When Was the Last Time You Changed Banks?

I have a "set it and forget it" attitude when it comes to my checking account.  The last time I shopped around for a bank was over seven years ago when I moved across the state.

Since then, my finances have changed and the whole industry has changed. My bank failed back in October and was acquired by a different company. I know I'm not getting the best deal possible. It's time to start shopping around.

1. Fees - Bank fees are expected to climb to $55 billion in 2009. I don't want to be a part of that figure. I'll be looking for accounts with no service fees, free checks, low ATM fees, a low overdraft fees. Be sure to read the fine print on how much of balance you have to carry to get the best deals.

2. Interest - Usually the cheapest bank accounts have the worst interest rates. Most traditional checking accounts don't even earn interest and savings accounts are below 0.01%. The accounts that do earn interest often come with fees that easily outweigh any earnings. But some new online banks are breaking out of this pattern to offer as much as 0.5%.

3. Perks - Does the account come with easy online access, credit monitoring services, identity theft and fraud protections, free customer service and low fees or no fees for using ATMs outside the network?

I'm leaning toward one of the online high interest checking accounts. I hardly ever go into an actual bank branch to begin with, so an online bank might be a good match for me.

Have you recently shopped for a new bank account? Or do you love the bank you already have?  Share your suggestions in the comments section below.

Emily Peters – Credit.com's personal finance expert and former TransUnion credit bureau insider. Emily writes about credit reports, credit cards, loans and personal finance as the CreditBloggers.com editor.

Comments

[Jeffrey]

I am a worst-case scenario type of guy, so what I look for is what kind of service I get when something awful happens. That is why I have stuck with US Bank for about a decade, and will continue to do so even if they go into receivership and get sold off to some bank in North Korea. About 3 years ago, one of their branch managers bailed me out of a simple teller mistake that could have cost me several thousand dollars. Once they discovered the problem, they stayed late that night to fix it. They shifted enough money into my account to cover my outstanding purchases, and the next morning I had the rest of my money. I even got a free coffee mug out of it that I still use to this day.

[Robert]

You should look into the Rewards Checking from Coulee Bank. They offer 5.01% and it's free nationwide. I have found it to be one of the better accounts around. http://www.CouleeBank.net