Odds are you haven’t updated your checking account in a while, and you’re not alone: according to a survey by Bankrate.com and Money magazine, the average U.S. adult has used the same primary checking account for about 16 years. While inertia may be comfortable, keeping the same checking account without considering the benefits of other accounts could be detrimental to your financial health in the long run.
Back to Blog
So, what should you consider when choosing a checking account? These four factors can impact your financial well-being — for better or worse.
1. Choose the right benefits for you.
In the competitive financial world, banks understand their customers aren’t just looking for benefits to help them reach their financial goals; in many cases, they require them in order to commit. Landmark Bank’s Smart Benefits, for example, go above and beyond to meet customers’ needs. Smart Benefits provide the tools for financial growth in your checking account with features such as identity theft protection, mobile phone protection, shopping rewards and discounts, life insurance, and even a credit score simulator to help you stay on track for your financial goals. While you’re exploring accounts, don’t forget to check out the benefits that are best for you, too!
2. Consider customized convenience.
Convenience in a checking account means more than location near home and work. When choosing a checking account, consider important aspects of the account, such as whether or not you can use an ATM fee-free, whether the bank offers internet banking options or whether there’s a customer-friendly mobile app. Look into these factors before you set up or switch an account for long-term satisfaction and ease-of-use. Do your homework and make sure you’re getting the most out of your account.
3. Update your goals for your stage of life.
Your needs and goals evolve over time, and your finances should be able to keep up. For instance, you may want to choose an account that offers a high interest rate on savings so you can accumulate a down payment for a home while in your 20s, but complimentary accidental death and dismemberment (AD&D) insurance may be the priority in your 40s. Your age plays an important role when selecting checking account benefits and details, and tailoring your account to your stage of life can boost your financial health.
4. Read the fine print on costs and penalties.
This one may seem like common sense, but it bears repeating: don’t forget to learn the details of your account, especially costs and penalties. When choosing a checking account, think about how much it will cost you to set up, any monthly charges you may incur and penalties for switching to a different account or bank. Look for banks that are upfront about their costs, fees and incentives to help you meet, maintain and exceed your financial goals. Landmark Bank shares these details for its Smart Accounts in the same area of Landmark website where you can apply for this kind of account online — this helps you get a clear picture of what to expect.
If you’re ready to make the switch to a Smart Account or want to learn more about Landmark Bank’s Smart Benefits, visit https://www.landmarkbank.com/personal-banking/checking-savings/smart-benefits, or explore other helpful blogs at https://www.landmarkbank.com/about/our-story/blogs.