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Searching for a new checking account can be overwhelming. There are thousands of financial institutions out there, from online-only banks to local credit unions. If you’re looking for the best bank to open a checking account, start by evaluating your own situation. What will you be using the checking account for? What features are most important to you? Once you’ve narrowed down your list of needs and wants, then you can effectively research which checking account will be the right fit for you.

What can you use a checking account for?

Checking accounts are the most versatile type of account at a financial institution. They provide you with easy access to your money so you can manage your income, bills, and budget.

You can access the money in a checking account multiple ways:

• ATM/Debit card
• Online or mobile banking
• In-person at a physical branch office
• Wire transfers
• Writing a check
• Direct Deposit

Checking accounts attract the most new members at financial institutions, so banks and credit unions have invested plenty of time and money making their checking accounts desirable. When you’re searching for a new checking account, make sure you invest some time into researching which account will best fit your needs.

Researching the cost of a checking account

When a checking account advertises that it is free, it means that you will not be charged a monthly maintenance or service fee simply for having the account open. It’s getting more difficult to find these free checking accounts at banks, but 84% of credit union accounts still don’t charge this surplus fee. Be sure to investigate if you have to meet any requirements to keep your free status, like a minimum monthly balance or certain amount of direct deposits coming in each month.

A monthly service charge isn’t the only fee you could be charged with a new checking account. Keep an eye out for these common costs and make sure you know how these fees compare with other financial institutions in your area. This way you’ll be able to avoid opening the checking account that charges more fees that any other account nearby. Most banks and credit unions will have a fee schedule available to view on their website that details all of the possible costs you could incur.

• Insufficient funds
• Overdraft and/or overdraft protection
• ATM withdrawal and/or deposit fees
• Ordering new checks
• Replacement debit cards
• Paper statements
• Money orders and/or cashier’s checks

Advertised features and perks

What kind of bells and whistles are you interested in? There are plenty of added features and perks found in checking accounts, although you want to make sure any kind of benefit you may gain isn’t cancelled out by the fees you researched above.

Member rewards

Is there any type of loyalty rewards program at your new financial institution? Some member rewards programs give more valuable benefits with the more products you open. These rewards could include free ATM withdrawals, free money orders, and even free checks.

Cash back

Does the debit card attached to your checking account come with any cash back features? Some financial institutions  deposit a predetermined amount or a percentage of each debit card transaction back into your checking account every time you use your debit card.

Mobile check deposit

What kind of online services and support does the checking account have? Look for convenient services like mobile check deposit on a mobile app, where you can snap a picture of a check to deposit it into your bank account rather than visiting a branch.

Customer service

Regardless of how amazing the features of a checking account are, if the financial institution behind the account provides terrible customer service, you’ll become frustrated and unhappy. Read reviews on the bank or credit union you’re considering, or even call in to ask some questions. A good bank or credit union will be happy to answer your questions.

Location

Will you need to regularly go to a branch in-person to make withdrawals or deposits? Look for a bank or credit union with a nearby office. If you’d like to do everything you need to do remotely, look for a bank or credit union with online and mobile banking technology.

How to open your chosen checking account

Opening a checking account is simple process. You’ll need identification as well as your opening deposit. If you’re looking into a credit union, make sure you have proof that you meet their membership requirements.

Most banks and credit unions have online applications, but if you feel more comfortable opening an account in person, just search for their closest branch. Remember, the best bank to open a checking account will differ based on your unique situation, so just be sure to compare a few different options before signing up.

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