Get a Financial Life

Choose the right banks for you

Instructions

Choose a bank that meets your requirements.
Before you commit to a bank, consider what's important to you—whether it's free checking, low fees, or good customer service. Research online and compare different banks’ fees and services. Think about how you use your bank: Do you need a lot of ATMs nearby? Do you prefer online banking? Answering these questions will help you find a bank that suits your lifestyle.
Explore alternative banking options.
Don’t limit your choices to traditional banks. Consider Internet-only banks which often offer higher interest rates on savings accounts. Also, look into credit unions, which are not-for-profit and may provide lower fees and better interest rates.
Set up an emergency fund to a different account.
Open a savings account specifically for your emergency fund. Aim to save at least three to six months’ worth of living expenses. A bank with good interest rates and easy access to funds is ideal for this purpose. This will be crucial in managing unexpected expenses without disrupting your financial stability.
Choose a debit card wisely.
Opt for a normal debit card linked to a checking account with low minimum balance requirements, instead of using prepaid debit cards which might carry high fees. This step will save you from unnecessary charges and provide better security and benefits.
Utilize banking alerts.
Set up alerts through your bank’s mobile app or website to monitor large transactions, low balances, or any suspicious activities. These alerts can be crucial for early detection of fraud and managing your finances more closely.
Challenge unfair fees.
If you encounter a high or unexpected fee, don’t hesitate to contact your bank to dispute the charge. Being polite yet assertive can often lead to fees being waived. Document your communication with the bank, and be prepared to explain why the fee should be reconsidered. This can lead to significant savings over time.
Regularly review your banking arrangements.
Every year, review your banking needs and the services you are currently using. Are you still getting competitive rates? Are there better options available now? Has your financial situation changed? This annual review will ensure that your banking arrangements continue to meet your needs efficiently.