Finding a good bank account is absolutely crucial. Your checking and savings account is the center of your financial network map so it’s important you pick the right one.
In your day to day, your spending may be done with cash, with credit cards, or with debit cards… but your savings account is the key to your financial fortress.
Table of Contents
How to Pick a Good Bank
If you’ve never chosen a bank before, there are a lot of details to look over. You start with fees and minimum balances, just so you know how much it’ll cost you, but beyond that, there are a ton of little questions you probably haven’t even thought about.
How many ATMs does it have? Do they offer ATM refunds?
I share with you a detailed look at the criteria I use to pick a bank.
👉 How to Find the Best Bank Account for You
Best Bank Promotions
Now that you know what to look for, let’s see which banks are willing to give you hundreds of dollars to open an account, set up some direct deposits, and wait.
The days of competing with toasters, t-shirts and frisbees are looooong gone.
👉 Here are the best bank promotions available now
- Chase Bank New Account Promotions
- Bank of America New Account Promotions
- Citi New Account Promotions
Best Online Savings Accounts
Once you’ve nailed down a brick and mortar bank, you really need an online bank account.
brick and mortar banks are great for when you need to get face to face with a teller but how often do you need that? Rarely.
Online banks will pay you a good interest rate, much better than brick and mortar. The average interest rate from a checking account these days is practically nothing, but online banks are many times high.
I show you my top picks among the banks plus one great credit union!
👉 Here are the best high-yield savings accounts
Best Free Checking Accounts
Checking accounts are the hub of your financial system. If you’re paying fees or have a big minimum balance to avoid fees, you’re with the wrong bank. There a lot of great free checking accounts that you should consider!
We take a closer look at some of the best options including the one I use for the vast majority of our banking.
👉 Here are the best free checking accounts
Best Certificate of Deposit Rates
If you really want to supercharge your interest rates, the next best thing to do is find a good certificate of deposit. This is for money you need in the short term that should not be invested in the volatile stock market.
You have two options here – a short term CD or a no-penalty CD.
A no-penalty CD is one that you can open and close without paying an early withdrawal penalty. On a typical CD, to get your money before the maturity, you pay a penalty of 3-6 months (or more). With no-penalty CDs, you don’t pay a penalty. They have comparable rates, so you get flexibility and a higher rate.
👉 Here are the best no-penalty CD rates
If you want slightly higher yields, 12-month CDs offer a good balance of high rates with short terms.
👉 Here are the best 12-Month CD rates
Banking Basic Knowledge
No one was born knowing how to use the various financial instruments available to us today. Sometimes you need to get back to the basics and here are our instructional posts to help you fill in the blanks:
- Is My Bank Open?
- Differences between Banks & Credit Unions
- How to Build a Bank Account Firewall
- How to Write a Personal Check
- How to Cash a Personal Check Without a Bank Account
- How to Find Your Bank’s Routing Number
- The Best Way to Exchange Foreign Currency & Money
- Why is there a limit of 6 ACH transfers per month with savings accounts?
- How to Find a Notary Public to Notarize Documents
- How to Give the Gift of US Treasury Savings Bonds
- How I Use a Certificate of Deposit Ladder for Emergency Funds
Bank Reviews
I’m slowly building this out but we have a few reviews!
