Looking for a new bank? Here's what you should keep in mind

by Tyler Heap, Chief Credit Officer

If you've decided it's time for a change from your current bank, you'll want to be sure that the next financial institution you choose to work with is supportive, dependable and offers a wide range of options. Let's look at what's most important when it comes time to pick a new bank.

Many different banking choices

You want your new bank to provide many different options for your banking needs. While you should keep an open mind about working with more than one financial institution in certain circumstances, like applying for a home or car loan, you don't need to spread basic needs like checking and savings accounts across multiple banks. Keeping your money within one institution's ecosystem makes it that much easier to distribute income into the proper accounts, keep track of funds, pay bills and manage many other common, but extremely important, tasks.

Another thing to keep in mind is the range of options that a potential partner has to offer. Do they have checking and savings accounts that offer different advantages and help you get the best return on the money you keep in them, depending on your individual circumstances? What about money market accounts, which combine many of the most popular features of savings and checking accounts? Is there a safe investment option, such as certificates of deposit?

TAB Bank offers a variety of checking and savings choices, such as the Kasasa^® Cash Checking and Kasasa Saver^®, which work together to help you save money and earn interest, as well as a money market account and a variety of CDs. When you partner with TAB Bank, you can rest assured that you'll find an account that aligns with your needs.

A proven track record

Finding a bank that has an established history of stable operations isn't particularly difficult - a variety of banks have operated for many years without experiencing major scandals or destabilizing events. However, that doesn't mean all financial institutions are equal. Take care in terms of doing research. Investing a few hours into research and asking potential banks questions about how they operate and serve their customers can definitely pay off. After all, you should expect to stay with a good bank for many years to come.

TAB Bank has decades of experience offering consistent support for both personal and business customers. When you choose to work with us, you know you have a dependable partner for your banking needs. And if you have any specific questions about how we operate, we're happy to answer them.

A secure place to keep your money

A bank offers a few major advantages over keeping your money squirreled away in a home safe or under a mattress: It provides a way to earn interest by doing nothing more than letting money sit in an account, and it keeps your money safe in the face of natural and man-made disasters. When you look for a bank, make sure you choose an institution that is backed by the Federal Deposit Insurance Corporation. As U.S. News & World Report pointed out, this provides up to $250,000 in coverage for each customer, with separate insurance applying to each account type.

TAB Bank is an FDIC member, which means you don't have to worry about what happens in an absolute worst-case scenario. Your money will be safe no matter what.

Finding a great bank requires a little time and effort, but doesn't have to be difficult or especially time-consuming. Reviewing different account types, making sure a potential bank has a track record of solid operations and good customer service, and FDIC insurance for your accounts are three steps that can help you identify a dependable banking partner. To learn more about TAB Bank, whether to start your research or to make the decision about the next bank you'll choose to partner with, get in touch with us today.

No matter where you bank, it is important to know what all your bank can do to help you grow your money.  Our eBook. titled "What are my options for saving and growing money through my bank?", is a great resource to use as you are looking to maximize your savings.  Click on the tile below to access this valuable resource.

About the Author

Tyler has spent his career analyzing businesses from both an owner’s and lender’s perspective. His love for small business and the entrepreneur budded as he co-founded a business in college which paid for his education and resulted in the sale of the company shortly after graduation. Tyler worked for a manufacturer and distributor of sporting goods after graduating from college, where he managed the company’s finances and investor relationships. His banking career includes vast experience in relationship, portfolio, distressed loan, and underwriting management.

In his current role, Tyler is responsible for leading the underwriting, special assets, and collateral monitoring teams in conjunction with managing overall credit quality at TAB Bank. He received a double Bachelor of Finance and Economics from Utah State University. Over the years he has been an active participant in the International Factoring Association, Commercial Finance Association, Utah Bankers Association, and the Pacific Coast Banking School. Tyler is also an active member of his community through volunteering and donating to local charities, schools, and special cause groups.

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