When it comes to banking, you have multiple ways that you might store your money. This could be done at a traditional brick-and-mortar bank, a credit union, or an online or mobile-only bank.
You should definitely understand the many options and be sure to look for some features.
Read on as we will discuss the five basic services that your bank or credit union should offer.
Please understand that not all of them do so if yours doesn’t, then you might want to consider moving your money elsewhere.
Basic Features You Should Expect From Your Bank
There are a few basic features that you should expect your bank to offer.
Solid interest on savingsFree checkingFree ATMs Online accessReasonable overdraft policies
- If you use a brick-and-mortar bank, most likely it’s a 0.01% APY. Nowadays, the best online banks often pay between 1.50% and 2.00% APY. If you switch to an online bank, you can earn more on your savings!
- Of course 2% isn’t that great but it sure looks better than 0.01%. Use this knowledge to your advantage for solid interests on savings.
- To get straight to it, some financial institutions will not make you pay anything for a checking account.
- Others will charge a fee if you don’t meet certain criteria, such as having a minimum direct deposit or performing a select number of debit transactions.
- If your bank or credit union offers checking accounts, then it should also provide a free way to access your money such as an ATM.
- Many online bank accounts now come with free use of thousands of ATMs nationwide, and many credit unions do the same through the ATM program.
- Today, almost every bank and credit union has a website and apps. This means you should be able to have access to your financial information, check your balance and deposit checks, perform simple transactions 24/7.
- Transferring money should also be free and quick to set up. However, moving money between banks may take a few days.
Overdraft fees can be steep, but your bank should provide an alternative if you do not have enough at the moment.
Compare Checking Account Options
HSBC PremierHSBC Advance CheckingChase Total Checking®Huntington Asterisk-Free Checking®Huntington 5 Checking®Chase Premier Plus CheckingSMTD Bank
*See all HSBC Premier Checking offers here and all other HSBC Bank offers here.
*See all HSBC Advance Checking offers here and all other HSBC Bank offers here.
 • New Chase checking customers enjoy a $300 bonus when you open a Chase Total Checking® account with qualifying activities • With over 4,700 branches, Chase has the largest branch network in the U.S. plus access to more than 15,000 ATMs. • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device. • JPMorgan Chase Bank, N.A. Member FDIC • Open your account online now • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com. • Chase Overdraft AssistSM – no overdraft fees if you’re overdrawn by $50 or less at the end of the business day or if you’re overdrawn by more than $50 and bring your account balance to overdrawn by $50 or less at the end of the next business day* *With Chase Overdraft AssistSM, we won’t charge an Overdraft Fee if you’re overdrawn by $50 or less at the end of the business day OR if you’re overdrawn by more than $50 and you bring your account balance to overdrawn by $50 or less at the end of the next business day (you have until 11 PM ET (8 PM PT) to make a deposit or transfer). Chase Overdraft Assist does not require enrollment and comes with eligible Chase checking accounts. |
See all Chase Total Checking offers and all other Chase offers here.
See all Huntington Asterisk-Free Checking offers and all other Huntington offers here.
See all Huntington 5 Checking offers and all other Huntington offers here.
See all Chase Premier Checking offers and all other Chase offers here.
 • Earn $300 when you receive direct deposits totaling $2,500 or more within 60 days • Get more from your checking account. With TD Beyond Checking with Payback Plus, you'll earn interest and get reimbursed for non-TD ATM transactions, Overdraft Payback and more. • Monthly maintenance fee waived when you receive monthly direct deposits of $5,000 or more within a statement cycle, or maintain a minimum daily balance of $2,500, or a combined balance of $25,000 across eligible TD accounts. • TD ATM fees waived at any ATM and non-TD fees reimbursed when you keep at least a $2,500 daily balance • Get overdraft fees automatically reversed up to two times a year. • Get your money where it needs to go —fast— with Rush Bill Payments, Send Money with Zelle®, incoming wires and a reimbursement for one outgoing wire (domestic or international) per statement cycle. • TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring. • Monthly maintenance fee waived on one TD Simple CheckingSM account and any Savings accounts. Plus, get free standard check orders, money orders, official bank checks and stop payments. |
See all TD Bank Beyond Checking offers and all other TD Bank offers here.
 With the TD Convenience CheckingSM Account: • Earn $200 when you receive direct deposits totaling $500 or more within 60 days • Low minimum daily balance of $100 waives the $15 monthly fee. • Students and young adults ages 17 through 23 get additional perks like no minimum balance requirements and no monthly maintenance fee. • Instantly replace a lost, stolen, or damaged debit card by visiting a TD Bank location near you • Access accounts via Online Banking with Bill Pay, Online Statements, Send Money with Zelle and TD Bank Mobile Deposit. Plus, get 24/7 cash access at TD ATMs in the U.S. and Canada and around-the-clock Live Customer Service. • TD checking accounts come with an instant-issue debit card - and, you can pay with confidence with contactless technology Visa Zero Liability protection and 24/7 fraud monitoring. • Get a 0.25% discount on TD Bank Home Equity and Personal Loans. |
See all TD Bank Convenience Checking offers and all other TD Bank offers here.
Compare Savings Account Options
CIT Bank Savings BuilderDiscover Online SavingsUFB High Yield SavingsAmerican Express Personal SavingsHSBC Direct SavingsChase SavingsSM
Learn more about CIT Bank Savings Builder from CIT Bank. Our full list of CIT Bank bonuses here.
 Open a Discover® Online Savings Account for all these features: • Earn high interest rate of 4.10% APY • No minimum opening deposit, no minimum balance requirement, and now no fees • Interest on Discover Online Savings Accounts is compounded daily and credited monthly • Manage your account online or with the Discover mobile app • FDIC insurance up to $250,000 • See advertiser website for full details |
See all Discover Savings offers and all other Discover offers here.
 • Earn up to 0.61% APY with interest compounded daily and no monthly fees with the Axos Bank High Yield Savings account • No minimum balance requirements • Free ATM card upon request • $250 minimum opening deposit • Free Incoming Wires |
Learn more about UFB Direct here from Axos Bank. Our full list of Axos Bank bonuses here.
 With the American Express® High Yield Savings Account: • Earn 4.10% APY as of 10/2/24 on your deposits. Your High Yield Savings account earns interest daily and is posted to your account monthly. • Links easily with your current bank accounts. No need to switch banks. • FDIC Insured. Your account is insured to at least $250,000 per depositor. • 24/7 Account Access |
Learn more about American Express High Yield Savings and the latest Amex credit card offers here.
Read our review about HSBC Direct. Our full list of HSBC Checking bonuses here.
See all Chase Savings offers and all other Chase offers here.
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Bottom Line
Does your bank have these basic features? Be sure to do your research and take the necessary precautions. If it turns out your bank isn’t up to par, then maybe the solution is to open a new bank account.
For more variety of options, see our list of the best bank account bonuses & savings account offers right here on HMB!
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