When it comes to managing your finances, one of the most important aspects is finding a bank you can trust to take care of your hard-earned savings. One bad move from a bank, and your funds can suddenly be much harder to access, and in a much worse spot. So how do you know which banks are trustworthy and will take good care of you, and your money?

In a year where digital banking became even more relevant and widely used than it already had been, this trust became even more important with the inability to physically go in and withdraw your funds if you wanted or needed to. Digital banking, while much more convenient in many ways, also offers a higher concern for security, with digital outages, fraud, and hacking even more prevalent. Each bank is going to handle digital banking security in different ways, but knowing which one has the highest trust, and is the safest for your funds, is important knowledge. According to a study done by Insider Intelligence, “the US banks with the highest levels of digital trust in 2020 are PNC, Chase, and Citibank.” These banks were rated by security, privacy, reputation, ease of use, and several other categories, with the results compared against each other, showing clear advantages to different banks.

(https://www.businessinsider.com/us-banking-digital-trust-study).

However, this is just one study, and while this is a good look into what those banks may be like, how can you find a bank that you like and trust for your use?

There are many things to consider when choosing a new bank, and all of these can affect which one you end up going with. For instance, the type of account you are planning to open could change which banks you would look at, depending on who has good offers for that specific type. “Perhaps you’re looking to replace your checking account. If that’s the case, you might want to go with a bigger, traditional bank that has multiple types of checking accounts to choose from. Or you may want a high-yield checking account like the ones often offered by credit unions and community banks. Money market accounts — hybrid accounts that may have check writing privileges, but allow for a limited number of monthly transactions, like savings accounts — are another option, but aren’t offered by all banks.”

Prices and fees are also an important thing to consider. If one bank offers a service for a certain amount, but a different bank offers a similar service for less, finding out whether the differences are worth it can save you quite a bit of money in the long run. In some cases, it might be worth it to go for the more expensive option, but in some, it might not be. It is good to make sure you are going to get a good deal. “Since online banks have few (if any) branches, they have fewer operating costs. That’s why they usually don’t charge as many fees as brick-and-mortar banks.”

Convenience and accessibility are also important to keep in mind. If the only ATM for a specific bank is across town from you, you may want to look at different banks that have locations nearer to you, for your own ease of use and convenience. “Data indicates that branch offices in convenient locations is the most common reason why a consumer selected their primary financial institution.”

Of course, these three aspects are not the only things that you should look at when choosing a new bank, but most of them boil down to doing your research. Look into the different banks you are considering, and think about the pros and cons of each of them. The best way to find a bank that will work for you, is to keep your specific wants and needs in mind when looking into each of them. Make sure you know the information that you need about the bank before you sign up for an account with them, and you’ll find a bank you can trust and work with.

(https://www.bankrate.com/banking/savings/8-tips-for-choosing-a-new-bank/).

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