Comparing Banks

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What should I look at when comparing banks?

Comparing Banks

Good consumers know that they must compare all retail goods and services before spending their money somewhere. Banks are no different‹you must also compare¾what each bank has to offer before you open an account and begin a relationship with a financial institution. That means that even when opening a simple account such as a checking account, you must do a checking account comparison. Some of the things you should look for include:

  1. Interest: Some bank accounts are interest-bearing accounts. When you do a checking account comparison, be sure to compare potential checking account interest rates.
  2. Fees: All banks have fees. Some have monthly and annual account fees, others have transaction fees imposed after a certain number of transactions, and still others have ATM and transfer fees. You should compare all the potential fees you face before choosing a checking account.
  3. Minimum balance requirements: Some banks require that you keep a minimum daily balance in order to enjoy free checking. Be sure to compare these minimums so that you can choose one that fits your spending needs.

   

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