Are you unhappy with your current bank? If you are looking around to get better financial services somewhere else, you could start out by looking for one of the more basic financial tools that just about everyone needs: a checking account. Here's why it might be a good idea to look into opening a new checking account at a new bank.
Get a Bonus
Banks are always looking for new customers and a new influx of funds for their holdings. In order to attract new customers, some banks will offer bonuses in exchange for someone bringing in new money to the bank. The way these bonuses typically work is that the more money you deposit into your new account, the larger bonus you may be eligible to receive.
Eliminate or Lower Your Banking Fees
Have you had to deal with overdraft fees, fees for new checks, fees for not having a minimum balance in the account, and so on at your current bank? Every financial institution has its own guidelines when it comes to which fees it charges but taking the time to look around may allow you to find a bank where you will get charged fewer fees overall within your specific use case. For example, if you prefer to keep the most money in an investment portfolio and only keep just enough money in your checking account for upcoming bills, look for a bank with no minimum deposit amount in order to avoid a fee.
Better Customer Service
Have you had issues at your bank in the past where you have not gotten the customer service you thought you deserved? Is your bank moving so hard into online banking that they don't even have regular hours in the branch anymore for customer service representatives? It may be possible to get better customer service by looking around for another bank that is better positioned to fit your specific needs.
Better ATM Access
Did you recently move to a new location like a new city or new state? Is your old bank not really present in your new city as far as branch offices or ATMs? If you find yourself paying fees for using other bank ATMs, you might want to just open a checking account at one of these banks in your new place so you can avoid future issues.
An Account for Your Side Hustle
Are you starting a small business or side hustle from home? You might consider opening a new personal checking or business checking account in order to keep all funds having to do with the side hustle completely separate from your regular bank account. This can help you more clearly see how the new business is doing and may also help you out during tax season.
Unfortunately, personal finance is not a subject that is widely taught in schools. And yet, to be a functioning adult in society, you need to know the basics about earning money, saving money, taking out loans, paying interest, and so forth. Money makes the world go 'round, and you won't get very far in the world without a basic money education. There are many ways to learn more about money, from reading books to visiting a personal financial advisor. You can start by reading some of the articles on this blog, which address a wide range of financial topics for people in every situation.