RE: what is the best bank to open an account with?
The best bank is the best bank for you, based on the services they offer and the fees. All banks are regulated by the federal government, and deposited funds are guaranteed by the Federal Deposit Insurance Corporation (FDIC), so if the bank fails, you won’t lose your money (up to a maximum of $250,000 per person per bank). The best thing to do is think about why you want to open the account, and then either check the banks’ websites or go talk to someone at the banks that are most conveniently located to see who meets your needs best. Do you want checking only? Will you be maintaining a certain balance? Do you want a debit card? An ATM card? Will you write a lot of checks? If you write a lot of checks, you won’t want to pay a per check charge. If you will be running the balance down to almost zero between deposits, you won’t benefit from an account that pays interest, and may cost more per month. If you don’t keep good records and won’t know your balance yourself from time to time, and may have a tendency to spend more than you have, it would be a good idea to ask about overdraft protection. Also, be sure to find out how much each of these services costs, if anything. Also consider what hours the bank and their drive through tellers are open. Do they have Saturday hours? Are they open late on weekdays? If those things are important, they may help with your decision. Do they offer direct deposit of your paycheck from your employer? That might be a consideration too. I’ve been with the same bank for about 15 years, and never had reason to shop around for another bank. Most banks are going to be the same, and any one of them will probably be fine. Just stay away from anything with a handwritten sign that says something like “Leroy’s Bank – No really, you can trust me, I’m Leroy.”