The banking industry has changed a lot in the last 10-20 years – not by plan, but by necessity to survive. If you're old enough, think back to what a bank did for you 20 years ago. You constantly walked into their building each week with a paper check to deposit, and you may have even made a stop in there at least one other time that week to make a small withdraw for an unexpected purchase. You were constantly in communication with the tellers and they may have even known your name. It was a fun, friendly, and helpful atmosphere.
What is the bank like today? Let me ask you this – When is the last time you set foot inside of a bank? I know I haven't been within the four walls of a banking institution within the last couple of months for sure. It may have been longer ago than that. With the help of direct deposit, ATMs, and virtual check deposits, there is hardly a need to drive over to a bank these days. The tellers do not know your name and the atmosphere is sub-par much of the time. So what sets one bank apart from another? Interest percent and limited mistakes.
Do You Hate Your Bank?
If you are constantly telling people how much you hate your bank, chances are that they mess up a lot; they make simple matters complex, and your earnings per year are terrible. My sister was talking about her bank the other day. They didn't necessarily make a bunch of mistakes, but she just wasn't getting any return for allowing them to use her money for a profit. She consistently has thousands of dollars in the bank, but at the end of the year she discovered that she only earned $7.42 in interest! Now that is lousy! There are so many banks out there that are offering more money to house your dollars with them. Heck, I only averaged about $5,000 in my checking account this year and it earned me $150 extra dollars! That's some pretty good cash for doing absolutely nothing!
Check Out Your Options
If you are interested in a better interest rate on your money, take a look at the banks below:
- Heartland Bank: 3.00% on the first $15k
- Lake Michigan Credit Union: 3.00% on the first $15k
- Coulee Bank: 2.55%
- Cross Keys Bank: 2.05% on the first $10k
- Westfield Bank: 2.01%
- Farmers Bank & Trust: 2.01%
- Bank of Wichita: 2.00% on the first $10k
If you are purely interested in banks that have the best customer ratings, then the list below might interest you even more:
- Chase Bank
- PNC Bank
- Regions Bank
- Bank Mutual
- Commerce Bank
Generally speaking, I have heard great things about credit unions. They typically offer a higher interest rate on your savings and they just seem to serve the customer better. If you hardly ever find yourself at a bank and are looking for flexibility through the net, then perhaps an online bank is best for you (something like Ally Bank). The interest rates are decent and the fees are fewer and farther in between since they have a lesser operating cost compared to their competitors (you know, since they don't need to build all of those physical locations around the globe).
Another bank I have recently heard good things about is Capital One. I typically think of them as a quality credit card company, but they do a great job with their 360 Checking and 360 Savings accounts as well. There are no hidden fees and all accounts are free. Plus, there are thousands of ATMs all around the globe that you can use. If you currently hate your bank, they could be a very viable option.