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?
- 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?