Even though banks are the most common way to store and get to your money, there are some other options you should think about. If you feel like your bank isn't meeting your needs, it might be time to switch. Here are some other options for banking that might have the features and services you need.
Why would you use a bank?
Of course, the main reason to use a bank is that they are easy to find and the first thing that comes to mind when thinking about money. Some people don't even know that there are other ways to keep your money safe than to keep it at home. Even though banking has its uses, it can cost you money to do simple things with your money that you can do for less. Bank fees can be very costly, but there are other options.
There are credit unions.
You can also use credit unions instead of regular banks. Credit unions are different from banks in that they are not for profit and are run by their members. People who work at the same place or have the same job or even the same religion use credit unions. They offer many of the same services as banks, but because making money is not their main goal, they can offer lower fees and higher interest rates on savings than regular banks. Credit unions can be pretty big, and some of them are about as easy to use as a regular bank. A credit union might be right for you if you want to save money and pay less in fees and get a better return on your savings. But compared to banks, credit unions are still small, and you can't just join any credit union you want. To become a member, you have to meet their requirements or be related to someone who is already a member. Also, you usually have to save money with a credit union before you can use other financial products.
Online banking
Online banking might be the best thing to do instead of traditional banking. There are a lot of banks that only work online, and there are a lot of good things about them. You might not be able to get money as easily as you could at a regular bank, but you can transfer money and pay bills much more quickly. Also, most online banks are open 24 hours a day, 7 days a week, so you can access your account and make transactions at any time. Online banking is the best way to pay bills and send money to other people.
Adding up accounts
Even though there are good alternatives to traditional banking, having a mix of accounts might be the best way to save time and money. If you can join a credit union, that's probably the best place to save money because you can get good rates and you might be able to borrow money at a much better rate if you need it in the future. You could combine this with an online account to pay your bills. This lets you pay your bills quickly and manage your money better so that you always pay on time. Third, it's usually a good idea to have a traditional bank account because if you have any problems, you can go to your bank and talk to someone in person. If you look at all the options other than regular banking, you could save money and make banking work better for you.
