Banking

Getting More from Banking

Offering protection for your money is one of the biggest priorities for banking institutions. Along with the steps the individual banks take to protect your money, the FDIC protects up to $250,000 of your money. Regardless of what kind of bank account you have, this is protection you will be able to count on.

If you are trying to get more from the accounts you have, it is important to make sure that you are choosing the right bank. Here are a few of the things you should be looking for:

  • Free Checking – Any good bank should not have to charge you to have checking accounts. This is because they make interest off of loans that they guarantee. They also make money off of fees which are attached to accounts for overdraft and other penalties.
  • Interest Bearing Accounts – The standard checking account will not allow you to gain interest based on the money you have in the account. There are high yield savings accounts you can sign up for which will allow you to receive from 0.5% to 3% interest. This may seem small, but it is free money.
  • Online Access – Most banks allow you to enjoy online banking privileges. This allows you to access your account from your computer, phone or tablet. Accounts set up entirely online allow you to enjoy even better rates.
  • Loan Privileges – Most banks offer preferred status to account holders when it comes to loan consideration. You will also be able to enjoy prime interest rates according the market averages.

Along with these, you should ensure that you are getting bank accounts which allow you to make purchases worldwide through money transfers and international services. Major banks like Bank of America make this possible while local banks will have to charge additional fees in order to go through an intermediary financial institution.

Some banks will also offer you access to financial advisors. These professionals offer investment advice. They can also help you to assess your financial goals in order to determine what money you should have in savings at certain ages to retire on time.