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How To Choose The Best Bank For You

How To Choose The Best Bank For You

Contributions done by Justin Martz & JW Rayhons 


Life is constantly full of choices. These choices range in importance and priority. Since one of the most important aspects of our lives is our finances where we decide to keep our money is a decision that should not be taken lightly. We want to ensure that our hard earned money is being kept in the best place for the best deal, that our best interests are being considered and that we are being given access to the most current technology and the best options for us and our individual needs. 

This article is designed to help you make the best decision in where you bank. This article isn’t endorsing any specific bank but instead helping you think through some of the biggest factors to choose the bank that is best for you.  

First, it’s important to keep in mind that all banks and credit unions basically offer the same products. Products such as checking and savings accounts, CDs, Credit cards, investment products and loans are the bedrock of banking institutions. Although these may vary slightly the differential in the bank you choose should be based on a handful of other factors:

Customer Service 

The first factor to consider should be service. The customer experience is a hot topic in banking. How you feel when you enter a bank matters. Are you greeted? Do they use your name? Do they seek to know you? Do you have a banker who knows you and is there to help you? How you feel matters and having a banker that knows you and understands your goals should be a difference maker for anyone. Find a bank that seeks to know you, that understands your goals and that helps you reach them. 

Adapting to New Technology

The second factor is technology. How is the bank keeping up with today’s technology? There is so much change in our world today. Included in this is change in banking, the way we bank, how we access accounts, make deposits, etc. It’s vitally important for a bank to be current with technology and excited to teach their customers the options of how they can bank. Adapting to change is a must for a bank in today’s world. How is your bank changing and adapting? Is your bank keeping up with current technology and helping you adapt to that as well? 

Get the Best Deal

Third, are you getting the best deal? It’s important to look at the fine print. What are the fees for accounts, minimum balances, rates on deposits, rates on loans, etc? We work hard for our money. Don’t waste money by paying unnecessary fees and not getting the most interest you can. Make sure you are reviewing the fee and information schedules and that you know how much you will pay in fees and receive in interest. 

Make Sure it’s Right for YOU

Finally, does your bank fit your needs? Every individual, every business owner, every family, etc is unique. What you need may be different from what others need. Some banks have specialty bankers and some banks specialize in different things including business, high value, etc. Find a bank that fits your needs, seeks to understand your needs and ask yourself what do they offer based on your individual needs? 

Whether you currently have a bank or not take time to think through these 5 factors. Which bank will give you excellent service, help you with your goals, offer you the best possible options and technology, give you the best deals and fit your needs? Since these questions are different for everyone the answer will vary for each of you. Thinking through these will give you confidence in where you bank and give you the peace of mind that you deserve regarding your well earned money. 



There are a number of sites you can visit to find the best banks in these categories. Here are a few: 






There’s more to life than money! The Rayhons Financial family are professionals that want to help you. Connect with us for an initial conversation, call us at (480) 507-2425 or contact us online. We’d love to meet you.      


Justin Martz is a Non-Registered Associated Person with Cetera Advisor Networks, LLC. Justin cannot offer securities or advisory services.


 The content in this article was prepared by the article’s author. Cetera Advisor Networks, LLC does not endorse its content, and the views expressed may not necessarily reflect those held by Cetera Advisor Networks, LLC.