One of the most significant factors to consider when creating a new bank savings account is the variety of banking options available with the account. According to research, technology has generally taken over financial and banking management. According to a Federal Reserve poll, over half of smartphone users who had a checking account in 2017 used mobile banking the year before the survey.

Must have banking features

Specific bank-account capabilities are required if you want easy access to your funds and the ability to pay payments, swiftly make transactions, and maintain your balances. First, we’ll talk about six main features. So, when creating a new bank account, check for the following features:

A debit card

A debit card makes it possible to make transactions without carrying cash. If you need money, you may go to an ATM or obtain money back at the cashier. According to a Federal Reserve poll, 30% of customers prefer to pay with debit cards. When creating a new checking account, be sure if the debit card is also included and that there is no charge for having one.

Mobile and online banking

If you want to keep a tight watch on your finances, accessing your account balance via your smartphone or PC is functional. This is especially vital if you wish to avoid costly overdraft fees. Banks with more than $1 billion in assets received over $11.45 billion in overdraft and non-sufficient funding (NSF) in 2017, as per the Federal Deposit Insurance Corporation (FDIC). Considering how much you have readily on hand and what you’re spending will help you avoid costs.

Online banking

Nearly every expert we spoke with agreed that an ideal bank must have a robust and safe internet presence. Mobile and internet banking put your money at your disposal 24 hours a day, seven days a week, even if the bank is closed. Whether you choose an entirely online bank or open a bank account at a traditional bank that provides safe online banking services, look for the one that offers the most convenient electronic banking, such as mobile phone check depositing, online transfers, online bill pay, peer-to-peer transaction processing, including through a service like Zelle, and other convenient services.

We suggest looking for internet banking features that offer increased security safeguards, such as text or email fraud warnings or the opportunity to get an email for every transaction you complete. We also recommend looking for a bank that provides mobile and digital pocket ATM cards. Because of tokenization, digital and mobile wallets are highly safe, so make sure your new bank offers those services effortlessly.

Also, inquire about the bank’s fraud prevention procedures. When will the money be restored to your account when you file a claim? “Look for a bank that will grant you temporary credit until the matter is completed,” says Alajahwon Ridgeway, MBA, a financial counsellor and the proprietor of A.B. Ridgeway Wealth Management.

Mobile banking

According to the Chase 2020 Digital Financial Study, 80 per cent of Chase customers prefer to handle their accounts digitally, and 50 per cent of Chase customers consider the bank’s comprehensive mobile app to be a “must-have.” When picking a bank, our experts all agreed that an app that is simple to use, adaptable, safe, and dependable is essential. Some smartphone apps are more straightforward than others, so read reviews beforehand.

“Mobile banking solutions need to give a terrific, intuitive experience in sync with what clients are demanding,” says Shai Stern, co-chairman and CEO of CheckAlt. This company offers item handling and treasury management services to financial institutions across the United States. But when it comes to controlling their money, customers want to be in charge. “

Cheque Deposit through Mobile

A mobile cheque deposit eliminates the need for you to visit the bank. You take a photo of your cheque with your smartphone, and with only a few touches of the screen, the cheque is transferred without ever having to visit a teller or an ATM. Remember that certain banks need a longer cheque wait time when depositing using a mobile device.

Pay your bills online

Payment due dates have always been a source of frustration for anybody who suffers from time management. However, when your bills came in the mail, you had the actual account lying on your dining table, warning you of the looming due date. However, because many invoices are now given and paid online, staying on top of bill-paying can be considerably more challenging.

If you constantly find yourself unable to meet your out-of-sight financial commitments, setting up online or automated bill pay with your bank will help you pay your debts on time, avoid late penalties, and enhance your credit through your timely payment history.

To register for this service with your bank institution, compile all the invoices you pay, such as the bank account numbers and addresses linked with each one. Proceed to Bill Pay on your banking site and input each of your bills into the area. You can then choose when and how much you want to pay for each one and if you wish to make one-time or monthly payments. Recurring payments are ideal for expenses you pay at the same monthly rate.

