| Whether you have recently relocated and need to find | | | | in order to better meet the growing needs of their |
| a new bank, or you're not completely satisfied with | | | | customers. Identify which services offer the most |
| your current banking institution, it may be time to | | | | value for your circumstances. That might include a |
| consider your options. The industry has changed | | | | large network of ATMs, brokerage services, wire |
| dramatically over the past decade. New services have | | | | transfers, or direct deposit. You'll likely find that your |
| made managing your money easier and more | | | | bank can provide far more value than mere CDs, |
| convenient. In this article, we'll provide 4 tips for | | | | savings accounts, and car loans. |
| choosing a new bank that will meet your needs. | | | | #4 - Online Access |
| #1 - Shop For Convenience | | | | A few years ago, online access was mostly the |
| Our lives are busier than ever and time is limited. If you | | | | domain of the nation's largest banking institutions. |
| handle of a lot of your banking inside a physical branch, | | | | Today, most regional and community banks allow their |
| choose a banking institution with branches close to | | | | customers to log into their accounts from home. Not |
| where you live. Before opening an account, visit the | | | | only is it far more convenient than having to visit a local |
| branch and observe the number of tellers and how | | | | branch, but you can often set up automatic bill |
| quickly the foot traffic moves. On the other hand, if | | | | payments and take advantage of other useful |
| you rarely visit a branch, make sure you can access | | | | features. A lot of customers who enjoy online access |
| your money through a wide network of ATMs. | | | | to their accounts find that they rarely visit a branch. |
| #2 - Review The Effective Yield | | | | Consider The Entire Package |
| The interest rates offered on savings and checking | | | | Selecting a bank that meets your needs involves more |
| accounts are not always clear. For example, a savings | | | | than looking for a free checking account. You should |
| account may offer a 5% annual interest rate with daily | | | | shop for an entire package of valuable features. For |
| compounding. Because of the compounding effect, the | | | | example, a small monthly fee on your checking |
| effective yield of that savings account is actually | | | | account may be insignificant if your banking institution |
| 5.13%. In order to objectively compare interest rates | | | | also provides online access and other convenient |
| between various banking products, you first need to | | | | services. Or, they might offer a free safety deposit |
| consider the compounding frequency. That determines | | | | box, higher effective yield on savings accounts, and |
| the effective yield. | | | | direct deposit for your paychecks. For the majority of |
| #3 - Compare Related Services | | | | people, convenience, service, and flexible features are |
| Banks have steadily expanded their menu of services | | | | the most important consideration. |