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1. Identify the type of account you need - 8 tips for choosing a new bank


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1. Identify the type of account you need

Banks offer many different types of products and services. Trying to compare all of them at once could seem overwhelming. A good place to start is deciding which type of account you want to open based on your financial goals and priorities.

If you’re interested in saving more money, you could open a high-yield online savings account. The Federal Reserve has cut interest rates twice so far in 2019 and many banks have lowered savings account yields. But compared to their brick-and-mortar counterparts, online banks are still offering competitive rates.

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 banksMoney 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.

As you’re doing your research, knowing what you want out of a bank can help you narrow down your list

bankrate.com

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