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Choosing the right bank is one of the most important financial decisions that you can make. That’s because the right bank can help save you big money over the long term. Here are some tips to help you select the right bank.
Saving Accounts
Banks tend to compete when it comes to offering the friendliest interest rates on their savings account. You will want to make sure that you select a bank that offers a higher savings rate. Do not be afraid to consider local and regional banks as well as national banks. If you maintain a high balance in your savings account, a high saving rate can generate a good amount of money over the long term. If you do not normally maintain a high balance, then you will want to find a bank with a “starter” savings account. These accounts allow you to maintain a low balance and do not charge you a monthly or annual fee.
Overdraft Fees
One of the biggest complaints people have with bank accounts is dealing with the high overdraft fees. Some banks charge as much as $35 for each overdraft. Try to find a bank that will offer some forgiveness if you overdraft your account. Some banks allow you to overdraft your account once per year up to $10. If you maintain a low balance, then you will want to find a bank that offers some leniency when it comes to overdraft fees. Also, some people get installment loans to avoid overdraft fees. Find a bank that compiles you a good list of low overdraft fees and installment loan options.
Accessibility
One of the best ways to save money with your bank is to choose a banker that offers excellent access to their branches and ATMs. Most banks will allow you to withdraw cash with no transaction fee from their ATM. Also, banks to convenient locations can save you some serious money and time. According to Bankrate, “Most consumers will want to take into account ATM location convenience, branch location convenience and the availability of online and mobile banking.” Be sure to check a bank’s branch and ATM locations near your house and your job before opening an account.
There are a number of simple steps you can take to save money with your bank. Be sure to check out the interest rate, fees and minimum balance on the bank’s savings account. Also, study the bank’s overdraft fee policy. Be sure to choose a bank that has branches and locations close to your home and your business that you feel comfortable with.
For more money-saving tips, read on here!
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