My husband and I decided when we got married to have most of our money in a joint checking and savings account. We both had free checking accounts with a national bank that we continued to used for our individual accounts. There no fees, but it didn’t offer much else.
For our joint accounts,though, we were looking something a bit better. We opened a checking and savings account with Bank of America. Within 6 months of having the account, we had problems with it – bank fees, wrong accounts being debited, and rude customer service representatives.
We decided we needed to go ahead and make a switch with our bank accounts. It was important to us to make sure our money was working for us instead of spending our time correcting errors and watching it grow slowly.
Finding the Checking and Saving Accounts We Needed
We started by asking around with friends, family, coworkers, and other students to see if anyone recommended their bank. I was a bit surprised to see that most people weren’t that enthused about their own accounts. I did find a few for a local credit union that I already had a savings account with.
The problem was that we wanted a bank or credit union with plenty of ATM access and at least a regional presence.
Bank Features We Needed
We were on the lookout for a FDIC (or NCUA) insured checking account that would do the following:
- No monthly maintenance fee
- $0 required minimum balance
- Free online billPay service
- Conveniently located ATMs
- Earn some interest rate if possible
We considered both national banks, regional banks, online banks, and local credit unions in our search. We also wanted a savings account that would earn more interest than what we were getting. We also were looking for a reputation of good customer service since Bank of America left a bad taste in our mouths.
We definitely had a big wishlist for banking, but we figured if we found what we were looking for we could move the money there and not stress about switching for awhile.
Looking at Online Banks
After researching a bit, we finally decided to go and open accounts with ING Direct. After opening a savings account to try it out, we then moved to their Electric Orange checking account. It offered interest and free online bill pay. Honestly the ‘no paper’ feature seemed a bit inconvenient, but we went for it.
If you want to open a checking account with$250 or more using a referral from a member like myself, you’ll get $25 bonus. Whoever referred you would get $10 as a thank you. It’s a nice win-win situation. I ran out of codes for savings accounts, but several personal finance bloggers have them available.
It’s been a few years since we made the switch to ING Direct and we have been very happy with the level of service they have given. While they do not have the highest interest rate now compared to some other online banks, the customer service has been great.
Other Online Bank Options
If you don’t like ING Direct, but are looking at online banking as an option, here are some popular ones right now:
Perkstreet Financial: Best Debit Card Options
Another option is PerkStreet Financial’s SMVisa® Debit Card. With unlimited access to 37,000 free ATMs, you can eliminate ATM fees and still have easy access to your money. Perkstreet isn’t a bank; it work Bankcorp Bank and FDIC insured bank with its accounts. What I really like about Perkstreet is the fact that you can earn rewards with a debit card. For those who are avoiding credit cards yet would like to get some rewards for their monthly spending habits.
For example, if you’re a coffee lover, every $100 you spend at Starbucks or Dunkin’ Donuts can get you $2 back. I think if you’re already going to spend the money, getting a bit back is a good thing.
Look at Bankrate to compare checking and savings accounts. You should be able to find something to suit your needs.
Thoughts on Finding the Right Bank or Credit Union
We’re curious to hear your take on banking. How do you feel about your bank or credit union’s service? What is the best bank out there right now? What’s the worst?
Photo Credit: nikkinoguer
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