It can be exciting to open up a new bank account. In the modern era, you essentially need a bank account to do most things; it’s becoming more and more common for companies to prefer taking credit cards and debit cards to taking cash, with some areas even not taking cash entirely. If you’re trying to open up a new bank account, here are four important things to look at before you do.
- Locations Eligible for an Account
Some banks only function in certain states, while other banks function across the country. If you’re looking to try and get a specific bank account, you might want to look at where that bank functions. Especially if you find that you move pretty often, or you’re looking into moving within the next year or so, it might be a better idea to get an account with a provider that functions nationwide, as it’ll be less likely that you’ll have to close your account.
- Minimum Deposit to Open an Account
Some banks have a minimum deposit amount for you to open an account. For example, a bank may not allow you to open an account unless you have $100 to fund the account with. This is not true of every bank account, but some bank accounts do have these requirements, and it’s best not to be blindsided by them. Make sure you look for minimum deposit requirements and that you have enough money to meet them if you decide that you prefer a specific account.
- Monthly Fees (And Waiver Options)
Monthly fees can be part of the fee structure for some bank accounts, especially bank accounts that give you significantly more options for your money. However, not all bank accounts require monthly fees, and of the accounts that do, there may be waiver options that can help you keep the account without paying extra. You may need to have a certain dollar amount in the account on average or have multiple accounts with the bank to waive the fee.
- Sign-Up Bonus
Sign-up bonuses are one of the ways that banks try to convince people to open a new bank account with them. As opposed to high-yield savings accounts and money market accounts, bank accounts don’t really have any benefits for the user beyond allowing you to make purchases. That’s why there are so many checking account bank bonus offers out there – banks are trying to get you to choose them over someone else. Check for a sign-up bonus and make sure you meet the requirements for some extra money in your account.
A new bank account can be a great choice for many people, whether it’s your first bank account, you’re establishing a business bank account, or you need a new account for new types of purchases. However, it’s also important that you choose a great account. These four things should all be things you check for when you open a new bank account.
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