Are you currently looking to open a personal or business bank account at a new bank? Do you want to ensure financial security for you and your family’s finances? If so, then you need to learn all you can about finding the right place to open a bank account.
Doing so can help you as you try to achieve long-term wealth. Your local bank can give you various tools and services to help you budget, save, pay your bills, and so much more.
See below for several factors that you should be considering while you find the right place to open a bank account.
1. Your Goals
Not every bank shares your goals. Some are too big to focus on your specific needs. Others are too small to offer the tools and features that a modern bank should have (such as mobile banking).
Before you start your search, take the time to consider where you are with your finances. What are some of the goals that you have for yourself and your family moving forward?
For example, if you’re wanting to save for retirement, then you’d need a bank that offers such things as Certificates of Deposit (CDs) and Individual Retirement Accounts (IRAs) to help you take advantage of compounding interest.
For others of you, you might be looking to save up for something more quickly, such as a new car, a child’s college education, putting a down payment on a house, and so on. Then the goal becomes setting a strict budget to ensure all bills are paid, and that you’re actively saving towards those goals.
Believe it or not, the bank you use can make or break those goals for you. In choosing the right bank, you’ll have tools to help you prioritize your budget, making your financial goals all the easier to obtain.
2. Find a Trustworthy Bank
As we just mentioned, the bank you open a bank account through has a higher influence on your financial well-being than you might’ve previously thought.
When finding the right bank for you, it’s important to take some time and learn about the bank’s history. This can provide you with more insight into their priorities as a business, how long they’ve been in the community, how active they are in the community, and so forth. It will give you more peace of mind as a client of their services.
The good people at Farmersbankidaho.com are a great example of what a trustworthy bank can offer you. Their history in the Magic Valley extends over 100 years to when J.C. Hamilton purchased a majority of the bank’s stocks from its founders.
Since then, Farmers Bank has seen generation after generation of Hamiltons, all of whom share the same goal: to help the residents and businesses of Magic Valley continue to thrive.
To do that, they offer a vast array of products and services to ensure the customer’s needs are met. They infuse tried-and-true customer support with modern banking technology, giving clients like yourself the best of both worlds.
3. Proximity and Hours
A bank’s proximity should play a factor in which bank you open a bank account with. However, depending on how much you plan on using their physical services, it might play a larger or smaller factor in your decision.
For example, let’s say that your primary goal right now is debt reduction. To do that, you’re using Dave Ramsey’s envelope system to keep the budget tight and reduce needless spending. That envelope system requires physical cash, meaning you’ll take frequent trips to the bank to withdraw money, thus needing a bank that’s close to your house or job.
However, if you rarely ever have cash on you and pay your bills online, then having a bank nearby isn’t as pressing. Therefore, you could afford to open an account with a bank branch that’s 20 to 30 minutes away. It’s all about prioritizing your need for accessibility.
4. Service and Product Variety
A one-show-pony-style bank is of no use to you. While finding a local bank is important, it shouldn’t be at the expense of financial products that can help you accomplish your financial goals.
Reputable banks are constantly looking for products and services that can help their clients. This includes everything from IRAs and CDs to modern mobile banking features such as uChoose Rewards and online bill payments.
Visit the website of any bank you’re considering to learn more about the resources and tools they have available to you. Do you have to qualify for these benefits? How can they help you on your journey? Have the experts explain it to you.
5. Search for the Same Ideals
If you’re looking to reduce debt, then that crosses off a good portion of the “big name banks” from your list. They generally offer products that lean towards credit cards and reward programs, which would be counterproductive to your goals.
Don’t get us wrong, credit cards aren’t bad when used appropriately. They just shouldn’t be the focal point of the bank’s sales approach.
Find out about the different programs the bank offers. What interest rates and rewards programs do they offer with their credit cards? What are the terms?
Open a Bank Account with a Trusted Bank
Now that you have seen an in-depth guide on the factors to look for when you open a bank account, be sure to use this information to your advantage.
Take the time to browse around our website for more articles relating to opening bank accounts, as well as many other topics that you will find enjoyable.