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What was the very first financial choice you ever made? It likely took place before your first job, even as far back as when your annual income consisted of money from the tooth fairy and lucky pennies. The very first financial decision you ever made is also one of the most important choices-where to keep your money.

When you first made that decision, piggy banks, sock drawers and buried-in-the-sandbox-like-
pirate-treasure all seemed like perfectly acceptable options. As it turns out, they aren't nearly as super-secret as you might have hoped. Opening a bank account is the best solution, but in order to do that, you first need to choose a financial institution-so, your choice is between a bank and a credit union.

Banks and credit unions offer essentially the same products and services, but there are huge differences in the way they operate. Despite this, many people put more thought into building their Netflix queue than they do choosing their financial institution. It's a Money Thing is here to help fill in the gaps and show you how the differences can affect your dollars. Whether you're just starting out or rethinking your current financial setup, here is what you need to know.

The main difference between banks and credit unions is in their structure. Banks are purely for profit, while credit unions are member-owned. This means that banks have numerous expenses that credit unions simply don't have. Banks have to pay their shareholders and their private investors in addition to regular operating costs. Banks are set up in a way that allows a select group of people to make money off of your banking activity.

Credit unions, on the other hand, are set up in a way that allows all of their members to benefit from their profits. Once the operating costs are covered and reserves are set aside, the profits are distributed back to members in the form of free banking products, lower interest rates on loans and higher interest rates on savings accounts.

Credit unions sound pretty great, right? You might be wondering why some people choose banks over credit unions, even though credit unions consistently outperform banks when it comes todeposit and loan rates and customer service.

The simple answer is that banks are bigger, and some people believe bigger is better. A more effective approach would be to figure out your banking priorities. Here are some factors to consider:

1) Am I eligible for an account? Banks are open to anyone. Credit unions have membership requirements, but don't let that intimidate you! Requirements can be as simple as living in a certain community or working in a certain field. Most Canadian credit unions have very open membership requirements.

2) How much does it cost to get set up? Are there any fees associated with opening an account? Is there a minimum balance required? Joining a credit union involves purchasing a share (they're usually $5), but this is different from a fee-it means you're a member-owner of the credit union.

3) Will I have good access to ATMs? You might feel as though you see larger bank ATMs everywhere, but credit union ATMs are just as accessible. In fact, the largest credit union ATM network in Canada is actually larger than the networks of both Scotiabank and the Bank of Montreal. Find out which other financial institutions share your local credit union's network-free ATM transactions are not limited to machines with a particular credit union name on them.

4) What can I do online? More and more financial institutions are offering online banking services. Find out what you can do from your computer and smartphone. Can you check your balance? Schedule payments? Transfer money between accounts? Taking advantage of online products can be super-convenient, and can avoid a trip to the ATM or the nearest branch.

5) And speaking of the nearest branch, where is it? Find out what the hours of operation are and how they work with your schedule. Find out if you can bank through other branches, too. This could come in handy if there's a location close to work or school.

6) What can my financial institution do for me? Ask about products that are tailored to your situation. How do the interest rates compare to other financial institutions? Are there free products you're eligible for? Don't settle for a financial institution just because you need an account-you should also want to have an account there.

At the end of the day, choosing a financial institution is a personal decision with a huge influence on how you manage your money and your time. If you make the effort to ask questions and compare services, you'll find the best home for your finances.

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Choosing Your Financial Institution - Luminus Financial - Campaigns

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What was the very first financial choice you ever made? It likely took place before your first job, even as far back as when your annual income consisted of money from the tooth fairy and lucky pennies. The very first financial decision you ever made is also one of the most important choices-where to keep your money.

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Hi!, Choosing a bank and sticking with them is hard and there's so many different things to know hopefully after reading my Padlet you will learn about all the different type of factors and things to take into consideration while finding a bank that's suitable for your needs to do business with.

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Choosing a bank near you is very important to if you don't have access to online banking, at the start of the video she makes a point that if you live near a rural area its best to look for ATM's with the best fee reimbursement fee policy's.

