When shopping for a bank, the most important features to consider are those that affect daily banking costs, accessibility, security, and the services you actually need. Here’s a practical guide to prioritize what matters most. Key decision factors
- Fees and costs
- Monthly maintenance fees, ATM fees, overdraft charges, and extra service fees. Look for accounts with low or no monthly fees and transparent fee structures. Also consider minimum balance requirements and any waiver possible by direct deposits or activity.
- Interest and rewards
- Interest rates on savings/checking accounts, APYs, and any tied benefits like cashback or rewards programs. For many people, the impact is modest, but it matters for large balances or long-term saving plans.
- Accessibility and convenience
- Branch network and ATM access in your area, hours of operation, and the availability of online and mobile banking. A robust app with features like mobile check deposit, transfers, and bill pay can save time.
- Digital security and privacy
- Strong authentication options (multi-factor authentication, biometric login), fraud protection, and clear policies about data privacy and breach responses.
- Account types and services
- Availability of the accounts you need (checking, savings, money market, CDs, loans, credit cards, business accounts if applicable). Consider whether the bank offers easy access to the specific products you’ll use.
- Customer service
- Accessibility of support (phone, chat, in-branch), responsiveness, and user reviews or reputation for handling issues efficiently.
- Convenience features
- Overdraft protection options, linked accounts, same-bank transfers, and ease of setting up recurring payments.
- Security of the institution
- Insurance coverage (FDIC in the United States or equivalent in other countries) and the bank’s stability, history, and regulatory standing.
- Reputation and trust
- Brand trust, transparency, and alignment with personal values (for example, sustainability or local community support) can influence long-term satisfaction.
- Special considerations
- International usage, travel needs, or business banking requirements if relevant. Some banks excel at international transfers, multi-currency features, or business financing.
How to assess before choosing
- Compare total costs across typical activity: monthly fees, overdrafts, ATM charges, and any penalty rates.
- Evaluate online and mobile experience: test-drive the app, check ease of transfers, and ensure security features meet your standards.
- Check branch and ATM accessibility based on daily routines and travel patterns.
- Review interest rates and potential compensation for keeping funds in savings vs. checking, especially if maintaining a higher balance.
- Read up on customer service quality through recent reviews and personal experiences in your region.
- Confirm insurance coverage and the bank’s regulatory status in your country.
Decision tips
- Start with a simple needs assessment: which accounts and features do you actually need (e.g., just a checking account with occasional savings, or also a mortgage, auto loan, and business services?).
- Use a side-by-side comparison for 2–3 banks to clearly see differences in fees, services, and app quality.
- Consider a trial period: open a basic account with a plan to reassess after a few months if the service isn’t meeting expectations.
If you’d like, share your location and banking needs (checking vs. savings, need for loans, international usage, business needs, preferred app features). Then a tailored list of banks and a simple comparison table can be prepared to help you decide more efficiently.
