What bank should I open a checking/savings account with?

Question

I just turned 18 recently, and I have been looking to change banks. At the moment I use my parents credit union, but its not for me. I need a bank that will offer me a checking/savings account with good interest rates (considering the current market) and one which offers online banking and direct deposit. I didn't know where else to turn, which is sad.

Answer 1

Credit Unions are usually better to stick with because they usually offer better rates for loans and savings then your normal banks. But with E*Trade, ING, and Charles Schwab those are the ones to go with because of the high interests rates they will give you. ING rates vary. But ETRADE and Schwab dont (4%), but you either have to set up a direct deposit or transfer money between your current bank. Which requires a little bit of paper work but worth it.

Answer 2

This Site Might Help You.

RE:
What bank should I open a checking/savings account with?
I just turned 18 recently, and I have been looking to change banks. At the moment I use my parents credit union, but its not for me. I need a bank that will offer me a checking/savings account with good interest rates (considering the current market) and one which offers online banking and direct...

Answer 3

I personally don't like credit unions, because they have limited locations and inconvenience business hours. I bank with Washington Mutual and then worked for them for almost 7 years (just recently quit this part time job). If you keep good standings, is like TOTALLY free on both checking and savings account. But the thing is you need to have either $300 (daily balance) in savings or you need to have the auto saving set up. The auto savings is to transfer AT LEAST $25 from your checking account to your savings account MONTHLY. Otherwise there is a $3 monthly fee on savings account. The checking account is totally free (with good standing, otherwise overdraft fee just any other banks and credit union), that also includes order regular plain checks. The business hours are from 9 am to 6 pm Mon thru Fri, and ALMOST ALL branches open on Sat from 9 am to 1 pm. So I suggest Washington Mutual if there is a branch in your area.

Answer 4

I would stay with a credit union, if not the one your parents use, then a different one. Banks suck as BofA or WF, will hardly ever have better interest rates on check/sav accts.- unless they are like online banks. One online bank I have had since 2002, is ING Direct, they have outstanding advatages going on there, especially if you want a saving/check with a good interest rate. And you can put your money in a CD for a limited amount a time- so your are not directly locked in to a certain rate for a long time. Only one catch, you have to have an account to transfer funds out of into theirs......But I think its still worth checking out...............

Answer 5

Check out Credit Union, Better than Banks in long run

Answer 6

First: I want to let you know higher interest rates will not help you that much unless you have a substancial amount of money. Second: Many of those banks that offer high interest rates are not going to be consistant. On dec. 11 the fed will decide to raise interest rates (for companies, not you)...this could really lower that rate of return you are seeing in advertisements now...save save save...if you are looking for returns, talk to a financial advisor for investment advice, or ask a seperate question and I can probably help. I would stay at the bank you are at and just save.

Answer 7

Stay away from Regions; they will suck you dry with fees.
Local banks usually offer better rates, but you have to have a minimum amount in your account (in most cases) to earn interest. Nationally, Bank of America is both well known and offers great service. Washington Mutual is also a good option.

Answer 8

Washington Mutual is good, so far in my opinion. You can open your account online, then go in and deposit whatever amount to start the account. So far, I've had no issues with Wamu banking.

I used to bank with a credit union and Bank of America, both of which I hated. Poor service, lots of fees to have an account, etc.

Answer 9

Yeah credit unions usually offer better rates at least for a savings account. Checking accounts with interest usually have a fee unless you meet some sort of requirement. Like at Busey you have to have direct deposit to not have fee.

Answer 10

I'd NEVER bank with any of the large 'chains' such as Chase; National City; Wells Fargo, etc. I'd stick with a locally-owned and operated credit union or state-chartered bank where you'll get more personalized service. The big banks suck you dry with service charges, late fees, transaction costs, etc., etc. Besides, big banks are just like all big national 'chain' stores: they do little to enhance the local economy as most of their profits go back to their home headquarters instead of being re-circulated within the local community. I would avoid "big banks" at all costs. Like every other "big" business, they are leeches. -RKO- 12/06/07