Do you have the best bank / credit union accounts? How can you tell which is best for you?
For your bank / credit union account, you want to earn the highest interest rate (paid to you) with no (or the lowest) fees. Start by looking at what you currently have – how much are you earning and paying? Once you know this information, you have a starting point. Now compare that with what other’s offer. Can you do better? Don’t forget while looking compare both local, out of state and virtual banks / credit unions. What would you have to do to eliminate all fees?
Keep in mind, that the bank and/or credit union you are looking at must (non negotiable) be FDIC (Federal Deposit Insurance Corp.) for a bank or savings and loan. Credit Unions are insurance through NCUA (National Credit Union Administration). This protects your money up to $250,000. Once you confirm this, then look at how you earn interest and what fees are involved before making your choice.
Personally, we bank both locally and virtually. We earn interest on both our checking and savings accounts with no fees and do NOT have to carry a large balance in the account to do this. So if we can do this, you can too.
Other quick tips, that may help you:
- Don’t link your savings account to your ATM / Debit card
- Set up automatic savings deposits with each and every paycheck (pay yourself first).
Remember, that every penny your earn or save is more money in your pocket. Those pennies add up.