Yahoo Finance 6 Things You Must Do When You Need a New Bank
In today’s fast-paced world, finding the right bank that aligns with your financial goals and lifestyle is crucial. Whether you’re considering switching banks or opening a new account, there are several critical factors to consider.
Check Out: The Best Banks of 2024
More: Use This Checklist To See Whether Your Bank Is Costing You a Lot of Money
GOBankingRates reached out to top industry experts to get insights and advice on what you must do when you need a new bank.
Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.
1. Prioritize Everyday Banking Needs
Melissa Stevens, executive vice president and chief marketing officer at Fifth Third Bank, underscores the importance of choosing an institution that fulfills your everyday banking needs.
“We all need a place and way to get paid, pay other people and institutions, save money and finance our large purchases,” she said.
Stevens emphasizes the need for a bank that provides accounts that fit seamlessly into your everyday life, ensuring easy access and top-notch security.
“Look for free, no hidden fees — no ‘gotchas’ — and top-notch security and identity [protection],” she said.
Best Bank Account at Citizens Bank: A Savings Account With No Monthly Fee or Minimum Deposit
2. Explore High-Yield Options and Digital Banks
Megan Johnson, executive vice president and chief marketing officer at EverBank, said to not get overwhelmed when looking for a new bank. Instead, home in on the few things that really matter to you.
“Once you’ve determined the type of account that fits your needs, look for banks that provide high-yield options with low or no fees,” she said.
Many digital banks fit this bill.
“Online banks typically have lower operating costs than traditional brick-and-mortar banks, and those lower costs are often passed along to clients in the form of higher rates on deposits and lower fees,” Johnson said. “Digital banks also can give clients more convenient choices for how and when they do their banking — anywhere at any time, using the device the client chooses. The bottom line is finding a bank that enables you to make the most of your money and can be a partner to help you reach your important financial goals.”
3. Spend Time Getting To Know Various Financial Institutions
Sekou Kaalund, head of branch and small business banking at U.S. Bank, said to consider multiple institutions before settling on your final choice.
“Make a list of what matters most to you and then spend time getting to know various financial institutions,” he said. “Check their rates, download their app — most have an experience for non-customers, talk to friends and colleagues who may bank with them, walk into a branch and see how the team makes you feel, because the right financial partner will meet your needs today and be positioned to power your future potential as well through the right mix of people, products and digital services.”
4. Look for a Bank With Industry-Leading Benefits
When it comes to choosing a bank, the benefits it offers play a pivotal role. Corey Timlin, head of consumer banking at American Express, suggests people look at the tangible advantages, including an industry-leading APY, absence of monthly maintenance fees or minimums, rewards on debit purchases, and the convenience of managing various accounts seamlessly.
As you explore banking options, consider accounts that can significantly impact your overall financial experience.
For example, Timlin notes that accounts like Amex Rewards Checking provide a number of tangible perks that customers enjoy. “They love getting benefits they want from a checking account, like an industry-leading APY and no monthly maintenance fees or minimums, plus rewards on debit purchases and the ability to manage their checking, savings and credit cards all in one place,” he said.
5. Prioritize Authentic and Personalized Service
Holly O’Neill, president of retail banking at Bank of America, emphasizes the importance of authentic and personalized service when considering a new bank.
“When looking for a new bank, first evaluate whether the products and solutions the bank is offering are tailored to your needs and preferences,” she said. “Ask yourself, ‘Am I getting the service and advice needed to meet my specific preferences?’ Beyond getting the solutions you need, you should feel a sense of care, trust, commitment and confidence.”
For example, Bank of America offers the Bank of America Life Plan, a digital experience available within the bank’s online and mobile platforms, designed to help clients set and track their short- and long-term financial goals and better act on steps toward achieving their specific goals.
“Think about your present and future self,” O’Neill said. “Evaluate the offerings and benefits that a bank provides — from managing your banking and investing in one place to assistance with financial milestones, like buying a first home or saving for retirement — and select a bank that will be able to grow with you.”
6. Assess Digital Capabilities
All five experts agreed that a bank’s digital capabilities are important.
“Consider a bank that is not only accessible — e.g. close to where you live or work — but also offers self-service options that are intelligent and powerful enough to anticipate your needs, should you choose or need to bank digitally,” O’Neill said. “Your time is valuable, so it’s important that your questions can be addressed effectively and you can complete all of your banking needs from a mobile app or online.”
In conclusion, finding the right bank involves evaluating your everyday banking needs and finding an institution that offers digital access, personalized service, industry-leading rates and products and services that can help you now and in the future. By considering these factors, you can confidently navigate the banking landscape and choose a financial partner that aligns with your unique needs and aspirations.
More From GOBankingRates
Use This Checklist To See Whether Your Bank is Costing You a Lot of Money
4 Signs You Will Need To Save an Extra $5,000 in 2024 -- and 3 Ways To Do It
This article originally appeared on GOBankingRates.com: 6 Things You Must Do When You Need a New Bank
