When choosing a bank for yourself or for your business, finding the right long-term fit is likely to depend on a range of finance-related factors — and at least a few personal preferences. But with a bit of research, a dash of know-how on how to pick a bank and a touch of trusting your gut, you can find a financial institution that meets all of your banking needs and checks all the boxes for what you favor in a financial services provider.
Looking for a little guidance on how to choose a bank? Consider these 11 leading factors to consider when picking the perfect bank for you:
- Account offerings — One of the most important things you should consider when choosing a bank is your financial needs and goals. While most banking customers are simply seeking checking accounts and/or savings accounts, other consumers may be in need of personal loans, mortgage solutions or other personal banking services. And for those who own a business, business banking solutions such as a business checking account or a business loan may be required. Whatever your banking needs, make sure that the financial institution you’re considering offers the account type(s) and other financial services required to meet them.
- Convenience — While various common banking transactions can be conducted remotely/digitally in the modern era of banking, there are still occasions when you may need to visit your bank or one of its ATMs in person. So to add convenience on these occasions, look for a bank with branches and/or ATMs in locations near where you live and work, as well as in areas that you may visit frequently.
- Customer service — Especially when it comes to your money, being able to get fast, helpful and responsive customer service is crucial. So you’ll want to ensure that any bank you’re considering offers several ways to get assistance when you need it, including in person and via the phone, email and online chat — especially if one or more of these is a fit with your banking-communication preferences.
- Reasonable fees — Many banks charge fees for certain services, with common items on the list including overdraft fees, charges for out-of-network ATM withdrawals, wire transfer fees and account maintenance fees. It’s a good idea to investigate, understand and be comfortable with any of these fees your bank of choice may charge, especially for any fees related to services that you expect to use frequently.
- Security measures — Of course, it’s important for your money and your personal information to be well protected. So you’ll want to choose a bank that puts a heavy focus on implementing and maintaining the latest, most powerful security measures. Look for financial institutions that use state-of-the-art protective technologies such as encryption and multi-factor authentication to keep your assets and personal information safe.
- Online and mobile banking options — Today’s banking consumers have grown accustomed to having their account details, as well as a range of everyday banking services, available at their fingertips via online and mobile banking. With access to these modern-day capabilities, banking customers can quickly and easily perform tasks such as depositing checks, transferring funds, paying bills and managing their accounts — all with just a few swipes and clicks of their smartphones, tablets and computers. Especially if these capabilities are important to you, look for a bank that offers a robust and easy-to-use set of online and mobile banking tools, as well as a dedicated smartphone app for banking.
- Attractive interest rates — For those who’d like to see the savings they set aside grow, choosing a bank that offers competitive interest rates on its savings accounts, money market accounts, certificates of deposit and other interest-bearing savings offerings will help their funds grow faster. Before choosing a bank, especially for a savings-focused account or financial product, be sure to check to see what interest rates your leading candidates are offering. Even a small difference in the interest your savings are accumulating could add up to substantial growth of your funds over time.
- Financial stability — The financial health of the bank you choose can have a significant impact on the safety of the money held there. When narrowing down your candidates, look for a bank that has a strong record of stability and is well capitalized. Bank ratings offered by independent agencies such as S&P Global and Moody’s can help you make this evaluation.
- Value adds — To help their customers make wise decisions with their money, many banks offer added services that go beyond traditional banking, such as insurance, financial planning, and trust and wealth management. If you might be interested in procuring any of these services from your bank, look for candidates that offer the ones you’re interested in, and compare their options and rates to help you determine the best fit.
- A good reputation — Maybe more than with any other enterprise you’re considering doing business with, it’s important to choose a bank with a good reputation of serving its customers well. Look for banks that have been in business for a long time and that have a history of satisfied account holders. It may also be helpful to read online reviews and ask your friends and family members if they have any recommendations for a bank with which they have been pleased.
- That fitting feeling — In addition to seeking out all the characteristics outlined above, you should find a bank that simply feels like a fit for you. From the friendliness of the bank’s personnel to the bank’s community involvement, the causes it supports, its social-responsibility efforts and any other factors that may be important to you, seek out a banking partner that aligns with your preferences and beliefs.
Proudly serving South Carolina since 1933, Arthur State Bank offers accounts and services to meet a variety of financial needs. To help you achieve all your financial goals, the bank offers in-person service as well as a range of convenient digital solutions. To learn how Arthur State Bank can help you with banking needs ranging from checking and savings to retirement accounts, mortgages, other personal loans and more, visit arthurstatebank.com.
