How to choose the banking package that’s right for you
When it comes to banking, you need to know how to choose the package of banking tools and resources that will fit you best.
Before you make a decision on personal or business banking in Salt Lake City, Utah, or anywhere else, here are some basic facts to help you. Think through these points to ensure you have the best resources in place to support you, your family and your company in the weeks and months ahead.
Types of accounts
A banking package frequently includes a savings account and a checking account. Each has its own purposes, advantages and disadvantages.
Savings accounts, on the one hand, are good ways to save up an emergency fund or to meet short-term and long-term goals. The interest rates paid on savings accounts are typically higher than on checking accounts, and the transaction charges might be higher, too.
Checking accounts, on the other hand, are best for managing day-to-day transactions, including withdrawing cash, paying bills, buying with a debit card, depositing your paycheck and, of course, writing out payments by check. Some checking accounts pay interest on the balance, but it’s usually at a lower rate than offered on savings accounts. Your local banking professional can provide complete details.
At First Utah Bank, you can use personal online banking services for any of our savings or checking accounts.
How to choose your accounts
Most people have both a checking and a savings account to meet different needs. To choose the account that’s right for you, look at how you use financial services:
- How often do you make transactions, including cash withdrawals from automatic teller machines, bill payments, money transfers and debit card purchases? Many savings accounts have fees for transactions, so if you need to make a lot of transactions, a checking account with no fees, such as First Utah Bank’s Basic Checking or Checking Plus accounts, might be right for you.
- Do you need to write checks? Our Basic Checking account has unlimited check writing, bill payment and a free debit card.
- Can you maintain a minimum monthly balance? First Utah’s Checking Plus offers a competitive interest rate with a low minimum balance.
- Do you prefer your monthly account statements printed on paper, or sent electronically? Checking Plus account has free paper statements.
- Do you want to manage your financial accounts online? Our Basic Checking and Checking Plus accounts offer unrestricted personal online and mobile access, as well as messenger and bill payment features.
- Are you saving for a short-term or long-term goal or for an emergency fund? Our Basic Savings account offers a competitive savings interest rate, as well as online access, and it’s easy to transfer money to and from your First Utah Bank checking accounts.
Generally, if you make a lot of transactions every month, a checking account with low or no transaction fees is right for you. A savings account, such as First Utah Bank’s Basic Savings or Kasasa Saver, is better suited to your needs.
You should also carefully look at the fees a bank charges for transactions and other services. Some accounts charge a fee for withdrawals, or for transactions in excess of a certain number. Before making your decision, ask about the fees for:
- monthly account maintenance
- debit-card purchases
- online transactions
- personal banking
- bill payments
- pre-authorized bill payments
- pre-authorized regular money transfers to savings or retirement-saving accounts
- overdraft protection
- withdrawals or other transactions at another financial institution’s ATMs.
Also, before choosing a bank or an account, be sure you understand the fees for transactions in excess of the number allowed and overdrafts.
Look at all the features, benefits and charges before you open an account—and if there’s anything you don’t understand, you can always ask a friendly and knowledgeable First Utah Bank team member. Banking in Salt Lake City Utah has never been easier.