FINANCIAL TOPICS

Home
Debt Relief
Auto Insurance
Credit Cards
Mortgages
Stocks
Retirement
Bank Accounts

Where Should you Bank?

These days it seems like a new bank is going up wherever you look.  Soon they'll be like gas stations; 2 at each intersection!

With all of this choice for your banking needs, where should you set up your checking account or savings account?  The answer to this question depends on what you're looking for.

First, do you want a bricks-n-mortar bank or an online only bank?  Online only banks, like NetBank and First Internet Bank, have been one of the biggest successes of the internet.  These banks allow you to deposit checks by mail or at certain ATMs. Because most of these internet banks do not have their own ATMs, the usually refund some amount of your expenses for using other banks' ATMs.

Most bricks-n-mortar banks are actually bricks-n-clicks, because they have to have robust internet services to survive.

A good example is Bank of the America.  Bank of America has almost 6,000 branch locations but also has a great web site for customers to login, check balances, and pay bills for free.   Any large bank that will be here in ten years has a good online banking system.

You might also consider opening a checking or savings account at a credit union.  Credit unions used to have very strict rules for joining.  But these have been relaxed over the past five years.  Technically, the members of a credit union own the bank so it's not a "for profit" institution.  The profits are given back to members in the form of higher interest rates paid on savings and checking accounts, and lower lending rates.