A bank account can be a great tool for anyone who lives in the modern age. In fact, many companies don’t even accept cash anymore; it’s becoming increasingly common for debit and credit purchases to be the only way to pay for things. However, if you don’t know how to find the best bank account for your needs, you might not be able to get the best options. Here are four things to look for when it comes to finding the best checking account.
- Low Monthly Maintenance Fee
A monthly maintenance fee can be a difficult thing to have in your budget if you’re trying to save as much money as possible. That’s why you want to look for a maintenance fee that’s low enough to fit into your budget nicely. There are both free bank accounts and low-fee accounts out there, and either one can be helpful depending on your needs. Just remember that maintenance fees should be very easy for you to afford.
- Sign-On Bonus
Some bank accounts offer sign-on bonuses as a way to entice people into signing up for a new account. These accounts can certainly be a useful way to get more benefits on the front end, but you need to make sure that you’re able to access the bonus once you sign up. The Chase Secure Banking bonus, for example, requires that you make at least 10 qualifying purchases within 60 days to qualify for the bonus.
- ATM Network
An ATM network is a group of ATMs that you can typically use without having to pay any ATM fees. When a bank account offers an ATM network, it means that you can withdraw money at any of these ATMs without fees. Before you sign up for a new bank account, it might be worth it to see where the ATMs in your area are, so you know where you’ll have to go if you want to withdraw cash.
- Limited General Fees, Including Overdraft Fees
General fees are important to consider when you’re looking into any account. There are many fees that you might want to check on with a bank account, but one of the most important is overdraft fees. Overdraft fees apply if you try to make a purchase that your account doesn’t have enough money for; the payment will go through, as the bank will spot the extra money, but you’ll owe the overpayment and an overdraft fee. A bank account that doesn’t offer overdrafts may stop certain payments, but they’ll allow you to avoid overdraft fees.
Bank accounts are an important tool that many people need to use in the modern world. However, bank accounts are often very different from each other, and it’s important that you make sure you have a bank account that will actually be beneficial for you. Look for these four things next time you need to open a bank account; it’ll be an effective way for you to find a great account.