Are you looking for a bank to entrust with your personal finances? Do you find yourself at a loss when deciding which bank you should open a bank account with? If so, then you need to learn all you can about how to choose a personal bank.
Believe it or not, there are many factors to consider. You’ll want to consider the bank’s proximity, learn about its history as an organization, and see what features they can offer you.
See below for an in-depth guide on the factors you should be looking for when you try to choose a bank.
1. Learn About the Bank’s History
Most people open a bank account without ever giving the bank a second thought. Then, they find themselves frustrated with the bank’s lack of customer service, poor features, or corporate agendas.
By taking just a few minutes to research the history of banks around you, you can ensure yourself a bank that’s willing to grow with you.
Take Farmersbankidaho.com for example. Farmers Bank has been an integral part of the Magic Valley since 1918. It’s stayed within the same family, all of whom are dedicated to serving the personal and business financial needs of their community. As their motto states, they really are “A tradition you can count on.”
Take the time to learn about the history of every bank on your list. Where did they come from? Who currently owns that bank? What is the bank’s motto? Are they local or international? Do they have a bank account that fits your needs?
You can generally find this information on the bank’s website. Those that don’t take the time to learn about the bank they’re signing up with generally achieve undesirable results. Remember, you want someone that can grow with you. Someone that will keep your money safe and offer you great opportunities for banking, saving, and so forth.
2. Check Online Reviews
Perhaps this will be your first time opening a bank account with a new personal bank in decades. Maybe you’ve been burned by other personal banks in the past and are looking for a replacement.
Whatever the case might be, you need a little insight. A bit of insight into the banks you’re considering will help you filter down your options and have more confidence in the choice you make.
Fortunately, online reviews are a tremendous tool for this part of the process. Current and previous clients will leave comments sharing their experiences with the personal banks in your area.
Simply Google the bank that you’re considering, then read through the comments that you find. You can ask yourself a few questions as you go along.
- Do the majority of clients seem satisfied with their service?
- How many of them have a personal banking account with them? Are they happy?
- Do the clients mention any specific services? (EX: IRAs, CDs, electronic banking, etc.)
- How long have the clients had them as their bank?
At the end of the day, you just need to find a bank with a majority of positive reviews. That way, you’re ensuring top-quality banking when you need it most.
3. Look for a Variety of Services
Imagine the horror of signing up with a personal bank, then finding out they don’t offer Certificate of Deposits (CDs) as a service. Now you’re stuck between a rock and a hard place—do you stick it out with this bank or open another bank account with a bank that has CDs?
Personal banking doesn’t even begin to describe the service you’re signing up for. You should take the time to consider what kind of service you need, then find the best banks that offer them. Here are a few things you should consider.
- Checkings accounts
- Savings accounts
- Electronic banking features
- Individual Retirement Accounts (IRAs)
- Certificates of Deposit (CD)
- Home mortgage loans
- Safe Deposit Boxes
The list goes on and on. Give your local bank a call and tell them about your needs. They’ll fill you in on the services they offer that can help you grow future wealth.
4. Consider Proximity
Granted, online banking has negated the need to visit your bank as much as people did in the past. However, it’s nice to know that your bank is only a few minutes away, should you need to visit them.
Most people search for banks that are close to their house, but you’ll want to consider your place of work as well. Do they have a branch nearby?
If you choose a local bank with only one or two branches, it could provide unnecessary stress on your life. Make sure they have one relatively close to your house and place of business.
5. Mobile Banking Options
These days, you can handle a good amount of your financial needs from your smartphone. Mobile banking has made it easier than ever to monitor your money, move money around, pay bills, and so forth.
Those of you that are looking to build real personal wealth will need to find a bank that offers an elaborate mobile banking app to watch over your accounts. It can help you stick to your personal budget.
Make sure to learn about the different mobile banking options of each personal bank you’re considering. This will help you find a bank that meets your needs.
Find the Right Personal Bank for Your Needs
Now that you have seen an in-depth guide on how to find a personal bank that can help you create long-term wealth for you and your family, be sure to use this information to your advantage.
Take the time to browse our website for more articles on personal banking, as well as many other helpful topics that you’ll enjoy.
