What to look for when choosing a new bank

A female figure standing and thinking about banking services she wants when choosing a new bank.

by Shane Adair, Marketing Manager

Finding a new bank is an important consideration, whether you're moving to a new area that your old bank doesn't service or simply want to make a change. While financial institutions are highly regulated in terms of many of the services they offer, the structure of accounts and a variety of other considerations, there are still certain things that differ greatly between one bank and the next.

Finding a bank that offers both concrete benefits - like attractive interest rates for savings accounts and certificates of deposit - and an approach to doing business that appeals to you is especially important considering the long-term relationship involved. As you look for a new partner to keep your money safe and give you opportunities to grow your savings, keep these key qualities in mind.

How do you bank?

Every bank brings something different to the table - but so do its customers. You should have a basic understanding of what's important to you and what likely doesn't matter as much before you choose your next banking partner. Some key considerations to make include:

  • How often do you interact with your bank? Do you prefer to have a set it and forget approach with direct deposit and other needs, or to speak with your bank regularly?
  • Do you frequently use cash, or do you prefer to pay for most things with debit and credit cards?
  • What services are you interested in? Are checking and savings enough, or do you want access to additional options like money market accounts and certificates of deposit?
  • Are mobile and online banking important to you, or are they not the way you normally interact with your bank?
  • How important is friendly and fast customer service and support?
  • Are you a current or prospective small-business owner, and do you want a bank that can support your business banking needs just as it does your personal ones?

The answers to these questions and the many others that can arise as you think about what's important to you in a bank will give you vital context as you move forward. When you have clear preferences in mind, it's that much easier to narrow down your options and find a bank that can give you the services, support and options you need.

What level of customer service can you expect?

In practical terms, customer service historically referred to the ability to call, visit or write to your financial institution when a question or concern cropped up. Now, it can also be seen to include self-service options like online and mobile banking. In many cases, it's faster and easier to manage accounts and make simple changes online, at any time, than it is to call or visit during the hours your bank is open. However, there are also certain circumstances when having a readily available and knowledgeable customer service department is crucial for a positive result.

TAB Bank is proud to offer both fully functional online and mobile banking tools as well as a customer service center fully staffed by real, knowledgeable people, six days a week. With a mix of the ease of self-service and the more robust type of information and guidance that only professionals can provide, our customer service environment is an especially positive one.

What core banking services do you need?

Every bank should provide checking and savings options to their customers if they intend on appealing to the personal banking market, and the specifics of those accounts matter just as much as their basic availability. A savings account that offers an attractive interest rate, one higher than the industry standard, is far more beneficial than one that provides little return, for example. Similarly, a bank that offers a variety of CD options gives its customers more ways to earn money through an investment that is both secure and guaranteed to grow.

What's important to you?

A balance of effective account and investment options, strong customer service and alignment with your personal banking preferences are all important factors to consider when seeking out a new bank. At TAB Bank, we know we offer a strong mix of these crucial considerations. To learn more about the benefits of banking with us, get in touch today!

About the Author

Shane Adair

Shane Adair grew up in Cedar City, Utah. Shane earned a Sterling Scholar Award in Visual Arts along with a football scholarship from Southern Utah University. He earned his Bachelors of Science Degree in Business Administration with a Marketing Minor at SUU.

After college he and his wife, Kimberlie Adair, moved to Phoenix, AZ, where he began his career in sales. Shortly thereafter he earned an MBA in International Management from the University of Phoenix. He has managed successful sales teams for over 17 years in a variety of fields.

Shane spent 6 years in the newspaper industry and had the opportunity to oversee two dailies and two weeklies along with various other publications for Clovis Media Inc. in Clovis, NM. This success led him to Flagstaff, AZ, where he not only directed the efforts of the advertising sales staff, but he successfully launched the monthly publication - Northern Arizona Business Journal. In 2014 Shane was recognized for his success and was sought out to lead the sales efforts for the Standard-Examiner in Ogden, Utah. Most recently he has transitioned out of the newspaper advertising world and into marketing with TAB Bank, a leader in commercial lending, more specifically asset based lending and AR Financing.

Shane stumbles his way through broken Korean, speaks English fluently, is an avid reader, loves to think he still has artistic ability, is the old guy still playing rec league sports – without a knee brace, is the father of 6 amazing children, and the lucky husband of one smoking hot wife.

Specialties: Marketing management, SEO, SEM/PPC, digital advertising, MarTech stack development, vendor management, marketing automation, WordPress management, project management, sales management, contract negotiations, product training, sales training

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