Stash Your Cash
Choosing a Bank
To decide which bank is best for you, call or visit at least three banks near your home or dorm. Also, find out if you are eligible to join a credit union through your work, your parents? work or elsewhere. Credit unions sometimes offer better deals than banks. Consider these six questions before choosing a financial institution:
- What is the cost to use an account?
- What other fees are associated with the account? Sample fees include ATM fees, monthly maintenance fees, cost of checks and more.
- What is the minimum balance for opening an account? Also, is there a minimum balance that must stay in the account at all times?
- Are there any accounts that are less expensive?
- Where are their branches and ATMs located? Are there fees for using the ATMs? Or limits on the number of times per month you can use an ATM?
- What interest rates are offered on different savings accounts?
The checking and savings section at Bankrate.com offers resources to help you compare and contrast different accounts and choose the best one for you.