Family bank accounts are a great way to take saving money to the next level. However, if you?re looking for a brand-new family bank account that you can use more effectively, you?re going to need to be paying a bit more attention. Here are five things you should be looking for if you want to find a bank account for your family that will work well for everyone.
1. Sign-On Bonus
A sign-on bonus can be an amazing way to get some extra cash, often without having to change your bank patterns almost at all. If you?re planning to sign up for an account that offers a sign-on bonus, pay close attention to the terms and conditions of the bonus so you don?t miss out because you missed some minor wording.
2. APY for Savings Accounts
Savings accounts are a great way to do a bit more with any extra cash you have lying around. APY, short for Annual Percentage Yield, is interest that a bank pays you for putting your money with them. This can change at a moment?s notice, but check to see whether the company is currently advertising at a rate that?s competitive with other banks.
3. Cash Back Rewards
Many banks are now offering cash back rewards in a variety of ways when you use your debit card. Some may even offer extra cash back with certain criteria; the Aspiration debit card, for example, gives you 10% cash back on all purchases made at Conscious Coalition retailers when you have an Aspiration Plus account. This cash back can give you essentially a heavy discount on your purchase.
4. ATMs in Your Area
ATMs allow you to get cash whenever you need it, and especially if a bank operates mostly online, it?s one of the best ways to turn your digital money into physical money. However, out-of-network ATMs will typically charge a fee for use. (mercyhealthplex.com) Check to see how many in-network ATMs are in your local area so you can get an idea of what it?ll be like if you need cash.
5. Company Values That Align With Your Values
Many people find it helpful to sign up for a bank account at a bank that has values closely aligned with your own. Banks may do business with a number of different companies, and some banks have chosen to vet the companies they work with to align themselves toward a specific set of values. If this is important to you, check what the bank states its own values are.
Families are often making a lot of purchases and having to be very careful with their money. If you?re opening a new bank account, you want that bank account to work for you, not the other way around. Checking for these things can be a great way to ensure that your new family bank account is one that you?re happy with, not one that you regret after only a few months.