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There are several factors to consider when choosing the right bank.


The bank may charge fees for specific transactions or for managing and servicing your account each month. Some banks may provide a way to avoid bank charges, for example by meeting minimum balance or deposit requirements each month. Bank fees can derail savings efforts unless you can meet the requirements to waive them. If not, find a “no-fee” bank that may only charge for less common things like wire transfers and late payments.

Accounts and Services

Full-service banks typically provide a range of bank account options and other financial services, such as credit cards, lending, retirement and investment accounts and services. Other banks may focus on only a few specific products or services. Choose a bank that offers the types of bank accounts you want to open.

Interest rates

Shop around to find the best rates to maximize your savings. Earning a higher annual APY will help you grow your account balance faster.

Account minimum

Some banks require a minimum deposit to open an account or a minimum current balance to avoid monthly maintenance fees. Make sure you can meet the account minimum before signing up.

Customer service

Support is not the same at every bank. Some banks focus on in-person services, while others may offer a variety of ways to get help, including phone support, personal messages, and email. Find a bank that offers the contact and support methods you prefer.


It’s good to know you can access your money when you need it. Some banks provide ways to get your funds sooner than others. Look for banks that offer multiple ways to access funds or manage accounts, such as ATMs, mobile and online banking, bill pay, and other convenient tools.


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