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Checking accounts

Checking Account Checklist:
What To Look For When Changing Accounts

Checking accounts used to be like jobs—you’d have them for life. But that’s not how things are anymore.

Nowadays, people are more inclined to take their business elsewhere if they feel they’re not getting the treatment or the service they want and deserve. If you are in this number, it’s a good idea to compare checking accounts before making any decisions as to which one is right for you.

Keep the following seven points in mind when you are looking at the best checking accounts, to ensure you make the right choice.

1. Overdrafts

Not everyone uses overdrafts, but they can be a good idea if you sail very close to a zero balance on a regular basis. If you are constantly overdrawn on your existing checking account you will definitely need to make a list of the best checking accounts to consider in this area.

2. Convenient banking

Do you want to be able to make bill payments online at three in the morning? Does telephone banking appeal to you? Or are you an old school type of person who likes to pay in money over the counter? Check which options are available when you compare checking accounts; not all of them offer internet banking, for example.

3. Low and transparent charges

Not all checking accounts are upfront about their charges, so make sure you do enough digging to figure out which charges apply to the best checking accounts available. Just because an account is popular doesn’t mean it doesn’t charge high rates for going overdrawn.

4. Local branches

If you want to have a branch nearby, then your first destination should be your local neighborhood branch. It’s no good applying for an account with a particular bank if there isn’t a branch within five miles of where you live. If you are with an internet bank you will usually find that the best checking accounts will let you pay in over the counter of a particular banks. Check this before you apply for your new account.

5. Higher rate of interest

If you pay a lot of money into your account every month and hold a high balance virtually all the time, look for the best checking accounts that offer a high rate of interest on a credit balance. If you have a relatively low balance for most of the time, then a high rate of interest won’t matter. Look for other perks instead, such as a low overdraft rate.

6. Statements

Not all checking accounts come with paper statements any more. Some provide online statements instead. You will receive an email telling you that you have a new statement, and you can then log into your secure account and view it online, printing it off for your records if you wish. The best checking accounts let you choose how you want to receive your statements, but if you prefer to receive yours through the post, make sure that’s an option.

7. The bottom line: which checking accounts match up to your habits?

Not all checking accounts suit every single person. Some are tailored to appeal to those who have a high credit balance all the time, while others will appeal more to those with a much lower income.

The important part is to ensure that you narrow down your search of the best checking accounts to those which will be best for you. You might not be concerned about whether you have a local branch nearby; on the other hand, it could be the most important thing for you.

In short, figure out what you want from a checking account before you start to compare checking accounts to find the best checking accounts available today.

Compare the best checking accounts

 
 
 
 
 
 
 
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