With hundreds of banks to choose from, finding the right bank in Texas isn’t an easy task. Consider the following factors when selecting the best bank for your needs.
Pro Tip
Banking is personal, not one-size-fits-all, and sometimes it’s difficult to know if a bank is right for you until after you’ve spent time as a customer. Also, your banking needs may change as your life does. Don’t hesitate to switch banks if you’re unsatisfied with your current institution—it’s relatively easy and can often be done online.
Accounts and Services
Start by determining which type of bank account or accounts you plan to open. Find banks that offer those products and other products you may want to access later.
Common bank accounts include checking accounts, savings accounts, certificates of deposit (CDs) and money market accounts. Full-service banks generally offer additional products and services like loans, credit cards, retirement and investment accounts.
Fees
Banks often charge fees for services and performing specific transactions. Sometimes, you can avoid monthly service fees by meeting account requirements, like maintaining a minimum balance. Other fees your bank may charge include fees for overdrafts, excessive withdrawals, wire transfers, out-of-network ATM withdrawals and late payments.
Paying bank fees is an easy way to undermine the interest earned on deposit accounts. Check if a bank charges fees or offers ways to easily waive fees before opening an account.
Interest Rates
Earning higher interest rates helps consumers maximize their savings efforts. Compare banks to find the best rates. Pay attention to whether interest is earned on all balances or if you must maintain a specific balance to earn the best rates.
Traditional banks generally offer rates comparable to the national average, while online banks and credit unions tend to provide customers with higher rates.
Convenience
When you deposit money in the bank, you want to know it’s safe and accessible when needed. Some banks limit the ways you can access your money. Find banks that provide convenient ways to manage and access your funds.
If you prefer in-person support, a local bank may be best, but many banks offer ways to manage accounts and withdraw or transfer funds online, through a mobile banking app or at an ATM.
Customer Service
There are times when you need the help of bank staff to get answers or access funds. Find a bank that offers customer support based on your preferences. Options may include in-person banking, phone and chat support, and private messaging through your online account. Some banks now offer virtual assistants that can answer general account questions and perform basic tasks.
