Choosing a bank used to be as simple as going into town and walking into the one and only branch available. Then banks began to compete for your attention, offering toasters or a set of juice glasses for opening a checking account. Today, the possibilities are seemingly endless. Between skyrocketing fees, limited services, and confusing incentives, picking the right bank has become a daunting task—especially if you intend to use the bank for your medical practice as well.
The following are some tips you can use to find the bank that’s right for you.
Services needed. Business Insider recommends that before you begin your search, determine what you need to search for. Most banks offer the usual services of checking and savings accounts. But what if you need a mortgage or an investment account? Also, you should note that some services like health savings accounts (HSAs) are being dropped by smaller banks. Make sure the first box you check is that the bank is well suited to meet your immediate and future needs.
Competitive rates and reasonable fees. Here is where you begin to compare apples to apples. For example, if you need a money market account, you can compare the rates offered at each bank. If you need a checking account that can dip below a $1,000 balance, find out if any fees are incurred. Note that rates and fees fluctuate, so keep an eye on any changes after you settle in at your new bank.
Customer service. See if you can find the bank’s main number online. If you can find the number, call it. How long does it take to talk to a human? Stop by a branch and see how approachable the staff is. Also, take the time to read a few customer reviews online.
App availability. Bankrate.com reminds us to investigate the technical capabilities offered by your future bank. Are you reliant on virtual check deposits? Do you like to check your balance on your smartphone? Do you want to be able to go online to lock your credit card if it has been misplaced? Just like with customer service, read reviews of the app that is offered by the bank. Remember, however, to take this with a grain of salt—as there are many different levels of tech savviness.
