Banking 101 – Banking Options to Consider

Do you truly know the benefits and options available to you when it comes to where you bank? Surprisingly enough, most people just associate their bank with having a simple savings or checking account, and that’s about it. While there is truth that those may be the most common accounts that many people use, there are so many other ways to utilize your bank and all of their options. Take the time to educate yourself on your banking options! You may be surprised at just how many crucial financial avenues you are overlooking.

Banking 101- Banking Options to Consider 

  • Checking accounts. Who knew that there were so many options for checking accounts out there? Keep in mind that not all banks are equal when it comes to this. What you should be focusing on is a bank that doesn’t charge any type of fee to use their checking account. There are too many banks out there now that offer free checking that the point of charging a fee to use an account through a bank is getting further and further away. In addition to making certain there are no fees, see what kind of APR the bank can offer you for your money that you have sitting in your account. Typically the rates aren’t large, but every little bit helps and depending on your balance, can really start to add up. And if you want to try to use a credit union, they may have an option for what’s known as a high yield checking account. Basically, it comes down to the fact that the larger balance that you have in your account, you can earn a higher percentage of APR. Again, this tends to be higher in credit unions, so ask and do your research accordingly.
  • Savings accounts. These type of accounts represent exactly what their name states. They are made to save money to use for a later point in your life or as needed by you. The beautiful part of being able to have a savings account at your bank is that it’s yours to use, as you please. There are no fees associated for having it, maintaining it, or pulling out money for a later point in time. In fact, it’s pretty much an account that many have and use sparingly while also gaining interest. Be sure to shop around and find the best savings account rates when looking for a bank. While some banks require a minimum balance, it’s usually pretty doable to maintain. A great perk about having your savings account and your checking account together at the same bank is that you can do a transfer to have money deposited from one to another very quickly and easily, and usually without any type of transfer fee. Talk about a great way to be able to bank from your digital world, no matter where you may be located!
  • Online Banking. Speaking of using your banking options from no matter where you are…Welcome to the world of online banking. It’s a great feature that if you aren’t utilizing fully, you should be. Being able to manage your accounts, your balances, and pay your bills without ever having to physically step foot inside your banking institution is a great and amazing option to have. Some banks have even taken it a step further and allow you to take a picture of the physical check that you have in hand that you want to deposit, and that’s literally all you have to do. Once you take a picture, it’s deposited into your account in the exact same fashion as if you are there depositing it in person. Not only does online banking make managing your finances super simple, it takes away the anxiety of never knowing exactly what you have in your account. At any point in time, day or night, you can log into your bank account and know the balance, the pending charges, or transfer money from account to account. 

When it comes to the world of banking, make certain to educate yourself and understand all your options. The more that you can utilize the free resources from your bank that are there for you to use, the better. Anything that your banking institution can do to make your leave easier from a financial management perspective, the better!