Choosing a bank

People stay at their childhood bank for decades because switching feels like a hassle. It is — for about 90 minutes, once. After that, the savings are permanent. The difference between a badly-picked brick-and-mortar bank and a well-picked online bank is routinely $300–800 per year in fees, lost interest, and overdraft charges on the same balance. Compounded for a lifetime, it's real money.

Three kinds of banks

• Big national banks (Chase, Wells Fargo, Bank of America): physical branches everywhere, giant ATM networks, mobile apps that usually work, near-zero interest on savings, and a long list of possible fees.
• Credit unions: member-owned nonprofits. Usually lower fees, better loan rates, and more personal service. Geographic or employer-based membership sometimes required, but many are now broadly accessible.
• Online / fintech banks: no branches, competitive interest rates on savings (4%+ in recent years), few or no fees. Transfers to external accounts take 1–3 business days.

What to check before picking

1. FDIC or NCUA insured up to $250k per depositor. Always verify — 'fintech banks' sometimes aren't real banks, they're apps on top of real banks, and the coverage can be fuzzy.
2. No monthly fees, or fees you can easily waive.
3. Overdraft policies. Some banks are punitive ($35 per overdraft, cascading). Others now have grace periods or opt-out settings.
4. ATM network size and fees. For rare cash needs, a smaller ATM network is tolerable.
5. Savings interest rate. A 4% HYSA vs. a 0.01% megabank savings is not a minor difference.
6. Customer service reachable by a human, in under 10 minutes, when you need it.