Selecting a Bank

Most standard banks provide roughly the same basic services and accounts. To choose a bank, look at the specific areas you are interested in and then select the bank which offers the best combination of services and fees that suits your personal requirements.

There are also a number of online-only banks. These banks provide traditional personal banking services to their customers, however they do not have branches and you can only access their services by using the Internet or a telephone.

Banks are also like any other company, and you do not have to stay with a single bank. If you become unhappy with the service you are receiving, you can move your account and banking business to another bank or building society. While it is true that this can be a time consuming process, most banks will provide help and assistance with moving your accounts.

Features and Services

Time some time to check out the bank's services and features; while some of these will be very important to you, some won't matter at all. Remember that when comparing banks, all that matters is what's important to you.

Services

access to international money markets
ATMs
canceled checks (are they included with monthly statements?)
cashier's checks
copies of previous monthly statements
credit cards
debit cards
debit card fees
deposit slips and other slips
direct deposit
loans and mortgages
money order
online banking
overdraft protection
retirement planning services
safe deposit box rental
small business services
stock and mutual fund trading
stop payment
telephone banking (what can you do over the phone, and when?)
telephone support
talking to a teller in person
traveler's checks
wire transfer

Features

Availability of Funds

How soon after you make a deposit are you able to withdraw against those funds?

Convenience

How close is the nearest branch? Is the bank open when you need it? How long are the lines when you go?

FDIC Membership

Are they a member of the Federal Deposit Insurance Corporation? If so, your deposits will be insured up to $100,000.

Interest Rate

If the account pays interest, what is the current rate? Ask for the 'Annual Percentage Yield' - this makes it easier to compare banks that compound their interest at different frequencies.