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.
- 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
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.
Compare Savings Account Options
With the CIT Bank Savings Builders account:
• Earn a top tier, competitive APY on your money—one of the top savings rates in the nation. Earn up to 1.00% APY on your funds - grow your savings faster.
• Build a habit of savings. Pay yourself first. Start with $100 per month and build your habit of savings-—all while getting a top rate.
• FDIC Insured
Open a Discover Online Savings Account for all these features:
• Earn $200/$150 Bonus with promo code HMB923 by 12/14/2023
• Earn high interest rate of 4.30% 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
To get your $150 or $200 Bonus: What to do: Apply for your first Discover Online Savings Account, online, in the Discover App or by phone. Enter Offer Code HMB923 when applying. Deposit into your account a total of at least $15,000 to earn a $150 Bonus or deposit a total of at least $25,000 to earn a $200 Bonus. Deposit must be posted to account within 30 days of account open date. Maximum bonus eligibility is $200.
What to know: Offer not valid for existing or prior Discover savings customers or existing or prior customers with savings accounts that are co-branded, or affinity accounts provided by Discover. Eligibility is based on primary account owner. Account must be open when bonus is credited. Bonus will be credited to the account within 60 days of the account qualifying for the bonus. Bonus is interest and subject to reporting on Form 1099-INT. Offer ends 12/14/2023, 11:59 PM ET. Offer may be modified or withdrawn without notice.
• 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
With the American Express® High Yield Savings Account:
• Earn 4.30% APY as of 9/27/23 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
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.