There are so many banks to choose from these days, it may seem overwhelming at times. But with a little research and insight, you can quickly decipher who you should give your business to. Investors have a lot of choices these days, whether you decide to take your business online or stick with a local brick and mortar bank. I like to use a combination of both in order to get the best savings account rates.
Brick & Mortar Banks
Your local brick and mortar bank may not be able to offer the highest rate around, but they provide high quality face to face customer service. A lot of patrons enjoy the interactions they get every time they step foot into their local bank. A large brick and mortar bank will also have(usually) an extensive ATM network that will allow you to take your money out for free at any time. There are a lot of fees these days so it’s nice to be able to take your money out when you need it for free.
Some banks have started charging for checking accounts, but I think you can still find a high quality bank that also offers free checking. If your local bank charges for this service, see if you can enroll in their premium or ‘signature’ accounts. These accounts usually give you perks like free checking and free cashier’s checks as long as you keep your balance above a certain level.
Online banks tend to offer the highest rates around, but they often have no physical presence. Some of the larger online banks have great customer service and all the options of a regular bank but there is no face to face interaction. However, most online banks offer customer service via phone, chat and e-mail. I like using the chat and e-mail service so that I can reference the conversation at any time if there are any discrepancies or confusions.
Times are changing and online banks are definitely taking over a larger portion of the banking market these days. I like pairing my local brick and mortar bank with my online bank to get the benefits of both. This allows me to get some of the best savings rates around while still maintaining a physical presence in my neighborhood. I also like to support the businesses in my neighborhood, so this strategy allows me to do both.
Readers, what do you think about these banking options? Where do you go for the best savings rates around?