I chose this video because I felt she goes very into depth with all types of aspects and gives a good detailed explanation  on what to look for in a bank. 1 thing i learned was that if you go with a smaller bank although they might not have fewer products available but those products will be more accustomed to your needs and will have less overhead that larger banks will have.

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Helpful Tips When Shopping for a New Bank | NerdWallet

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In this video McGraw gives a short video on why locations, online, products, cost and satisfaction are good reasons to look for in choosing a bank.

I chose this video because its quick, easy and informative. something I learned for his video is that the ability to do banking online and through you mobile device not just a computer or laptop. Becuause sometimes if your on the go you might not have a laptop with you so its important to be able to do that on your phone.

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5 Factors to Look at When Choosing a Bank by Rocky Clancy

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This video just tells us why credit unions are better than banks

Something i learned is that asking what that institution can do for me. Inquire about items that are suited to your needs. When compared to other financial organizations, how are the interest rates? Are there any free products available to you? A financial organization should not be chosen merely because you require an account.

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Banks and credit unions offer essentially the same products and services, but there are huge differences in the way they operate. Banks are purely for profit, while credit unions are member-owned. Some people choose banks over credit unions even though credit unions consistently outperform banks when it comes to customer service. Most Canadian credit unions have very open membership requirements. The largest credit union ATM network in Canada is larger than the networks of Scotiabank and the Bank of Montreal. Online banking can be super-convenient, and can avoid a trip to the ATM or the nearest branch.

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What was the very first financial choice you ever made? It likely took place before your first job, even as far back as when your annual income consisted of money from the tooth fairy and lucky pennies. The very first financial decision you ever made is also one of the most important choices-where to keep your money.

When you first made that decision, piggy banks, sock drawers and buried-in-the-sandbox-like-
pirate-treasure all seemed like perfectly acceptable options. As it turns out, they aren't nearly as super-secret as you might have hoped. Opening a bank account is the best solution, but in order to do that, you first need to choose a financial institution-so, your choice is between a bank and a credit union.

Banks and credit unions offer essentially the same products and services, but there are huge differences in the way they operate. Despite this, many people put more thought into building their Netflix queue than they do choosing their financial institution. It's a Money Thing is here to help fill in the gaps and show you how the differences can affect your dollars. Whether you're just starting out or rethinking your current financial setup, here is what you need to know.

The main difference between banks and credit unions is in their structure. Banks are purely for profit, while credit unions are member-owned. This means that banks have numerous expenses that credit unions simply don't have. Banks have to pay their shareholders and their private investors in addition to regular operating costs. Banks are set up in a way that allows a select group of people to make money off of your banking activity.

Credit unions, on the other hand, are set up in a way that allows all of their members to benefit from their profits. Once the operating costs are covered and reserves are set aside, the profits are distributed back to members in the form of free banking products, lower interest rates on loans and higher interest rates on savings accounts.

Credit unions sound pretty great, right? You might be wondering why some people choose banks over credit unions, even though credit unions consistently outperform banks when it comes todeposit and loan rates and customer service.

The simple answer is that banks are bigger, and some people believe bigger is better. A more effective approach would be to figure out your banking priorities. Here are some factors to consider:

1) Am I eligible for an account? Banks are open to anyone. Credit unions have membership requirements, but don't let that intimidate you! Requirements can be as simple as living in a certain community or working in a certain field. Most Canadian credit unions have very open membership requirements.

2) How much does it cost to get set up? Are there any fees associated with opening an account? Is there a minimum balance required? Joining a credit union involves purchasing a share (they're usually $5), but this is different from a fee-it means you're a member-owner of the credit union.

3) Will I have good access to ATMs? You might feel as though you see larger bank ATMs everywhere, but credit union ATMs are just as accessible. In fact, the largest credit union ATM network in Canada is actually larger than the networks of both Scotiabank and the Bank of Montreal. Find out which other financial institutions share your local credit union's network-free ATM transactions are not limited to machines with a particular credit union name on them.

