{"id":49280,"date":"2021-09-22T08:08:00","date_gmt":"2021-09-22T12:08:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=49280"},"modified":"2021-09-23T13:05:59","modified_gmt":"2021-09-23T17:05:59","slug":"things-to-consider-when-choosing-a-bank","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/","title":{"rendered":"Important Things to Consider When Choosing a Bank"},"content":{"rendered":"\n<p>What makes a &#8220;good&#8221; bank? What are some things you need to consider when choosing where to do your banking? <\/p>\n\n\n\n<p>Taking a little bit of time to choose a good bank now will save you time, money, and frustration down the line. There are many things to consider when choosing a bank, fees and reputation being the most reliable indicators of a bank&#8217;s trustworthiness.<\/p>\n\n\n\n<p>In this article, you\u2019ll learn how banks make money off their customers and how to tell the difference between trustworthy banks and predatory banks. <\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Choosing the Best Banks<\/strong><\/h2>\n\n\n\n<p>There are several things to consider when choosing a bank: <\/p>\n\n\n\n<p><strong>Low fees are an important component.<\/strong> Fees are how banks make a huge portion of their profits\u2014in 2017, banks made a cool $34 billion from overdraft fees alone\u2014so low fees are a good sign that a particular bank isn\u2019t trying to squeeze more money out of you for their own benefit. For example, Bank of America has a reputation for exorbitant fees on every kind of account (and has even taken customers to court over fees that the bank mistakenly levied).&nbsp;<\/p>\n\n\n\n<p><strong>In addition to fees, a bank\u2019s history and reputation are important. <\/strong>Whether you\u2019re evaluating your existing bank accounts or searching for a new one, keep in mind that banks are businesses, and some have a better customer service track record than others. Before you choose where to keep your money, look at each bank\u2019s history: Do they charge ludicrous fees or push unnecessary products? Even worse, have they ever been accused of fraud? If so, you can assume that pattern will continue, and you\u2019re much better off choosing a bank with a better reputation.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>For example, federal regulators fined Wells Fargo $1 <em>billion<\/em> after they admitted to opening unauthorized accounts for 3.5 million people as well as forcing 570,000 customers to buy auto insurance that they didn\u2019t need. Even worse, 20,000 of those customers ultimately had their cars repossessed because of Wells Fargo\u2019s predatory tactics.&nbsp;<\/li><\/ul>\n\n\n\n<p>On the other hand, some banks have a solid reputation for honesty and integrity. These companies put their clients first and focus on customer service rather than relying on exorbitant fees to make their money. Schwab and Vanguard both meet these high standards\u2014they offer low fees, solid benefits, and don\u2019t push unnecessary products\u2014which is why Sethi personally uses and recommends them. When you\u2019re looking for a new bank, look for three things:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Trust. <\/strong>While major scandals like Wells Fargo\u2019s are rare, you should still do your research before deciding which banks to trust. Start by asking your friends which banks they personally trust. Then, browse the websites of those banks. Keep an eye out for excessive fees, minimum required balances, or misleading descriptions of different accounts. Make sure their customer service department is available 24\/7 in case you run into trouble.<\/li><li><strong>Convenience. <\/strong>If the bank\u2019s website, app, or other services aren\u2019t convenient to use, you\u2019ll be far less likely to actually use them. The goal here is to set up a financial system that will eventually run itself, so you want to start with bank accounts that are as convenient as possible.&nbsp;<\/li><li><strong>Features. <\/strong>Make sure the bank offers the basic features you\u2019ll need most: competitive interest rates, free transfers to external accounts, and free bill pay. Keep in mind your own deposit needs, too: If you deposit cash often, you\u2019ll need a bank with a local physical location. If you deposit checks often, you\u2019ll probably want a bank that allows mobile check deposits through their app.&nbsp;<ul><li>One important caveat: Competitive interest rates are important, but if you spot a higher rate at a different bank after you\u2019ve set up accounts you\u2019re generally happy with, <strong>don\u2019t switch accounts to chase those high interest rates. <\/strong>Those offers are often introductory and expire within a few months, so you\u2019ll waste a lot of time chasing a boost of just a few dollars in interest. In terms of financial gains, you\u2019ll be much better off using that time to set up investment accounts instead (as we\u2019ll discuss in Chapter 3).&nbsp;<\/li><\/ul><\/li><\/ol>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Switching Banks<\/strong><\/h3>\n\n\n\n<p>If you already have an account with Bank of America or Wells Fargo, or you do some digging and discover that your current bank is charging you excessive fees or has a pattern of bad behavior, <strong>it\u2019s time to switch.