There is no magic formula which will help you to decide how to choose the right bank. Having an idea of your needs is the first step to deciding which bank to choose.
I think that when you’re looking for a bank to open any type of account, you should definitely ask around. I would want to know what other’s people’s experiences were like. Did you have a bad experience? Did you have a good experience? What do you like about the bank? I had a bad experience at a bank and I got so fed up that I just closed the account.
You should look at the specifications of the products that they are offering and how they would suit your needs. Do you want a savings, chequing or investing account? What are the fees, minimum balances and interest rates? It’s always good to get a brochure of the bank’s different accounts and read it carefully. I remember when I was opening a new bank account at a new bank, I was very eager to find out what the minimum balances were. Some banks are notorious for slapping on fees if you drop below a certain balance.
Convenience is another factor which might interest you. Where is the bank located? Are there ATM machines in areas that you can get to easily? For me this is important, because I’m not willing to use a bank that is located some distance away from home. I think the location of your bank’s ATM machines is important too because when you use another bank’s ATM machine, you will be charged a fee and I’ve heard friends complain about how those fees can add up.
Keeping your money safe will always be at the forefront of your mind. By keeping records of what goes on with your accounts is one way to ease your fears. I remember a few years back there was a case where a very dishonest bank teller was charged with stealing one dollar from several customers’ accounts over a period of time. That is enough motivation for me to make sure that I check my accounts for any discrepancies.