Banking

One of the most universally accepted places to safeguard your money is a bank. Learn about the benefits of having a bank account, the different accounts you can open, and the best way to manage them.

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Understanding Banking

Banking consists of the products and services people use every day, including financial institutions such as lenders or credit unions. It also includes an array of financial services such as cashing checks, borrowing, loaning, buying, selling and investing. Whether you’ve been putting your money in a high-yield savings account or in a piggy bank, you’ve been banking.

Not all banking is created equal, and the right financial choices aren’t always the obvious ones. GOBankingRates was created to help you make informed financial decisions.

No matter how big or small the denominations are, the way people bank greatly influences the economy — by paying for or investing in goods and services, people’s banking choices determine supply and demand, drive commerce, and decide market value. Whether you’re choosing the best bank or learning how to set up direct deposit, GOBankingRates is here to help.

FAQ

Here are the answers to some of the most frequently asked Banking questions.

Many financial experts recommend keeping anywhere from one to two months' worth of expenses in your checking account and three to six months' worth of expenses in a savings account or emergency fund. This helps protect you in case of situations such as unexpected job loss or medical issues and accompanying bills. For example, if your expenses are $3,000 per month you would want to have at least $9,000 to $18,000 in your savings account so a financial shock doesn't get compounded with increased debt.

Learn More: How Much To Keep in Your Checking vs. Savings Account

When choosing your bank the things you should look for include what type of account you need and what fees the bank may charge you for that account. You should also consider if the the bank or credit union you are debating offers high-yield options and convenient branch locations.

Learn More: I'm a Financial Expert: These Are the 5 Things I Always Look For in a Bank

Monthly maintenance or service fees will vary depending on your bank or type of account. There are many ways you can avoid bank fees such as maintaining the required minimum balance, using in-network ATMs, enrolling in paperless billing and statements or setting up direct deposit.

Learn More: Common Bank Fees and How To Avoid Them