How to Identify what Bank Accounts are Right For You

Loren Trujillo |

Almost everybody who gets paychecks or money has a bank account, but what services come with a bank account, what makes it safe, and what bank account is right for you? Here are some examples of how to identify what bank account is right for you and what you can expect from having one.

 

Services and Requirements

There are tons of services and requirements depending on what bank account you choose to have, for example,

  • Fees and Minimum Balance Requirements

Some bank accounts have fees like monthly fees or ATM fees, and have a minimum balance requirement, which means, you have to have a certain amount of money to open that bank account.

  • Services

Some services that come with having a bank account are debit cards, online & mobile banking, and money management tools.

 

Different Types of Accounts

There are different types of accounts you can open up with a bank, and some are,

  • Savings Accounts

A savings account helps you set aside money while also building interest.

  • Checking Accounts

A checking account helps you with daily expenses, whether it’s buying groceries or paying bills. 

  • Custodial/Joint Accounts

Custodial/joint accounts are for teenagers who want to get a head start on their financial journey while also having the account being managed by an adult/guardian.

 

Is the bank account safe?

Understanding if a bank account is safe or reliable requires looking into a few things, like 

  • FDIC insured accounts

Does the bank you’re looking at have FDIC insurance? Why, you may ask, because it helps protect your deposits up to $250,000 per person, is backed up by the U.S. government, and you don’t have to sign up for it.

  • Safety and Security Features

Look for two-factor authentication, fraud alerts, and the ability to instantly lock a lost/stolen card when you are looking at bank accounts.

 

Understanding these factors and accounts while identifying a bank/bank account right for you will help you with your financial journey, ensuring the best possible outcome for financial success and freedom.