How to choose a bank or credit union

Before anything else, confirm the institution is FDIC-insured (banks) or NCUA-insured (credit unions). Search the FDIC's BankFind Suite or the NCUA's credit union research tool, or look the institution up on our state directories. If you are opening an account through an app, find out which bank actually holds the money; see the FDIC insurance limit for how pass-through coverage works.

If you expect to hold more than $250,000, plan how to keep it within limits using ownership categories or more than one institution. Our deposit coverage calculator helps.

Fees often matter more than interest rates for everyday accounts. Ask for — or download — the account's fee schedule and look for:

• Monthly maintenance fees and how to waive them (minimum balance, direct deposit)
• Overdraft and non-sufficient-funds (NSF) fees, and whether overdraft coverage is opt-in
• Out-of-network ATM fees, and whether they are refunded
• Wire, foreign transaction, paper statement and account-closing fees

Many banks and credit unions now offer accounts with no monthly fee and no overdraft fees; compare like for like.

Think about how you actually bank. If you deposit cash, need cashier's checks, or want face-to-face help, branch locations matter. Our state and city pages list which institutions have offices in each place. Check the ATM network as well: many credit unions participate in shared branching and surcharge-free ATM networks, and many online banks reimburse some ATM fees.

The Consumer Financial Protection Bureau publishes complaints that consumers submit about financial companies, along with each company's response. The data are useful for spotting recurring issues, such as problems with account closures or disputed charges, but they have limits: complaints are not verified by the CFPB, large institutions naturally receive more, and the CFPB's database covers mainly larger institutions. Where available, TellerScore shows complaint counts in relation to deposit size. Treat them as one signal among several.

Rates change frequently. For savings and CDs, compare the annual percentage yield (APY) and any balance tiers or promotional periods. For loans, compare the annual percentage rate (APR) for your credit profile, not the advertised minimum. Online banks often pay more on savings; credit unions are often competitive on auto loans. Our credit card rate tables show APRs and fees reported to the CFPB.

Check the mobile app's ratings, whether it supports mobile check deposit, instant transfers, card controls (locking a lost card), account alerts and two-factor authentication, and whether it connects to the payment apps and budgeting tools you use. Ask how customer service can be reached — phone, chat, branch — and when.

For insured balances, a bank's financial condition mainly affects convenience: a failure can cause a short disruption even when your money is protected. If you will hold uninsured balances, or simply want more information, look at the institution's capital, problem loans, earnings and liquidity. Each TellerScore page summarizes these from public call reports and compares the institution with peers of its size; you can put two side by side on our compare page. Read how to check if your bank is safe for what these numbers can and cannot tell you.

If you are moving from another institution, a little planning avoids bounced payments and fees:

1. Open the new account and confirm it works (a small deposit, online access, debit card) before changing anything else.
2. Make a list of everything connected to the old account: direct deposits, automatic bill payments, payment apps, subscriptions and any linked savings or loan payments. Recent statements are the easiest place to find them.
3. Move direct deposits and automatic payments to the new account, and keep enough money in the old account to cover anything still in flight for a statement cycle or two.
4. Download statements you may need later — many institutions limit access once an account is closed.
5. Close the old account in writing or online once it has been quiet for a full cycle, and confirm the closing balance has been transferred.

If you hold CDs, check early-withdrawal penalties before moving them; it is often cheaper to let a CD mature.

1. Insured? (non-negotiable)
2. Fees you would actually pay
3. Access that fits how you bank
4. Rates on the products you need
5. Service and complaint patterns
6. Financial health, especially for balances above the insurance limit

Many people use more than one institution — for example, a local credit union for loans and in-person service and an online bank for savings — which also helps keep balances within insurance limits.