1. Review Your Options
This step is likely the one you'll spend the most time on, but don't rush the process. You don't want to trade one bad bank for another. In fact, after your research, you may find you don't want a new bank at all. You may discover a credit union is your best bet for financial bliss. Everyone's priorities are different, but here's what you may want to consider when looking for the best financial institution for your money:
- Monthly cost of a checking account -- and how you can avoid paying it.
- Overdraft fees and overdraft protection options, as well as their cost.
- ATM availability and fees for using out-of-network machines.
- Online features, such as bill payment services and mobile account access.
- Branch locations and hours -- if you still like the personal touch.
- Perks such as credit or debit card rewards.
- Ability to bundle all banking needs (i.e. checking, savings, loans and investments) at one institution.
- Promotions for new customers.