Searching for the Right Bank
May 29, 2009
You might already realize that you don't like your bank. High fees and low rates are not a good combination. But now what? How can you tell the difference between one online bank and the next? If you are considering ditching your local bank, here are few things to consider:
1. When looking at bank deals read the bank's website carefully. You may have found the great rate you wanted, but what's the catch? Many bank deals carry restrictions and limitations. Make sure you read ever word of the disclosures to understand what you are getting into.
2. Find a bank that offers online banking services including bank-to-bank transfers and online bill payment. This makes life simple. Don't get stuck with a bank that makes transferring funds difficult.
3. Mobile banking is set to take off. Don't pick a bank that is a laggard with their mobile banking platform. Specifically look for a bank that has an application that you can download to your cell phone or smartphone. You may not bank with your phone now, but 2010 could be a different story.
4. Online banking is great, but sometimes you might need to talk to a live person. Give your prospective new bank a test drive and call their customer service number. If you cannot reach a live human being within five minutes maybe this bank is not for you.
5. Sign up for the MoneyRates Twitter account. Twitter is a great social networking tool and the MoneyRates feed will keep you informed on the latest bank deals, financial news and savings advice. A Twitter feed will also connect you with like-minded people. You might even find a recommendation for an online bank that works for you.