4) What can I do online? More and more financial institutions are offering online banking services. Find out what you can do from your computer and smartphone. Can you check your balance? Schedule payments? Transfer money between accounts? Taking advantage of online products can be super-convenient, and can avoid a trip to the ATM or the nearest branch.

5) And speaking of the nearest branch, where is it? Find out what the hours of operation are and how they work with your schedule. Find out if you can bank through other branches, too. This could come in handy if there's a location close to work or school.

6) What can my financial institution do for me? Ask about products that are tailored to your situation. How do the interest rates compare to other financial institutions? Are there free products you're eligible for? Don't settle for a financial institution just because you need an account-you should also want to have an account there.

At the end of the day, choosing a financial institution is a personal decision with a huge influence on how you manage your money and your time. If you make the effort to ask questions and compare services, you'll find the best home for your finances.

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Choosing Your Financial Institution - Luminus Financial - Campaigns

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What was the very first financial choice you ever made? It likely took place before your first job, even as far back as when your annual income consisted of money from the tooth fairy and lucky pennies. The very first financial decision you ever made is also one of the most important choices-where to keep your money.

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I chose this website because after reading it through I feel it helped me. This website tells you all your different options of banking.

Something I learned from this website is that it told me ask if your institution "pays it forward". This isn't something that's a huge deal but it's still good to know that if your banking with an institution that gives back, you know your membership helps support nonprofit organizations that are close to home.

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Finding a good bank or credit union can be challenging. You'll need to choose which kind of institution you want to keep your money in and consider variables like the type and number of available products, account fees and interest rates. Whether you're seeking your first banking partner or looking for a change, this blog will help you make the right choice.
Are you ready to open your first bank account? Or, maybe you're unhappy with the financial institution you currently use and you're ready for a change. In either case, making that decision can be challenging. There are so many variables to consider and the choices can be confusing.

Below, we've compiled a list of things to consider and questions to ask before choosing a bank or credit union.

Know Your Options

First, you'll need to choose which kind of financial institution you'd like to use for building your financial relationship. These are your primary choices:

Traditional big banks are the huge, national corporations whose names you probably know. They have branches all over the country (though many are rapidly decreasing the number of brick-and-mortar options).

Community banks are smaller entities that operate in a limited geographic area.

Online banks have no physical location and only offer digital banking options.

Credit unions are member-owned, not-for-profit cooperative organizations. They offer the same security and protection that you'd find in a bank.

Each of these options has its strengths and weaknesses, and depending on your particular needs, may be the perfect fit for you. When working through the variables listed below, consider how each kind of institution delivers in this area to help you make your final choice.

Consider Product Selection and Fees

One of the most important factors to consider when choosing a banking partner is its selection of products and the associated rates and fees.

Nearly every financial institution will offer basic checking and savings accounts. Some will charge a maintenance fee for each of these accounts, and some will offer these accounts for free. Be sure to find out about any relevant fees before choosing a banking partner.

Big banks will also offer a large selection of loan products and credit cards, but they tend to have the highest associated fees and interest rates.

Community banks will typically only accept deposits and lend locally. Fees tend to be lower than big banks and requirements for loans are usually looser.

Online banks sometimes offer loans as well, with fees that are generally lower than the big banks. Interest rates on savings options can be higher than rates at brick-and-mortar banks.

Credit unions offer a wide range of loan products and savings vehicles, generally with minimal or no associated fees. The most recent data ¹ on the interest rates of banks and credit unions shows that interest rates on bank loans are higher, on average, than interest rates on credit union loans. The Annual Percentage Yield (APY) on savings accounts and deposits are also higher at credit unions than the national average rate at banks.

What Kind of Customer Service Can You Expect?

For better or for worse, once you choose a banking partner, you'll be working with them toward your continued financial health. Before choosing a place to park your money, make sure the institution you select offers a level of service you can live with, time and time again.

In general, smaller institutions like community banks and credit unions will offer more personalized attention to clients and members.

Are They Equipped for Digital Banking?

Digital banking can be a tremendous convenience when you don't want to add another errand to your list. It includes the ability to check your account balance online, transfer funds via mobile device and deposit paper checks remotely.

