It is important to reassess your financial needs periodically. One area that many people overlook is their checking and savings accounts. You may want to take the time to review what products you need, and what products are available to you. You should also make sure that your bank is really the best one for you. Here are five things to consider when assessing your accounts.
1) Do you have the right checking account for you? Even if you do not want to change banks because of direct deposit, lower loan rates for having an account or the length of time you have had an account there, you should still make sure that you are using the right product for you. Many banks offer many different account options in both savings and checking accounts. You can easily pick up a brochure or visit your bank online to see the interest rate, minimum balance options, and other services offered. You can change your account type at your bank without having to change your account number. You simply need to speak to a teller or financial service representative and request that the change be made.
2) Have you considered moving most of your money to a higher yield savings account? Many banks and credit unions offer the same security on a money market account, as a savings account, but the interest rates are much higher. You may want to consider transferring this money to the bank that offers the interest rate on a savings account.
3) How much money do you have in your banking account? The FDIC only guarantees up to $100,000.00 per depositor. Account ownership is taken into consideration, so you may want to speak to a bank representative and have them explain it to you fully. You can also visit the FDIC site. If you are worried that you have too much money at one bank you may want to open accounts at additional banks.
4) Have you considered the fact that you may receive a discount if you have accounts at the banks you have loans with? If you are taking out new loans you may want to consider this in the next year. It also may be worth switching banks to save money on your mortgage interest rate.
5) You may also want to consider how convenient the bank is for you to use. Does it have enough ATMs? Can you visit an office easily? Does it have weekend and evening hours available? Are the people who work there polite and helpful?
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