Tips for Choosing the Right Bank

Choosing a bank is not as easy as it once was. In the past, you would go to your local community bank or the bank used by your family members, but with today’s digital options, banking has change significantly. Don’t just search “free checking Newark NJ.” Instead, do a little research and find the best option for you.


First, you need to determine what type of account you are looking for. For example, do you need a simple checking or savings account? Also, do you plan to keep a specific amount of money in the account? What rate of interest do you want to collect on your savings?

Bank Details

Choose a bank that is FDIC insured so that you will always have access to your money, even if the bank fails. Be aware of the insurance standards, typically $250,000 per depositor, and spread your money accordingly.

Compare the interest rates among banks to ensure they are competitive. Does the bank offer sub-accounts that allow you to target specific goals, such as a down payment on a mortgage?


Search for accounts with no monthly fees or minimum balances, unless you want to keep a specific amount of money in the bank at all times. You also don’t want your ATM or purchase transactions to be limited or have fees. Some banks even offer free checks. Be aware of overdraft fees because these are some of the largest fees your bank may charge. Linking your accounts may prevent these fees with some banks.


Today’s banks should be accessible through a large network of ATMs. In addition, you should have online and mobile access. You should be able to check your accounts, deposit money and pay your bills electronically. Branch access may not be required, but it will be convenient. Also, seek a bank that can help you over the phone.

Whether you are looking for a better deal on your accounts or you are a first-time account seeker, do your research and find the bank that will save you money and provide exceptional service.