Most big banks offer digital banking access and many small banks and credit unions now feature these options as well. If digital banking is important to you now, or you envision utilizing it in the future, be sure to find out if the institution you are considering offers this feature.

How Accessible is the Banking Partner?

Most banks, and many credit unions, will offer clients and members the option of withdrawing cash through linked ATMs. Sometimes, though, you may need to pay a fee to access the funds in your account through an ATM. Know the facts before signing on to become a client or member. At Desert Financial, you'll have access to the CO-OP Network of nearly 30,000 ATMs worldwide.

Will You Be Financially Empowered?

Being financially literate goes a long way toward helping you stay financially healthy. Does this bank or credit union offer financial seminars, educational courses in money management and/or an active online blog on money matters? If this is important to you - and it should be! - it's a good idea to find out what each institution you're considering offers before moving forward.

Does the Institution Pay it Forward?

As not-for-profit institutions, credit unions are most likely to actively support local and national causes. By partnering with an institution that gives back, you know your membership helps support nonprofit organizations that are close to home.

Whether it's your first foray into banking or it's part of a financial change, choosing a good bank or credit union isn't easy. By following our guide of what to look for in a banking partner, you can weigh your choices carefully, consider all angles and be confident in the decision you make which will impact your financial wellness for years to come.

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How to Choose a Good Bank or Credit Union

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Finding a good bank or credit union can be challenging. You'll need to choose which kind of institution you want to keep your money in and consider variables like the type and number of available products, account fees and interest rates.

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This video helps new collage students like myself help to chose a new bank with 5 things to ask or look for such as what are they offering me for free?, how convenient is my banking experience, does the account change when I leave school, overdraft protection fees and what else can the bank offer me.

Something this video taught me is I didn't know that an account can change after you leave school and can persuade you with a good introductory account. So it good to know of they will change on you.

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Five Questions To Ask When Choosing a Bank

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Banks come in a variety of sizes and structures. Compare their strengths and weaknesses to find the best bank for your money needs. Internet-based banks tend to have the highest rates for savings and CDs, and no monthly fees. Credit unions emphasize personalized support and higher savings rates, on average, than traditional banks. Neobanks are financial technology companies that partner with banks to offer mobile-first accounts.

Something I learned was that it gave me options from national banks, regional or community banks, credit union, online bank and neo bank and if told me what each one of them is best for and not best for to help me know what to look for.

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Your bank should fit your money needs. Not every banking institution has the same fees, interest rates, services or even types of accounts, so it's helpful to compare the details that matter to you. Here are steps for choosing a bank.

A bank is like a buffet: It has a lot to offer, but you don't need everything. Start by considering your banking needs. Banks provide accounts for managing and saving money as well as credit cards and loans such as mortgages. Here's a look at the two most common bank accounts:

are for everyday spending. You can make purchases with debit cards, pay bills, send money online, withdraw cash at ATMs, write checks and more.

are for short-term savings and earning interest. Banks can limit the number of withdrawals per month. Typically, money in this account might be used within five years while long-term savings, such as for retirement, are better for investing .

Beyond that, there are two other types of savings accounts:

Certificates of deposit are for protecting a sum of cash earmarked for a big purchase or investment within five years. CDs lock up the sum for a fixed term at a fixed rate. CDs traditionally have the highest rates among bank accounts.

are for saving money and typically have more withdrawal options than regular savings accounts. Some MMAs offer check-writing abilities or debit cards for ATM access, so you can save and access funds fast in emergencies.

If your banking isn't just for you, ask yourself these questions:

SoFi Checking and Savings

Banks come in different sizes and structures. A bank down the street, a bank exclusively online, a not-for-profit organization and a tech company with a mobile app can all be a home for your money needs. But they're not all built the same or prioritize the same aspects of banking, so compare their strengths and shortcomings. Here's a list of the broad types of banking institutions:

Regional and community banks

are a relatively new type of institution and most of them are not banks themselves. Instead, they're financial technology companies that partner with banks to offer mobile-first (and sometimes mobile-only) banking accounts with deposit insurance. Most of them focus on checking accounts, some of which also have savings features, and still others have loans or credit-building tools. Like online banks, they don't have branches, and many lack specialty banking services such as wire transfers and cashier's checks. Neobanks can have certain tech features that other institutions often don't, such as early access to direct deposits. (See 19 neobanks' offerings .)

