Finding a checking account that’s adequate is easy enough. Banks long ago mastered the basics of recording our deposits correctly and sending bills that aren’t confusing. For this reason, many of people tend to be lazy when picking one.

As mentioned above, it’s common to just go with the bank that already has your business. Another often-made mistake is to just go with a bank that’s close to your office or home. That convenience can come with a cost. Banks with lots of branches usually spend more on rent and operating those offices. They make up the difference by offering their customers higher fees, lower interest rates and fewer deals.

You should open a primary checking account with whatever institution pays the highest interest rate and charges the lowest fees. Usually, this will be a bank that has no branches and asks customers to call or use its web site for help.

There’s one important exception here though – having a bank branch nearby is crucial for people who are paid with paper checks and who don’t keep a big cushion of money in their accounts. Freelancers, handymen, and babysitters are a few of the groups that often find themselves in this situation. A nearby branch makes it easy to deposit your check and access your funds quickly. Internet banks require you to mail your checks with a deposit slip. Sometimes it can take a week for these deposits to post to your account.

Want to Know More?

• What's a Checking Account?
• Getting a Great Deal on a Checking Account
• Grilling Guide: Questions to Ask the Bank