A Millennial’s Guide to Choosing a New Bank

Bank Sign on Branch Facade

Decision-making is a part of being an adult. At this stage, millennials have to decide everything like work, housing, and even banking. The options are endless. However, choosing one from a list of banks in Connecticut is not as difficult as finding a suitable mate. One just has to weigh the pros and cons, and they are all set.

Here are things you should consider in choosing where to stash your hard-earned dollars.

Charges

Institutions might charge fees for monthly maintenance, overdrafts, ATM use, etc. These costs can eat into one’s balance. Look for a bank that does not impose unnecessary charges. You can save hundreds of dollars and use it on something useful like concert tickets, new shoes, or a big night out of town.

Overdraft Fees

Always check the cost of overdrawing an account. According to Consumer Financial Protection Bureau, the average fee is $34. Some banks offer protection programs wherein banks pay to cover for the rest of the amount due when the funds are not enough.

Location

Despite the convenience of online banking, younger millennials ought to visit banks to do some transactions for safety and also learn more about the basics of banking.

Lifestyle

Some banks have products that are perfect for specific needs. Entrepreneurs would like to sign up for a bank that can provide support as start their business. There are also people who have multiple accounts for specific funds like travel, gift, expense, and savings to make budgeting easier.

At this stage of their lives, millennials are often under pressure to make important decisions that will shape their future as adults. With this guide, at least one of those difficult decisions is off their table. Now, they have more time to focus on other equally important things they have to accomplish.