking in a number of shameless fees including minimum account balance fees, non-bank ATM fees, and even a fee to close your account (!). Before opening a checking account, be sure to read the list of service fees and other fine print.

All of the eight least-evil banks have no minimum balance or monthly fees, and several (Ally Bank, USAA, PNC, The Incredible Bank, and Charles Schwab) also reimburse out-of-network ATM fees.

Interest Rate

Typical banks offer very measly interest rates or no interest on checking accounts at all, but a few, like Ally Bank and ING Direct, are a bit more generous (rates as of now as only around 0.8% APY, though). For higher interest rates, check out high-yield checking accounts, with interest rates around 3%-4% in exchange for satisfying some requirements like number of credit card transactions each month.

Convenience

Unless you mostly bank online, consider the bank's locations and hours: How important it is to have a bank close to you so you can just walk in to make a deposit or stop by on your way home from work? For online banks, is it easy to make a deposit? Some banks, like Chase, Ally, and Fidelity, let you deposit checks by snapping a picture of it with your mobile phone or scan them in.

Also, if the bank doesn't reimburse ATM fees, make sure there are enough no-fee ATMs in your area.

Service and Perks

Service is another important factor and a reason why many choose to join a credit union over a typical bank. You want to feel like if you call with a problem, it'll be handled well. Unfortunately, this isn't something easy to test before signing up, though just calling a prospective bank or visiting the service desk with questions can give you an indication. DepositAccounts.com also lists user reviews for several banks.

See also if the bank offers other special services besides just checking that you might be interested in, such as brokerage accounts, a rewards program, or special accounts for kids. Free checks and unlimited checkwriting are other bonuses to look for.

Easy Online and Mobile Banking

I'm pretty sure all banks offer online banking now, but not all banking sites are equal. Citibank's site is one of the easiest to use; it's simple to set up inter-institution transfers, recurring payments, and so on. It also connects with Quicken and other personal finance tools. Sadly, my credit union's clunky website is a lot less intuitive and it's stopped working with Quicken and Mint, so I'll be shopping around myself. I'll probably start at previously mentioned CheckingFinder and look into switching to another credit union possibly.

What bank do you use and why?

Photo by Frank Hebbert.

Source: http://feeds.gawker.com/~r/lifehacker/full/~3/I9Sjcunsr_0/what-to-look-for-in-a-bank-besides-no-fees

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