By John Kennedy, CFP® / November 23rd, 2020
Selecting a Bank – Family Budgeting
When Jackie and I sat down to talk about joining our bank accounts, we flipped a coin to decide whose bank we would stick with. I lost, so we merged all of our money into Jackie’s bank. Of course, in hindsight I can see how silly this is.
There are so many important things to consider when choosing a bank. Do they have an account minimum? Do they charge fees simply to open an account? How many brick and mortar locations do they have? Is that even important to you? What is the savings rate? And most importantly, are they FDIC insured? You want a bank that participates in FDIC insurance so your funds are protected by the US government. In the event your bank becomes insolvent, you’ll still be okay.
Answers to all of these questions and more are easily searched for online. If you’re looking for a new bank, write down what’s important to you, and then take some time to research.