Can someone recommend a good resource for learning how to pick a bank?

Question

I am trying to learn as much as I can about personal finance, but I'm very much a beginner. My concern right now is picking a bank that better suits my needs.

Does anyone know of a good resource (website, book or otherwise) that can explain as clearly and completely as possible how to pick financial institutions, what to look for, etc...?

I'm especially interested in learning more about the differences between online and traditional banks, and how to use online banking.

Answer 1

http://howstuffworks.com/

http://www.ohiou.edu/~jour430/how/checkaccount.htm

http://www.foreignborn.com/self-help/banking/5-acct_features.htm

http://www.comparos.com/comparos_b/comparos_banks_major-us_split.htm

Answer 2

when u say pick a bank, are you looking for checking, savings, CDs...? You don't have to use the same place for all the above. Do you need a bricks-and-mortar place near where you live or work, if u are the sort who goes regularly in person? Do you think you'll use ATMS a lot? then you'll want someplace with a lot of machines near your home/work so you can avoid fees. I suggest finding a local place for checking, by asking around at a few banks about their checking fees--these vary a lot from bank to bank. then you can link that account to an online bank like Emigrant Direct for savings, since they give around 5.15 percent, much better than a bricks and mortar bank. I would also suggest you look at bankrate.com which has a lot of info about choosing banks, financial institutions and investments.

Answer 3

Claire,

When doing your research, keep in mind that the bank websites will not tell you that they will nickel and dime your account every month or that they have many class action suits due to their fees.

Your best bet would be to read the disclosures that come with every new account. You can call various banks to get these.

Also, look at credit unions and do the same thing.

By reading the disclosures, you will get unbiased information.

Answer 4

go to clarkhoward.com for some decent advice on banking

consider a credit union if you are eligible. They usually offer good rates and if you dont have sophisticated banking needs they can usually be a very good place for banking.

If you will be using an ATM very often, it may make more sense to use a bank with a big ATM network so you dont get a lot of fees from making withdrawals from banks that are not yours.

Answer 5

As a professional and passionate investor, the bank is the worst place you could ever put your money, you receive almost nothing for giving them your money. Even Certificates of Deposit are a subject of laughter. If I were you I would select Sun Trust Bank its a very good bank, but thats all it is. It a quiet place to put your motionless money. Instead of putting your money to sleep. You should put them to work. Putting your money in the bank is a bad way to invest.

Answer 6

If you are looking for a good online bank I would go with ING Direct.
If you want information on checking accounts: http://www.findlocalinsurance.com/checking.html

Answer 7

Try any Co-op Bank if you can get in. You don't pay for services and they pay you dividends at the end of the year. Plus you get interest on your savings.

Answer 8

i might trust you, Maths or Physics could be a competent selection. In all those sought-after classes like veterinary, drugs and dentistry, the admissions team in lots of situations want to work out which you have different pastimes outdoors of technology. So a 4th AS in a non-technology subject ought to be your way of showing them that. in my view, I studied French and it unquestionably gave me lots to talk approximately for the period of my interview. Have a think of roughly it besides.

Answer 9

BANK OF AMERICA