What should you ask a bank before you set up an account?

Graphic design image of a hand holding a debit or credit card | TAB Bank

by John Huntinghouse, VP Marketing

Opening a new checking, savings or money market account, or finding a bank that can offer certificates of deposit, can be a very simple process. Make sure they're above board, have the right licenses and permits and there's not much else to do. Or is there?

Finding the best financial institution to partner with, even when opening a few basic accounts, offers some major benefits. Access to low fees, high interest rates and other products like CDs, should you need them, can pay off over time. Keep these questions in mind as you start the quest to find a new financial institution to fill your personal banking needs.

Are the basics all in order?

While you want to go beyond the basics when finding the right bank to partner with, you need to build a  foundation first. When you know a bank adheres to relevant regulations and offers the standard protections that all financial institutions are supposed to offer, you can confidently move forward.

The power of the internet makes it easy to check on the reputation and qualifications of a variety of financial institutions. Before you choose to open an account, you can check out a bank's website to ensure it lists crucial basics like Federal Deposit Insurance Corporation membership, Equal Housing Lender qualifications, general legal disclosures, privacy statements and similar considerations. These notices aren't often the most prominent on a bank's website, but should be visible when you look at areas like the bottom of the homepage or the "about" section. If you have any remaining questions, you can always get in touch with the institution and ask your questions directly. A dependable bank will be able to provide an answer or point you toward existing resources.

TAB Bank offers all such notices and relevant documentation at the bottom of our homepage - and each and every page on our website - making sure you can easily access this information whenever you feel it's necessary.

What kind of experience do they have?

A bank can be completely above board and offer all the protections required by law without being particularly supportive or effective in the ways it interacts with and supports its customers. Experience in banking isn't a requirement for opening a financial institution, but it can be especially valuable for customers. Similarly, there aren't detailed regulations around providing strong, dependable customer service to clients, but a commitment to doing so can help you have a consistently positive experience when working with your bank.

TAB Bank is proud to have two decades of service as an institution, working with businesses and individuals to provide effective banking solutions for their needs. We're here to support our customers and make sure they have the best banking experience possible.

What can they offer me?

Banks with effective, rewarding options stand out from those that only offer industry-standard products and services. You should consider:

  • How many checking, savings and money market account choices are offered.
  • What sets those options apart from each other.
  • The interest rates attached to each account.
  • The availability of additional products, like CDs.
  • Whether fees appear to be common or rare for basic banking requirements.
  • Their approach to answering questions and addressing concerns.

TAB Bank addresses a wide range of personal banking needs, including three checking accounts, the same number of savings accounts and money market and CD options, with emphases ranging from ease of use to high interest rates. Check out the personal banking menu on our homepage to learn more, and reach out to our customer service team with any questions you may have.

About the Author

John Huntinghouse

John is the current VP of Marketing at TAB Bank and has over 10 years of industry experience across a spectrum of companies. Prior to joining TAB Bank, John was the Director of Digital Marketing at Epic Marketing over seeing $250,000 in monthly ad spend for their various clients. He was part of their executive management team and helped shape Epic’s digital branding and voice. Previous to that, he was the Social Media Director at KSL 5 TV and Newsradio and helped lead them to a #1 social ranking among all media outlets in the state of Utah. John holds an M.B.A. from the University of Utah and has also taught classes to over 400 college students on social media marketing, digital marketing strategy, analytics, paid search, seo and web design. John has been featured in Forbes, Buzzfeed, Authority Magazine, E-online and numerous online publications for his work in digital marketing and his life's mission other than his family is to elevate others by breaking down perceived barriers to their dreams. John actively gives back to the community by serving on multiple advisory boards, organizations and speaks at various educational and industry conferences each year

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