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What should I look at when 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:
- Interest: Some bank accounts are interest-bearing accounts. When you do a checking account comparison, be sure to compare potential checking account interest rates.
- 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.
- 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.