In the wake of the economic crisis in 2008, a new set of laws and regulations cracked down on some questionable practices by banks. Still, the number of options that consumers have in the world of personal finance is still high. Checking and savings accounts are no exceptions and choosing the right one should not be taken lightly. Ensure that the features of the account closely match the financial goals and even personal values you may have. It is also important to consider the fees and the ways to avoid them.
- Make sure that you aren’t getting charged much in fees as a good bank will charge small fees or none at all.
- Your bank account should align with your goals, so look for one that doesn’t require a minimum balance requirement.
- You should be able to access your funds and your account very easily whether in person or on the internet.
“If your goal is to safeguard your emergency fund, you might prioritize choosing an account that makes it harder to access the money. For example, you might decide to keep your emergency savings in an account that requires you to go to a branch to make withdrawals or changes. That extra step of making an in-person visit could effectively prevent you from spending money on nonemergencies.”