Are you planning to open a savings account or a checking account? Do you know how to determine a good and reputable bank? Are you afraid that your chosen bank might close its door and file bankruptcy like other banks? If so, read the article below to gain information on how to choose a healthy and financial stable bank for you.

Previously, banks are known to be the best treasurers and keepers of our hard earned money, but with the onset of financial crisis, many companies closed down, while others dismissed some of their employees to cut on costs, to survive and to stay open amidst the dire financial condition.

With the present state of economy, it is very hard for us consumers to trust our savings on any type of banks because even these institutions are not exempted from bankruptcy and insolvency.

Selecting a bank is a crucial and difficult choice and it should not be affected or influenced by press releases, advertisements and even recommendations by friends and colleagues. Before you open a new bank account, you should use the Internet to conduct research and to know the financial standing and overall health of the bank where you intend to invest your money.

Things to consider in choosing a bank:

* Location – Choose a bank which has a convenient location.
* Services – Before signing in for any of their products, make an inquiry of the different types of products and services it offers and weight in their advantages and disadvantages.
* Interest rate – Before you open a new account, know how much interest rate the said bank offers for your deposit, such as time deposit, savings deposit or checking account.
* Financial performance – Know the financial standing of the company. How much is the bank’s net worth? How much is the bank’s liabilities and assets?
* Service Charge – Determine how much is it charging for a specific transaction like making online bills payment, electronic commerce and many more.
* Automated Teller machine (ATM) – Know if the bank has ATM. This type of service is advantageous to consumers especially when making withdrawals on holidays, weekends and during emergencies.
* Value cards – Inquire if the bank offers debit cards or credit cards. These cards come in handy and prevent you from bringing huge amounts of cash.
* Savings accounts – Know what different types of savings accounts it offers, like time-deposit, savings account and current deposit. Inquire about their respective interest rates.
* Online banking – Inquire whether the bank offers online banking and electronic commerce.

Steps in knowing the financial status of a bank:

* Before you decide to open an account in a bank, you should conduct research to know the financial standing of the bank. You can inquire from the Federal Deposit Insurance Corp. (FDIC) or local bank associations.
* You can also use the Internet to read reviews from the bank’s clients.
* Be attentive and be observant on current news about banks.
* Know about their financial ratings and rankings. Know how they managed to cope with the onset of recession.

Author Bio: Hannelore Willingham enjoys writing for Riverrocksvcs.com which offers information on bank marketing and incentive marketing as well as a host of additional services.

Category: Business
Keywords: bank offers,financial stable bank,financial standing,savings account