You likely won't find the best of everything at one institution. For example, it's rare to see an online bank with branches, a national bank with competitive savings rates, or a credit union with the latest mobile app technology. To set expectations, consider what features or services you can't do without. Here's an overview of general patterns across types of banking institutions:

Click on any feature or service to jump to that section below:

Where to look: National or regional bank. If you want your bank to be a one-stop shop for all financial needs and services, including business banking, a national or regional bank might be the way to go. But choosing this convenience may mean missing out on the highest savings rates or the lowest fees, among other things.

High savings and CD rates

Where to look: Online bank or credit union. Since online banks don't maintain branches, they have lower overhead costs and can use some of that savings toward higher rates on regular savings accounts, CDs and money market accounts than you can find elsewhere. Rates are usually stated in terms of annual percentage yields. As not-for-profits, credit unions give back to their members in the form of certain benefits including higher APYs than average compared with traditional banks. Some credit unions have rates competitive with online banks.

Big fee-free ATM network

Where to look: Most institutions, but breadth of ATM services varies. Most types of banking institutions offer free access to national ATM networks, but the number of ATMs is not the only thing to compare.

Specialty banking services

Where to look: Bank or credit union with branches. You might end up needing banking services that are mainly available at brick-and-mortar banks and credit unions. If your main concern is depositing cash, there are ways to deposit cash at an online bank . Beyond that, landlords, wedding vendors, home repair contractors and others might take only paper checks, cashier's checks or other physical payment that aren't always options at online banks. Or you might need to use a specialty service such as an international wire transfer or safe deposit box. (Learn more about whether you can give up a branch-based bank .)

Where to look: Neobanks. If you are a digital native or otherwise comfortable doing your finances almost entirely on the web, neobanks can be a solid option for low to no-cost banking with perks. Many neobanks offer two-day early access to direct deposits, and some have subaccounts for multiple savings goals or accounts for building credit.

Where to look: National banks, online banks or neobanks. Check the Google Play and Apple App stores for Android and iOS bank apps, respectively. These can be helpful third-party sources for star ratings and reviews from a bank's customers, and to see how they react to the apps, plus visuals and descriptions of the features. If you see fewer than 20 ratings and the institution has been around for a while, it's probably safe to say that the bank is not prioritizing its apps. Community banks and credit unions may not have the most up-to-date technology on mobile apps.

Community-focused support

Where to look: Credit unions and community banks. Credit union memberships can be restrictive, but they can provide a way for a credit union to focus on people in a certain region or with a certain type of employer (such as teachers or military personnel). Community banks are generally small enough that they know a particular region well and, like credit unions, can foster closer relationships with residents than a national bank can. Black-owned banks and other minority-owned banks and credit unions address racial inequities in America through more inclusive lending practices. (There are a handful of community-focused neobanks too.)

Social responsibility

Where to look: CDFIs and others. Some banks and credit unions seek to create a positive impact for people and the planet in how they lend and support communities through environmental, social and governance factors. (Learn more about ESG criteria .) Socially responsible banks generally go the extra mile to get a third-party certification, such as Certified B Corporation banks for rigorous social and environmental accountability, members of the Global Alliance for Banking on Values, and , which focus on helping low-income communities. Minority-owned banks, in particular, create social impact by providing more mortgages and other loans to people of color than the banking industry does overall.

If you're focused on high rates and low fees, you might begin your comparisons by looking at the best. Here are some places to get started:

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Your bank should fit your money needs. Not every banking institution has the same fees, interest rates, services or even types of accounts, so it's helpful to compare the details that matter to you. Here are steps for choosing a bank. A bank is like a buffet: It has a lot to offer, but you don't need everything.