Alerts through email and text

You should set up email or text notifications for your accounts while you schedule automated bill payments. You might, for example, establish an alert to warn you whenever your balance falls below a specific threshold or when a new transaction is published to your account. If you’re worried about a hacker taking your personal account information and creating false charges, this might be useful.

Excellent Protection

Identity theft is not something to be laughed at. When considering bank accounts, inquire more about the security measures in place at each institution. Find out whether your credit and debit cards have scam surveillance and an on/off button, and take extra precautions to keep your card transactions secure.

FDIC-Insured

Most finance professionals we surveyed felt that obtaining a federally insured account is critical for your peace of mind. Choosing a bank covered by the Federal Deposit Insurance Corporation (FDIC) gives up to $250,000 in insurance coverage per depositor if the bank fails.

Other than all these, there’s one prominent feature or service that customers expect more than anything as a human. That is good customer service. And under this, some benefits are related to both customer service and the bank.

Excellent Customer Service

In banking, exceptional customer service is more important than ever. This applies to both online and in-person support. Stern advises customers to look for a bank that offers a tailor-made service. Successful banks have ingeniously modified their capacity to create human relationships in today’s digital-focused market. During the pandemic, for example, the tailored experience made a huge difference for bank clients seeking and getting Paycheck Protection Program (PPP) loans.

Choose a bank recognized for exceptional customer service, particularly if you like to deposit cash in person with an ATM or visit a staff accountant at a local branch regularly. If you don’t go to the bank often, choose an online bank that provides 24/7 phone contact with a personal banker. A decent bank may be distinguished from a great bank by delivering excellent customer service.

Now let’s see the additional benefits;

Benefits for Loyalty

If you prefer to stay with one bank for a long time, look for financial institutions that reward and incentivize loyalty. The ideal bank to do transactions with for your high-return checking account, retirement fund, as well as other long-term charges may offer checking account offers that include benefits such as free cheques or no fees on accounts if you maintain a good relationship over a certain number of years, or transportation rewards if you satisfy the balance requirements.

Bonus Offers

Look for incentive deals, including new bank client promos and introductory discounts. Some top checking accounts and online savings account incentives provide a cash reward. For example, when you create a Chase Total Savings account with direct deposit, you can have up to $200 put into your account. ([4] This might be a simple way to be rewarded for establishing a new financial relationship.

Credit Card Benefits

When you use your cashback to finance a new pair of wheels, a financial institution with a credit card that gives excellent cash back returns might make you feel like you’re in the driver’s seat! When creating a credit card account with a new bank, search for cards that provide massive money back and rewards programs. Several banks make it simple to increase your benefits. For example, Bank of America’s BankAmericard Cash Rewards card offers up to 3% cash back on selected purchases, plus a $200 bonus if you register for the credit card online and then spend $1,000 in transactions within the first 90 days of account activation.

Attractive interest Rates

The Federal Reserve decided in early 2021 to keep interest rates “ground zero” for the coming years. With the average rate for interest-bearing bank accounts currently at 0.04 per cent and savings accounts at 0.05 per cent, you’re not going to become wealthy on interest regardless of which bank you select.

Some provide more value for your money than others, and experts believe that rising interest rates ought to be one thing to consider when selecting the best savings bank for your money. “Select a bank that gives greater interest rates than the average on your deposit,” advises Charles McMillan, founding member of Stand with Main Street, which provides LLC services to small companies. For a more accurate estimate, consider several institutions’ interest rates.

Mason Miranda, Credit Industry Specialist at Credit Card Insider, recommends that customers check with online banks if they want the best interest rates. Opening an interest-bearing savings account has become easier than ever. Other online-only banks offer identical versions and usually offer higher rates than traditional banks. Axos, designated as the Best Savings Account of 2021, is an internet bank that offers high-yield savings account with a 0.81 per cent APY, no minimum balance limitations, and a modest beginning deposit of $250.

Meek, another internet bank, is just one of those checking accounts on our list of the Best Checking Accounts of 2021, including interest-bearing checking. If your balance exceeds $5,000, you will receive 0.60 per cent interest.