<\/strong>&nbsp;<\/p>\n\n\n\n<p>For many people, the idea of opening a new bank account, transferring money, and closing the old one is so daunting that they give up and stay with their existing bank, even if it\u2019s a terrible one. However, banks are such a fundamental part of your financial system that even if there are just a few <a href=\"https:\/\/www.shortform.com\/blog\/small-problems\/\">minor issues<\/a> with your current bank (like a fee they refuse to waive), those minor annoyances can become major problems once your net worth increases. You\u2019re far better off investing one afternoon now to set up a solid foundation that will save you headaches for decades to come.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Choosing Your Accounts<\/strong><\/h3>\n\n\n\n<p>Now that you know which banks to avoid entirely, let\u2019s focus on the specific types of accounts you\u2019ll need to open: a checking account and a savings account.&nbsp;<\/p>\n\n\n\n<p><strong>Checking accounts are set up to make withdrawing money easy<\/strong>, whether from an ATM or through transfers to other accounts. It\u2019s also the account where your paycheck will land first before being split up into savings, investments, and spending money.&nbsp;<\/p>\n\n\n\n<p>Savings accounts, on the other hand, aren\u2019t designed for frequent withdrawals. <strong>You\u2019ll <a href=\"https:\/\/www.shortform.com\/blog\/how-to-manage-savings\/\">use your savings<\/a> account to save up for short- to mid-term goals<\/strong> (like a trip or an emergency fund)\u2014once you deposit money into that account, you likely won\u2019t withdraw it until you\u2019ve met your full savings goal.<\/p>\n\n\n\n<p>Another benefit to using a dedicated account for your savings goals (instead of just keeping that money in your checking account) is that it\u2019s much less tempting to dip into that money for other things. For example, if you\u2019re saving up for a car and you keep that money in a savings account at a different bank than your checking account, it will be so inconvenient to have to transfer the money between banks that you\u2019ll think twice before borrowing from that account for a shopping spree (and derailing your savings goal in the process).&nbsp;<\/p>\n\n\n\n<p>Precisely how you set up your checking and savings accounts depends on your personality and how hands-on you want to be with managing your money. There are three possible setups:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>A checking account and a savings account at the same local bank.<\/strong> This is the most basic option. If this is the setup you have now and you decide to stick with it, make sure to double check that you\u2019re not paying any fees on either account. (Technically, you could use a credit union, too, but Sethi doesn\u2019t recommend them\u2014their customer-owned structure is a fantastic alternative to predatory big banks, but their services often just can\u2019t measure up to the features that larger banks offer).&nbsp;<\/li><li><strong>A local bank checking account and an online savings account. <\/strong>For most people, this is the best option. It\u2019s the best of both worlds\u2014you have the convenience of a local bank for your checking account (which is especially important if you need to make cash deposits), plus the higher interest rates that online savings accounts offer.&nbsp;<\/li><li><strong>Multiple checkings and savings accounts at multiple banks.<\/strong> This option offers the most customization, but it\u2019s also the most confusing. However, if you\u2019re someone who loves personal finance and wants to find the best possible interest rates, the added confusion of having multiple accounts might be worth it.&nbsp;<\/li><\/ol>\n\n\n\n<p>Once you decide on which setup works for you, it\u2019s time to find the exact accounts you\u2019ll use. In the following two sections, you\u2019ll see the checking and savings accounts that Sethi recommends, as well as the accounts he uses personally.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Checking Accounts<\/strong><\/h4>\n\n\n\n<p>Your checking account is one of the most important components of your financial system because it\u2019s the first place your money lands before it gets sent off to your credit card, bills, savings, and investments each month. Later on in this summary, you\u2019ll learn how to set up automatic transfers for all of those, so you won\u2019t have to worry about your checking account very often\u2014it just needs to be a solid, fee-free first step in your financial system.&nbsp;<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">The Best Checking Accounts<\/h5>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Schwab Bank Investor Checking with Schwab One Brokerage Account <\/strong>through Charles Schwab Bank. Sethi uses this account personally and considers it the best on the market. This account boasts an impressive list of features, like zero fees, unlimited ATM fee reimbursements, overdraft protection, and free checks.&nbsp;<ul><li>The Investor Checking account is unique in that it\u2019s linked to a brokerage (investment) account. That means you\u2019ll have to open a Schwab brokerage account in order to access all the benefits of their checking account\u2014but you don\u2019t actually have to <em>use <\/em>the brokerage account in order to get those benefits (and don\u2019t worry, you won\u2019t be charged any fees for leaving the brokerage account empty and inactive).<\/li><\/ul><\/li><li><strong>A no fee, no minimum account at your local bank. <\/strong>This is especially helpful if you need to deposit cash frequently (you can\u2019t make cash deposits into the Schwab Investor Checking account). Keep in mind that you may have to set up direct deposit in order to have fees waived at local banks. (If you\u2019re a college student, ask about student accounts. These are typically barebones accounts that offer zero fees and few fancy add-on services.)