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How to Choose a Bank That Works for You

Not all banks are built the same. Here’s how to figure out what you need, which type of institution can deliver it, and why you should consider online banking.

Between national banks, credit unions, regional banks, and a growing wave of online options, choosing a bank can be overwhelming. And since most of us don’t switch banks often, getting it wrong can mean low interest rates, unnecessary fees, or a sub-par digital experience. 

Whether you’re opening your first account or expanding to a second institution for better rates, here’s what to look for, which type of bank is best suited to deliver it, and how to match your priorities to the right option.

Your Savings Can Earn More Than You Think

Forbright Bank Growth Savings is a high-yield savings account with no fees, unlimited transfers, and a rate that leaves the national average in the dust.1 Put your money to work without complicating your life.

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Define Your Bank Needs 

Before you compare banks, it helps to know what you need. These are the categories worth thinking through. 

Savings and goals. If you’re building an emergency fund or saving toward something specific, a high-yield savings account will put your money to work far better than a standard savings account. For example, Growth Savings pays a competitive rate to help you earn more faster. The difference in interest earned over time is significant. For longer-term goals, open a CD like Growth CD to lock in a strong rate. 

Checking and everyday spending. A good checking account handles direct deposits, bill pay, and daily transactions without charging you for the privilege. Look for things like good customer service, a mobile app to make transactions on the go, and no monthly maintenance fees. 

Security. In the United States, make sure that any institution you bank with is FDIC-insured, which will protect your deposits up to $250,000 per ownership category. Also, check that debit and credit cards come with standard fraud and purchase protections through Visa or Mastercard networks.  

Great customer service. The quality of support matters more than most people expect until they actually need it. Responsiveness, availability, and a track record of resolving issues fairly are all worth researching before you commit. 

Convenience. If you manage your money digitally, a well-built mobile app isn’t a nice-to-have — it’s essential. Check the bank’s app rating in your app store before opening an account. Look for mobile check deposit, instant transfers, and clean account management tools.  

Community and values. If it matters to you where your deposits go, consider whether the bank has a demonstrated commitment to the communities or causes you care about. Forbright Bank has a strong commitment to building a brighter future and is a partner of the National Park Foundation.  

8 Questions to Ask Before You Open a Bank Account

Use this checklist to clarify what you need and spot the red flags before they cost you. It takes five minutes and saves a lot of second-guessing.

Get the Checklist

Consider Must-Have Features 

As you think about the right bank for your needs, consider your own personal criteria for what makes a good bank. You may want to put some of these specific features on your must-have list.  

Competitive interest rates. The national average savings rate is low, less than 0.01%.1 High-yield savings accounts, most often offered by online banks, can pay significantly more. Growth Savings is a top-rated high-yield savings account that offers a competitive interest rate with no minimum balance requirements. 

Safety. Make sure your bank is FDIC-insured so your deposits will have the full protection of the U.S. government, up to $250,000 per ownership category.   

No or low fees. Read the fine print. Monthly maintenance fees, overdraft charges, and minimum balance requirements can offset any interest you earn. But avoiding bank account fees can help you save significantly more money.  

A user-friendly digital experience. If you’re managing money on your phone, the app matters. Look for mobile check deposit, instant transfers, and intuitive account management. Forbright Bank’s mobile platform has earned recognition from US News, Money, Bankrate, and The Motley Fool for both competitive rates and digital experience.   

You probably won’t find one bank that does everything for you. That’s fine. A multi-bank setup may be the best solution. 

  • Online bank: Open a high-yield savings account and a CD at an online bank. Put your emergency fund in a high-yield savings account like Growth Savings so it earns while it sits. Put long-term savings in a CD like Growth CD for a locked-in rate. With online banks like Forbright Bank, opening an account only takes a few minutes. Consider also opening a checking account that comes with a debit card, unlimited transactions, bill pay, mobile check deposits, ATM fee reimbursement, and no transfer fees. 
  • National bank or community bank: It’s a good idea to keep a checking account at a national or local bank if you have cash transactions or want to build a banking relationship for future borrowing, such as a mortgage or car loan. You’ll also need an external account to link to your online bank accounts for fund transfers.  

It may sound like a lot to manage, but once you’ve opened the accounts and downloaded the apps, day-to-day banking activity is straightforward. When you actively participate with your accounts, you may end up with better rates, lower fees, and more flexibility than any single institution could offer.  

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

1 https://www.fdic.gov/national-rates-and-rate-caps 

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