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When it comes to choosing a financial institution for your banking needs, you have numerous options. However, it’s crucial to take your time and do your research before settling on a bank. Not all accounts are created equal, and some institutions simply offer better services than others. Use the following guide to make the best choice for your lifestyle.

4 Tips for Choosing the Right Bank

1. Free Checking & Savings Account

bankFree checking accounts used to be the norm, but most financial institutions now charge monthly fees for the most basic accounts. If you find a bank that offers them for free, make sure they don’t require a high minimum balance or regular paycheck deposits. If you don’t meet the requirements later, those fees will show up on your statement.

Saving money can be difficult, but an interest-bearing savings account may act as an incentive. Sign up for both account types and schedule regular transfers from your checking to your savings. That way, you can build an emergency fund or nest egg for the future. If your bank offers automatic transfers, consider it a bonus!

2. Online Banking & Bill Pay

Your bank should offer free online banking and convenient bill pay options. Paying your bills online is ideal, because you can do it whenever and wherever you have the time. If you wake up in the middle of the night and remember you forgot to pay your utility bill, online banking allows you to take care of it before the sun rises.

3. Competitive Loan Products

Sooner or later, you may need to apply for a loan. Whether you’re buying a car, a home, or Christmas presents with a credit card, the right bank can help you get the loans you need at competitive prices. If you already have loans with another lender, you may even consider consolidating with your new bank to pay less interest.

4. Convenient Hours

Banks are notorious for inconvenient business hours, but that doesn’t mean you have to work around a tight schedule. Many financial institutions are now open on Saturdays for customers who can’t come in during regular business hours. It’s also a good idea to choose a bank located near your home or office. If they have a drive-thru, that’s even better, because you can count on expedited service without leaving the driver’s seat.

 

If you’re looking to open a new account, give the friendly team at Putnam 1st Mercantile Bank a call at (931) 528-6372. This locally owned institution is well known for superior customer relations when offering checking and lending services in Cookeville, TN. Visit the website to learn more about their personal and business banking services.

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