Personal Finance in Your 20s & 30s For Dummies, 3rd Edition

Chapter 11

Making the Best Use of Bank Accounts

IN THIS CHAPTER

Surveying bank account options

Understanding the opportunities and pitfalls with online banks

Evaluating alternatives to bank accounts

While you were in school, you may have had a savings or checking account to help you save money and pay some bills. When you’re in the real world and out of school, you have to consider whether you want to make a longer-term commitment with a financial institution, such as a bank.

In this chapter, I walk you through your bank account choices and what investigative work you can do to find the best bank for you. I also address some alternatives to having a bank account in the first place.

Looking at Different Types of Banks

When figuring out where to protect your hard-earned money, you have several choices. You want to select an institution that offers the services and conveniences you need on attractive terms. The following sections outline these choices and provide some helpful information.

Brick-and-mortar banks

The most obvious choice for banking is using a local bank you pass by on a regular basis. Although these types of banks are conveniently located, these banks may not be the ...