If you’ve never opened a reward checking account before, it can be easy to be intimidated by the process of doing so. For some people, it’s not just a matter of opening an account and getting started. Other things need to happen before your new rewards checking account is ready for use. In this post, they’ll discuss some of those “other things” so that you’re prepared when it comes time for your first day at the bank!
Decide What’s Important to You
When comparing and choosing a checking account with rewards, there are many factors to consider. First, you want to think about what features are most important to you. Some people value flexibility, while others prefer convenience and ease of use. For example, you might be looking for a bank with great customer service options or an extensive ATM network.
Reward Checking Account on which bank to choose:
- What kind of features do they offer?
- Do they have mobile banking apps?
- How easy is it for you to access your money when you need it?
Do a Little Research
First, do a little research on the banks that offer reward checking accounts. The best way to find the right bank for your needs is to compare the different institutions based on their rates and fees. Look at what they offer in terms of features and benefits as well.
It’s essential to find out if any of them are insured by the FDIC (Federal Deposit Insurance Corporation). If so, check whether there are any special requirements you have to meet for your account to qualify for FDIC insurance coverage.
Look for High Rates and Low Fees
When looking for a reward checking account, it’s important to find one with high rates and low fees. The best way to do this is by comparing rates and fees between different banks. It’s also a good idea to avoid switching banks if you find better rates elsewhere. As SoFi professionals say, “Few rewards checking accounts give you a high-interest rate on funds in your account.”
Another important thing to remember when comparing rewards checking accounts is that there are often fine print terms that can reduce or eliminate your ability to earn reward points or cash back. For example, some accounts will deduct points for transfers from the account or bill payments made through the bank’s online portal.
If You’re Going to Switch Banks, Do It Before Opening the Account
If you’re going to switch banks, do it before opening the account. Sometimes they’ll ask for a three-month commitment (and you can request that they waive that requirement), but make sure you have enough time to make the switch. Also, don’t forget to cancel any automatic payments you may have set up with your old bank—you don’t want them cashing out a payment from your new account!
Hopefully, you’re more confident about how to make the best choice for a reward checking account. There are so many different options, but if you follow this guide, you know you can find the right one for yourself!