7 ways to choose a checking account that pays

With mobile and online banking on the rise, actual checks might seem a bit nostalgic. But choosing where to keep your hard earned money should be a decision you don’t take lightly.

Choosing where to keep your hard earned money should be a decision you don’t take lightly. In fact, one expert advised that you should think of it as if you’re looking for love; don’t settle for the first one that comes along.

So, how do you choose a checking account that’s right for you?

Here are seven essential questions to consider when opening an account:

Does it meet my financial needs?

What works for your parents, may not work for you. What worked for you in college may not be a good fit for you now. Make a list of things you want in a bank or credit union then shop around.

What are the fees involved?

Ask upfront about fees involved.

Are there fees to open a new checking account? Does it offer free online and mobile banking? What are the overdraft fees? Many places offer free checking accounts, among other complimentary services.

Is there a free consultation?

While an online search is helpful in finding a safe place for your money, sometimes it’s best to go and talk to someone who can answer any questions.

Many financial institutions offer free consultations to learn more about where your money goes and the best places to invest.

How will I pay my bills, and will it cost me?

Paying bills doesn’t have to be painful.

With advances in technology, many places offer free electronic payments to simplify the bill paying process.

Will your money travel?

Whether traveling is part of your job or something you enjoy on the weekends, it’s important to have funds you can access on the go.

Online services such as Kasasa, include nationwide ATM refunds, so you can have access to cash without the worry of paying fees.

What other financial services are available?

As your income and needs grow, you’ll want to find a lender to help buy items such as a car or home. Most banks and credit unions have lending services and offer discounts to their members.

Will the account earn me money?

A bank or credit union isn’t just a place to keep money safe until you spend it. Many places offer additional investment options such as mutual funds, bonds and long term insurance.

Having a trusted financial partner can make long term decisions easier when life changes. Choosing the right financial institution for your needs is a valuable asset.

 

Credit Union West is an award-winning financial cooperative in Arizona with a mission to enhance quality of life. Membership is open to all who live, work or worship in Maricopa or Yavapai County.