8 Questions to Help You Find the Right Bank for You

Where you choose to bank is a big deal, especially with so many options, from larger sized, to digital-only, or even credit unions. And the difference could mean helping you earn hundreds, even thousands, of dollars a year.

Asking questions is one of the best ways to assess your current bank and find an option that best fits your needs and your values.

1. Are My Deposits Insured?

In the unlikely event something goes awry, you’ll want to ensure your deposits are at an FDIC insured bank. That means you are automatically covered up to the FDIC established limits.

Forbright Bank, for instance, is FDIC insured, meaning depositors are covered up to at least the standard insurance amount of $250,000 per depositor, per account category. Learn more about your FDIC coverage based on account categories by accessing the FDIC calculator.

2. Can I Grow My Savings Here?

It’s important your money doesn’t sit stagnantly in an account when you could be earning more in an account that offers a competitive APY.

Annual percentage yield (APY) is the annual rate of interest earned on your balance. Some checking and traditional savings accounts may offer APY, but it’s typically pretty low. To really make a difference for your money, look to high-yield savings accounts.

For example, Forbright Bank’s Growth Savings is committed to paying a competitive rate to ensure you’re earning even more.

3. What’s My Money Being Used For?

All banks lend money to customers, businesses, and projects to keep the economy growing.

At Forbright Bank, we’re on a mission to build a trusted and responsible bank for a brighter future. That’s why we finance millions in solar installations, green building upgrades, and accessible healthcare – all while helping you save more. We also support environmental leaders like the National Park Foundation.

To learn more about the difference we’re making, check out our Impact Page and read about some of the partners we work with.

4. What Fees Do I Need to Know About?

When shopping for accounts, look for a fee schedule. A fee schedule lists all the fees and charges you need to know before signing up for an account.

Some of the common banking fees you’ll want to keep an eye out for include:

Ultimately, when asking your bank about fees, think about how you’ll use the account and access your money.

The easiest route, of course, is to avoid fees altogether. Forbright Bank’s Growth Savings account doesn’t charge any fees, which could save you approximately $5 to $14 per month. For example, this might seem like a small amount, but with an account earning an interest rate of 4.75% compounded monthly, by paying $14 per month in account fees, you’d miss out on more than $106 in interest over five years.

With fees, your loss over five years, including the monthly fees and the interest, would total almost $950.

5. How Do You Support Communities and Important Causes?

It always feels good knowing banks support the communities they serve, especially when the causes align with your interests and values.

At Forbright Bank, we support local and national nonprofit organizations through corporate donations, strategic partnerships, and by encouraging employee volunteerism — to help build a brighter future for all.

In 2023, Forbright Bank employees volunteered approximately 3,000 total hours, and the bank contributed $1 million to 80 nonprofits.

Beyond the numbers, Forbright Bank supports a variety of organizations, including the Entrepreneurs of Color Loan Fund through the Local Initiatives Support Corporation, which helps fuel small business growth across the United States. We also hold an annual Sustainability Summit in partnership with the Black Student Fund, a weeklong program for high school students to put together a sustainable project plan of their own.

In 2024, Forbright Bank announced support for the National Park Foundation with a $250,000 donation to help fund its mission of protecting public lands and connecting more people to the country’s 400-plus national park sites.

6. Can I Talk to Real Humans if I Ever Need Help?

While there is convenience in automated services, when it comes to your finances, it’s sometimes important to speak with a real human. When choosing a bank account, see if it offers more than an automated chat service. For example, there are several convenient ways for customers to contact our Growth Savings team. A team of dedicated Growth Savings agents are available to help you with account questions Monday to Friday, 8 a.m. -8 p.m. ET, except for holidays. If you’d prefer to send a message, you can send an email or communicate via a secure message through the bank’s online portal.

7. How Does the Bank Take Care of Its Employees?

The way that an employer treats its employees can indicate the company’s values. Look for a bank that provides opportunities for each employee to grow professionally and builds an inclusive team that includes diverse perspectives and voices, which can make the company stronger and more resilient.

Consider choosing a bank that is committed to employees’ wellbeing and engagement with their communities. For example, Forbright Bank provides each employee with generous paid time off, in addition to 24 hours paid leave per year for volunteering and has been recognized by the Washington Post as a Top Workplace for two years in a row.

8. How Can I Open an Account?

If you find a bank account that’s checking all your boxes, see what steps you need to take to open an account. This might seem like a big task, but with the right bank, it should be a simple process.

If you’re interested in a Forbright Bank Growth Savings account, you can apply online in just a few minutes. Once you’re approved, it’s easy to transfer money into the account to start earning that competitive APY the same day the transfer is received.

Once you’ve asked these tough questions, you can feel confident you’ve opened an account that best serves your financial needs.

Disclaimer: This article is for general information and education only. It should not be
considered financial or tax advice.