6 Must-Have Features of Good Bank Accounts

Are you thinking about opening a new bank account this year? It may be worth the effort, as long as you make the right change. Switching and opening a bank account can be time-consuming, but if you find one that has the good features below, you are making the right decision.

1. Low Fees

An affordable fee structure should be your priority in your next bank account. Ideally, you should choose a bank that does not charge you any fees. Bank charges eat away at any money you manage to save in your account. Automatic monthly maintenance charges do not help you with your debt either. Free checking is not dead. Go and find it, especially with online banks.

2. Fee Waivers

If your options at a completely free account are not looking well, the next best thing to have is fee waivers. Many banks and credit unions that charge maintenance fees also offer ways to skip those fees. Find out the requirements or criteria and avoid the inconvenient monthly fees.

3. Reasonable Overdraft and Insufficient Funds Options

Check with your bank if you can add optional overdraft protection to your account. In case you have to use it, you can skip paying insufficient fund fees. See what options are available from your bank and find a more affordable solution.

4. Mobile Deposit

Banking apps are very common now, and so convenient. You can view your account balances and move money between accounts. Most banking apps are the same, but one really cool feature to have is the ability to deposit a check just by simply sending a picture to your bank!

5. Online Transfer and Bill Pay

Free online bill pay is a must-have minimum for checking accounts. Another critical feature is the ability to transfer funds to another bank account. Bank-to-bank transfers will offer you a lot of conveniences. P2P payment services are also handy. It is easiest when everybody involved uses the same bank.

6. Free ATM

Cash is indispensable. For those moments when you have to go to the old-fashion route, you want to go to an ATM that does not charge you any fees. At the very least, if you go to an ATM several times per year, you should find a way to minimize these fees or find a new bank that offers you no charges.