There are many features to consider when shopping for a bank account.


  • What is the rate, and can the bank change the rate after the account is created?
  • Does the interest rate change based on the balance? How is this change calculated?
  • When does the interest begin to compound – when will you start gaining interest on both your principal and the interest gained?
  • What is the annual percentage yield?
  • What is the minimum balance required to earn interest?
  • Will you receive interest when a check is deposited, or when the amount is credited to the institution?


  • Is there a flat monthly fee?
  • Are there penalty fees for falling below a certain balance?
  • Are there fees for each deposit and withdrawal?
  • What fees are associated with ATM deposits and withdrawals?
  • Is there a charge for paying bills online or over the phone?
  • Will I be charged for each check I write?
  • Will fees be lower if I open multiple accounts with this bank?
  • Is there a fee for canceling or bouncing a check?
  • Is there a fee for closing the account shortly after opening it?
  • Is there a fee for each balance inquiry?


  • Are there limits on the number of withdrawals, or the dollar amounts of withdrawals?
  • Will I still receive interest if the account is closed before interest is credited?
  • How long does it take for a check to clear?
  • How long must I wait to withdraw funds deposited into the account?

CD Accounts

  • What is the term of the account?
  • Will the account roll into a new term automatically?
  • Is there a grace period for withdrawing your money after the account matures?