Basic Features You Should Expect From Your Bank

When it comes to banking, you now have more choices than ever before: You might store your money at a traditional brick-and-mortar bank, a credit union, or an online- or mobile-only bank. With all that competition, you can afford to be picky — but some financial institutions are hoping you don’t know that.

In this guide, we will breakdown the best basic features you should expect from your bank.

The Top 11 Features All The Best Bank Accounts Offer

1. Attractive Interest Rates 
   • The Federal interest rate hikes of 2017 have resulted in banks offering savings products with higher interest rates, but the best savings accounts offer more generous returns than others, making them attractive options when searching for the best high-interest savings account. Synchrony Bank was named the Best Savings Account of 2017 because it carries a 1.45% APY with no minimum deposit. IncredibleBank offers a savings account with a 1.21% APY but requires a minimum deposit of $2,500.
2. Online  Banking 
   • Having access to your account information whenever you want it, along with the ability to manage your transactions and schedule transfers, is a huge advantage. Find out if your bank offers online banking, and whether a fee is charged. Most banks these days understand the desire for online banking, and provide it free of charge. You can also find out whether your bank offers mobile banking, so that you can use your phone to access your account. If convenience is important to you, online and mobile banking are definite requirements.
3. No Fees 
   • In addition to the best interest rates, a free bank account or accounts with no fees are the most attractive. Many banks offer no-fee checking accounts to stay competitive, and many will waive the fees on other accounts if you meet average daily balance requirements. Top 11 Features All The Best Bank Accounts Offer
   • If you find that you frequently use ATMs not provided by your bank, open an account with a bank that waives all your ATM surcharge fees no matter where you go. You might need to earn the privilege by being a loyal customer or earning a certain status, but the effort can pay off. For example, Bank of America Preferred Rewards clients get all ATM fees reimbursed — even if they withdraw cash from a competing bank.
4. No Minimum Balance Requirements Offer
   • Some banks have minimum account balance requirements. If your cash flow requires low account balances on occasion, look for banks that don’t have any minimum balance requirements on their accounts.
5. Secure Online Banking Features 
   • You don’t have to worry about making it to the bank before it closes when you have an online bank account you can access 24/7. Whether you choose an exclusively online bank or open a bank account at a brick-and-mortar bank that offers secure online banking services, look for the one that offers the most hassle-free online transactions, such as smartphone check depositing, online transfers and other convenient services.
6. Mobile Banking Options 
   • According to the Federal Reserve Consumers and Financial Services 2016 Report, 43 percent of mobile users with a bank account used mobile banking services, an increase over the 39 percent reported the previous year. If your bank is mobile-friendly, you can check your account balance, transfer money and even deposit checks when you’re on the go.
7. Free Checking Account

• • You shouldn’t pay to have a checking account — period.
  • Some financial institutions never charge a maintenance fee on your account. Others charge one if you don’t meet certain criteria, such as having a minimum direct deposit or performing a select number of debit transactions. Watch out for that.

1. Great Customer Service 
   • Choose a bank known for its great customer service, especially if you like to make deposits in person with a teller or you want to see a personal banker at the local branch now and then. If you don’t go to the back often, consider an online bank that offers 24/7 access to a personal banker over the phone. Quality customer service can make the difference between a good bank and a great bank.
2. Free Online Bill Pay  Offer
   • Save a stamp by taking advantage of online bill pay features. Many banks offer online bill payment options where you can set up automatic payments to different payees and schedule payments so you always have funds available.
3. Loyalty Perks 
   • If you tend to stick with one bank for several years, seek out financial institutions that offer perks and incentives for loyalty. The best bank to bank with for your high yield savings account, retirement account, and other long-term accounts might provide checking account offers where you earn privileges like free checks or no fees on accounts for maintaining the relationship for a certain number of years or travel rewards if you meet balance requirements.
4. Bonus Offers 
   • Look for bonus offers such as new bank customer promotions and introductory offers. Some of the best checking accounts and best online savings account promotions give you a cash reward. For example, you can get up to $350 deposited into your account by opening a Chase checking account with direct deposit and a new savings account with a deposit of at least $10,000. This can be an easy way to get rewarded for starting a new banking relationship.

Author’s Verdict

Having trouble choosing which bank account to open? It can be a hard choice considering the variety of different accounts with different features out there. Hopefully our post on The Top 11 Features All The Best Bank Accounts Offer helped you. If you don’t have a savings account, see our best savings account section. Looking to add a little extra income each year? If so, see our list of the best bank deals, bonuses, and promotions!