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What is the highest interest rate you can get on a savings account? Choose a bank that takes an interest in you and your financial goals. A place with great customer service is going to be more likely to look out for you. Banks that offer easy-to-use apps and feature-packed online banking will be easier to deal with. Your money is only as secure as your bank

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Wondering how to choose a bank? If you're here because you're working towards a better credit score, getting out of debt and saving money, chances are you're looking a little bit more critically at the financial institutions you use. Maybe you've noticed you're paying a lot in service fees, or maybe there isn't a good high-interest savings account available to you. Whatever the case, changing financial institutions really isn't that hard, and choosing the right one can make turning your financial situation around that much easier.

Here is what to consider when thinking about how to choose a bank:

1. What are their fees?

It may take a translator and a magnifying glass to discover all the hidden fees, but you have to do it. Doing your homework here is going to save you some disappointing surprises later. Find out what the monthly fees are and what the extra service fees are. Do you have to pay to use an in-the-flesh teller? Do you have to pay a fee to use online banking or telephone support? What are the fees for using bank machines, whether they are your bank's machines or the machines of other institutions? These fees may sound small one at a time, but they build up quickly and can easily eat into the money you were saving. Find yourself an institution with limited fees and save your money instead.

2. What is the highest interest rate you can get on a savings account?

The institution you choose should offer a high-interest savings account that doesn't require a minimum balance. Make sure the interest rate is good enough to justify choosing that bank, especially if the account has fees. If it costs more to use your bank than you earn in interest, you're losing money on the whole deal.

3. Does your bank have physical locations?

Some institutions that offer high-interest savings accounts only offer over-the-phone or online banking, and that can get tedious real fast. If you ever use human tellers now, you'll likely use them in the future, and perhaps a bank without a physical location isn't the best option for you.

4. What is their customer service track record?

When I switched banks, one in particular stood out when I did my research. The comments were almost all praise in reviews online and when I spoke to other customers, they raved about the service. This absolutely helped me make my choice, because a place with great customer service is going to be more likely to take an interest in your financial goals.

5. How were you treated by staff when asking a few questions?

I've seen people head into a major bank and be turned away for a secured line of credit, only to be welcomed with open arms at a credit union. The way they treat you now is a good indication of how you will be treated in the future. Find a bank or credit union that takes an interest in you and your money. You have no idea how helpful this will be going forward.

6. Is their online banking fairly robust or bare bones?

Banks that offer feature-packed online banking systems, as well as easy to use apps for your smartphone, are going to be infinitely easier to deal with. Features like being able to deposit your cheques with a photo save you a tonne of time and are worth considering when changing banks.

7. What is the bank's security track record like?

Your money is only as secure as your bank is, so make sure that where you keep your dough is as strong as Fort Knox.

Some of these considerations are going to be more important to you than others and considering them will slowly reveal which institution is the best for you. Everyone is different, so don't just take someone else's recommendation. Really look closely at all the pros and cons - choosing the wrong bank can become a major pain in the you-know-what really quickly.

What are some of the most important things you consider when looking for a bank? Let us know in the comments!

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How to choose a bank in Canada - The Dime Turner

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If you're working towards getting out of debt and saving money, chances are you're wondering which bank is best. Today we help you with how to choose bank.

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I like this photo because I feel it shows important factors and shows the main 4 types of concerns in choosing a bank

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I really like this photo because it shows that as with time banking is changing and were going to have to change with it. If more people start using online banking that means that its obviously an important aspect to look at when choosing a bank and that in 1 decade more than 60% of people have used online banking.

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1. What did you learn about your topic that surprised you the most?

Something that surprised me the most was I'd say everything. There's just so many factors its hard to choose just 1 thing specifically I learned. Something that I never looked at before when I thought people choose a bank was how many different types of banks there are and how you have to pick one for your situation.

2. Provide a real-life example of how this topic is relevant or interesting for you.

I just turned 18 years old so I'm looking to open my personal bank account soon and this topic made it easier because when its time I'll already have a huge understanding on how everything works and what to take into account when choosing a bank.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

The most important thing I'd take away from this is probably don't just go with a popular bank or credit union just because there popular. Take your time while looking, look at the smaller branches and find what suits you best.