<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Savings Accounts<\/strong><\/h4>\n\n\n\n<p>Your savings account is where you\u2019ll save up for short- and mid-term savings goals, up to five years away (for longer-term savings goals, you\u2019ll use your investment accounts, which we\u2019ll cover later in this summary). <strong>The main benefit to keeping this money in a savings account rather than simply in your checking account is that savings accounts have higher interest rates<\/strong>, so your money will be able to grow while you save. However, those interest rates are still rarely high enough to make a huge difference.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>For example, if you have $5,000 in a savings account that offers a 0.5% interest rate, you&#8217;ll earn $25 per year in interest. If you have that same $5,000 in an account with a 3% interest rate, you\u2019ll earn $150 per year in interest. Earning that extra $125 per year is helpful, certainly\u2014but because the bulk of your money will be in investment accounts that earn an average of 8% each year, that extra $125 doesn\u2019t actually make that big a difference in your overall wealth (especially when you take inflation into account, which can often make the interest you accrue worth even less as the value of a dollar changes).&nbsp;<\/li><\/ul>\n\n\n\n<p>As you research savings accounts, stick to online banks rather than \u201cBig Banks\u201d with physical locations. You\u2019ll earn more interest and face fewer hurdles to getting your account up and running.&nbsp;<\/p>\n\n\n\n<h5 class=\"wp-block-heading\">The Best Savings Accounts<\/h5>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Capital One 360 Savings. <\/strong>This is the savings account Sethi uses personally. Aside from having no fees and no minimums, the main benefit of this account is that you can set up sub-accounts to save up for specific goals (like a wedding or emergency fund).&nbsp;<\/li><li>Other savings accounts that have no fees, no minimums, and the ability to set up sub-accounts include:<ul><li><strong>Ally Online Savings Account<\/strong><\/li><li><strong>Marcus by Goldman Sachs<\/strong><\/li><li><strong>American Express Personal Savings<\/strong><\/li><\/ul><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What makes a &#8220;good&#8221; bank? What are some things you need to consider when choosing where to do your banking? Taking a little bit of time to choose a good bank now will save you time, money, and frustration down the line. There are many things to consider when choosing a bank, fees and reputation being the most reliable indicators of a bank&#8217;s trustworthiness. In this article, you\u2019ll learn how banks make money off their customers and how to tell the difference between trustworthy banks and predatory banks.<\/p>\n","protected":false},"author":7,"featured_media":2455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45,31],"tags":[496],"class_list":["post-49280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-money","tag-i-will-teach-you-to-be-rich","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Important Things to Consider When Choosing a Bank - Shortform Books<\/title>\n<meta name=\"description\" content=\"What are some things you need to consider when choosing a bank? 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In this post, you\u2019ll learn how to tell trustworthy banks from predatory ones.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/\" \/>\n<meta property=\"og:site_name\" content=\"Shortform Books\" \/>\n<meta property=\"article:published_time\" content=\"2021-09-22T12:08:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-09-23T17:05:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-household-finance-corporation.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"765\" \/>\n\t<meta property=\"og:image:height\" content=\"510\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Darya Sinusoid\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Darya Sinusoid\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/\"},\"author\":{\"name\":\"Darya Sinusoid\",\"@id\":\"https:\/\/www.shortform.com\/blog\/#\/schema\/person\/0421cce75bc249b11e2517b3a91f9c46\"},\"headline\":\"Important Things to Consider When Choosing a Bank\",\"datePublished\":\"2021-09-22T12:08:00+00:00\",\"dateModified\":\"2021-09-23T17:05:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/\"},\"wordCount\":1961,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-household-finance-corporation.jpg\",\"keywords\":[\"I Will Teach You to Be Rich\"],\"articleSection\":[\"Business\",\"Money\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/\",\"url\":\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/\",\"name\":\"Important Things to Consider When Choosing a Bank - Shortform Books\",\"isPartOf\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.shortform.com\/blog\/things-to-consider-when-choosing-a-bank\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.shortform.com\/blog\/wp-content\/uploads\/2019\/10\/big-short-household-finance-corporation.jpg\",\"datePublished\":\"2021-09-22T12:08:00+00:00\",\"dateModified\":\"2021-09-23T17:05:59+00:00\",\"description\":\"What are some things you need to consider when choosing a bank? 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