"When it comes to online banks, you want to be a little bit more strict about what type of interest rates they're providing. Is it same day, next day? Is it pretty easy to sync a brick-and-mortar checking account to this particular high-yield savings account?" "How onerous the transfer process is, transferring money in and transferring money out. Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life": How often are you able to get them? What are their hours?" "With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. What should someone look for in an online bank? So where are the branches? And if I am to go out of town or something, how accessible is my money to me?" "How can that bank grow with you? If you are 25, single or newly married, and all you need is a checking account, that's going to look very different 15 years from now when you may have had a couple of jobs, you may have an IRA roll over, or you may want a financial adviser." Tania Brown, certified financial planner at SaverLife: What should someone look for in a brick-and-mortar bank? I would make sure the account pays a higher interest rate than the average bank account." If I'm searching for an interest-earning bank account I'll pay attention to interest rates. I would look to see what the requirements are for waiving the monthly service fee and whether I think I could feasibly meet those requirements each month. For example, some banks have accounts that charge monthly service fees. "I would create a list of what I prioritize most in a bank account. Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider: And a lot of people don't think about that, because there are places that don't accept MasterCard or don't accept an Amex." 1 thing about a checking account is you should know what provider the debit card is coming from. Mykail James, MBA, certified financial education instructor, :
How can someone determine whether a bank is the right fit for them? (Some text may be lightly edited for clarity.) Here's what they had to say about finding a bank. We're focusing on what will make a bank most useful, including customer service, fees, rates, and more.
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