Your money is important. Without it you probably couldn't live, and that's why choosing the right bank is such a key issue when planning your finances. Several factors come in to play when deciding on where to keep your money.
Account types - some banks may offer only personal accounts, while others cater to both individuals and businesses.
Loans - not only do banks have account options, but many banks offer loan options as well. If you plan on buying a home or starting a business or going to college, many banks offer these loans in addition to other account services. If you're the type who likes to do all their financial business in one place, this can be quite convenient.
Credit card programs - some banks will offer different reward or benefit programs through credit cards unique to their institution.
Location - while all the factors are important in deciding on a bank, perhaps the most important issue is location. What good is a great bank if you cant get to it? Smaller banks have fewer locations, while the larger banks have many branches, as well as many ATM locations. However, in this digital age many people are turning to online banking services, so location is virtually unimportant since the bank's location is technically anywhere you can get an internet connection.
Bank type - there are two basic types of banks: commercial banks and credit unions. How do you decide between the two? Credit unions have fewer branches, but generally offer more services and better rates on savings and loans. They can also provide helpful investment ideas for you to get the most out of your money. The larger commercial banks can sometimes beat the credit unions in terms of rates, and they offer more locations. They also offer more business oriented services than the credit unions do. Banks are designed to make money for investors, while credit unions serve a particular area or community. You can find a more detailed explanation of differences here.
Obviously you'll want to go with the bank that can offer you the best interest rates, customer service, and best loan offers, but its tough to find that all in one place. Personally I bank with Regions, and have only had one negative experience to date. On the other hand, I have heard horror stories about their customer service.
Choosing the right bank doesn't have to be an impossible task, it just takes a little research. There are tons of sites like banktruth.org, gotalkmoney.com, and bankaholic.com that you can use to find the bank that caters to your needs.
