How to Choose a Bank Account That Fits
Slide your foot in, take a few steps, and right away you know if the shoe fits. Snug, but not tight. Room to wiggle, but not loose. You know that just right feeling.
Shouldn’t it be just as simple to know if a bank account fits?
Unfortunately, when it comes to banking it’s easy to be fooled by false comfort. Nobody ever taught you that one size doesn’t fit all when it comes to banking. You can outgrow your account. Or you could be paying unnecessary fees because your account doesn’t fit your lifestyle.
At Fortifi Bank, we believe banking should be comfortable. Consider these questions to help determine the account that’s right for you.
What goals do you want to achieve?
Are you looking for an account to keep track of your bills and day-to-day spending? Or a safe place to grow a nest egg, emergency fund, or your child’s college fund? All the above?
If you aren’t sure, weighing your checking account options is often a great place to start. Then, you can add on savings accounts to complement your needs.
Take it one step further and create automatic sweeps from checking to savings to grow your wealth organically.
Will you have direct deposit coming in?
Direct deposit is a safe and convenient way to receive payments into your account electronically instead of paper checks. Salaries, government benefits, and tax refunds are commonly paid through direct deposit.
Besides adding convenience, direct deposit may help you avoid maintenance fees on certain accounts. Be sure to review all account requirements prior to opening.
If you don’t plan to have direct deposit, we recommend looking for an account that won’t charge fees without it – like Simple Checking.
How much money do you plan to keep in the account?
Many checking and savings accounts have a minimum opening deposit (the amount required at account opening) and an average monthly or daily balance. It’s important to know these details to avoid being charged fees.
It takes some planning and oversight, but it may also come with benefits – such as earning interest on that balance or nationwide ATM fee refunds. Usually, the higher the balance requirements, the higher interest rate you can earn.
Fortifi Bank’s Advanced Checking, Advanced Savings, Elite Checking, and Elite Money Market are examples of accounts that have balance requirements but also pay competitive interest on balances.
If you’re just getting started or don’t feel confident in maintaining a required balance, consider free accounts like Simple Checking and Simple Savings.
Are you open to eStatements?
Once viewed as an optional service for digital-savvy clients, eStatements are now the recommended statement delivery method for everyone because of their safe and convenient nature.
eStatements are secure, environmentally friendly, and eliminate the paper trail fraudsters use to steal personal information. Best of all, they’re available 24/7 within online and mobile banking – making searching for bank statements in stacks of paper a thing of the past.
Many accounts require eStatements or will charge a monthly or quarterly fee to cover the cost of paper statements. Fortifi Bank waives paper statement fees for clients age 55 and up and age 18 and under.
Do you use a debit card? Will you need checks?
Speaking of convenience, you may wonder how to access the funds in your account.
For checking accounts, the answer is a debit card. A debit card grants you 24/7 access to the money in your account by swiping at checkouts, shopping online, or getting cash at an ATM. With every transaction you’ll see an up-to-date record in your account within online and mobile banking.
Fortifi Bank clients enjoy a free MasterCard® debit card with any checking account. The card can also be loaded for use with Apple® or Android® mobile pay or person-to-person payment systems.
While free services like Bill Pay can help with managing recurring bills or one-time payments, we understand paper checks may have their place in your life. Checks are always available to order for checking accounts. Some accounts, like Elite Checking, offer checks for free.
