How exactly does one go about choosing a bank?

Question

I'm moving next month and will need to choose a new bank but I'm not sure what exactly to look for. All I need is a checking account that's really about it and there are several reliable old names in the area I'll be living in, I just don't know how to choose one.

Answer 1

What we did was make a list of the banks in our area and list the different services they offered. The one that we felt the most comfortable with was the one we went with, and that was a local bank. We are now, however, letting our check supply run out so that we can make a switch to Capital One, whom we have a credit card through. It really depends on what you want your bank to do for you. If you're just looking for some place to put your money and have a checking account, you can pick any bank for that. If you want certain perks, you'll just have to compare and make the best choice. The great thing is if you choose a bank and decide you don't like it, you can always change!

Answer 2

You need to decide what services you currently need from your bank, and look also at any service you might need in the future. I personally use 2 credit unions and 2 large banks. I have selected each bank on the benefits of the product I was looking for. For instance, one of my credit unions offered a low rate on a car loan and no penalties for prepayment, and so they have my vehicle loan. The other credit union has great rates for savings. I use the larger banks for credit cards and checking accounts according to the perks they were able to offer me. If for simplicity's sake, I were to only choose one financial institution, I would opt for a credit union. They most consistenly offer low loan rates, high savings rates, and many offer a free checking product and rewards credit cards too. You do have to be eligible for membership, but for many you only have to live within a certain county or city.

Answer 3

Try checking out bankrate.com. It is a personal choice. I chose a small local back becuase I didn't want to worry about long lines when I go inside. The only have a few branches but it works good for me. I also use another bank for my chump change.