Here's How to Find the Best Debit Card and Savings Account

If you’re looking to switch banks, you may also be on the hunt for the best debit card and savings account. Yet, with so many different options to choose from, it can be difficult to pick the best one for you.

This is why it’s so important to do your due diligence and understand what’s important to you in a bank account. To help you find the perfect match, here are 6 factors to consider when choosing a new debit card and savings account.

1. No Monthly Fees

Did you know that Americans pay $329 in bank fees each year on average? Just imagine what you could do with an extra $329 in your bank account this year.

When you begin searching for a bank account, fees are one of the first things to consider. Many banks will charge monthly service fees that can range anywhere from $2 to $10. Some will even charge you a fee for inactivity. It is possible to avoid many of these charges by setting up direct deposit or by keeping a certain amount in your account. On the other hand: why would you bother with this when you can find a bank with no hidden fees – ever.

Chime doesn’t pass along any hidden bank fees. That’s right. With a Chime bank account, you won’t have monthly minimums, foreign transaction fees, or overdraft charges.

2. Using Your Debit Card to Build Wealth

The easiest way to grow your savings is by making it automatic. With Chime’s Automatic Savings program, each time you use your Chime Visa® debit card to make a purchase or pay a bill, Chime will round up that amount to the nearest dollar. The difference will then be transferred from your Spending account to your Savings account.

Want to boost your savings even further? Set up an automatic transfer each time you get paid. Whether you are saving up for a family vacation, your dream wedding, or something else, Automatic Savings can get you there faster.

3. Liquidity is a Must

Emergencies can pop up at any time. For example, perhaps your car breaks down or your furnace doesn’t work on a cold night. Because you probably don’t keep a large balance in your checking account and other assets might be tied up, it’s important to have a liquid emergency fund. With that said, getting money out of an ATM fee-free or transferring money quickly from savings to checking are also important factors. The bottom line: be prepared for the worst by having a cash cushion available and accessible.

4. Security Matters

It seems like data breaches are becoming more frequent and severe. Some bank accounts, like Chime, take security seriously. The Chime app, for example, supports Apple’s Touch ID iOS security, making it much more difficult for someone else to access your account. In fact, instead of using a passcode to access your savings account, you can set up your account to recognize only your fingerprint.

5. Ability to Deposit Checks On The Go

There was a time when it was nearly impossible to avoid making a trip into a bank branch to accomplish your banking needs. Today, you can hop on an app and do just about everything, including depositing a check with a couple swipes on your smartphone. Luckily, a large percentage of banking institutions now offer this service to their customers.

6. P2P Fund Transfers

When you have a night out with friends it can be difficult to split up the bill. That’s why having a peer-to-peer (P2P) feature with your bank account is important.  Chime, for example, offers its Pay Friends feature. You can simply search for your friends that use Chime, enter the payment amount, and click submit. When the funds are available in their account, they will receive an alert.

Final Word

All of us make financial decisions on a daily basis. One of the biggest decisions comes down to where you choose to park your money. While the features mentioned here are important, you’ll ultimately want to choose a savings and debit card provider that you feel comfortable with. You also likely want to find a bank that will help you grow your savings and reach your money goals faster.

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Sean Bryant

Sean Bryant created OneSmartDollar.com in 2011 to help pass along his knowledge of finance and economics to others. Sean has worked on the trade desk for a commodities brokerage firm, he was a project manager for an investment research company and was a CDO analyst at a big bank. When not working Sean and he wife are avid world travelers. He enjoys spending time with his daughter Colette and dog Charlie.