How often do you change bank accounts? Not very often, I’m willing to bet. I last moved to a new bank a few years ago but I am thinking about doing it again as I’m not entirely happy with the account I have now.
To this end, I have been looking through various internet bank accounts and those accounts offered by my local banks, and have been trying to find something worth changing to. And this has led me to write this article. The best bank accounts are not necessarily the ones you have right now –- which is why you should consider switching every now and then. There are some distinct benefits to doing so.
What To Expect From A Good Bank Account
1. Get a better interest rate.
Whatever account you have now, the chances are that you can get a better one. General checking accounts vary widely in the amount of interest they will pay you. None of them pay very much but that doesn’t mean you should settle for virtually nothing at all. Why not consider switching to an account with higher returns? All it takes is a bit of research every now and then and you can find the best account offering the best rates at any time. You may want to check out accounts from either EverBank or Perkstreet Financial as options.
2. Get a bank account that has perks.
Some people assume a bank account is just a bank account. But every bank will try its best to grab your attention with various offers it hopes will tempt you into the fold. I once switched bank accounts because the one I signed up for paid fifty dollars into my account upon opening. I was a lot younger at the time so it was a real attraction for me. Even now, I’d have to think twice before turning it down! Always check the perks each account offers and consider which ones would actually be worthwhile for you over the long term.
3. Don’t settle for an account that doesn’t serve you well.
Some bank accounts charge fees when you fall below a minimum balance. Some others may charge for inactivity or other reasons. Monthly fees can really add up over time and accounts with such fees don’t often present very good value for your money either. I’ve look at these before but they don’t rank among the best bank accounts you can get, by any stretch. I’ve looked at banks that offer free travel insurance and all kinds of other perks but after I’d added up what the fees would be for a year, I gave up on the idea as a bad investment.
No two people will have exactly the same needs when it comes to opening a good bank account. And I’ve noticed that my own needs have changed over time as well. For example, I would probably look for something different now compared to what I would have applied for, say, ten years ago.
This is why you have to consider what you want to get out of your checking account or other type of bank account, and then go out and try and find it. There are plenty of them out there and they’re all vying for your business. So you need to find the best one for you, and then take steps to actually sign up for it. Focusing on getting the best account for your needs will go a long way to making your money go further.