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How Do You Know What are the Best Banks in Syracuse, NY?



Is your bank one of the best banks in Syracuse NY?

When it comes to picking the right bank, it all comes down to knowing what banking options you prioritize. It’s best to take a few minutes and sit down to look at your lifestyle and what banking options are the most important to you. Look at your finances and how you use or access them. Think about where you place your money and what you do with it. And don’t forget to consider your future and financial security. 

Knowing if your bank is the best bank for you. 

Breaking down your options.

Your Lifestyle: Are you on the go traveling often, or do you stay in the local community?

If you often travel, especially internationally, you may want to consider banking at a federal bank, which will have national branches and be more convenient while you are traveling. If you stay local most of the time, it’s beneficial to bank with a local Syracuse credit union, such as Money FCU. Credit unions often offer lower interest rates on loans, higher dividends on your savings, and have community ties that a bank can not provide. 

Banking Options: What options in a bank are most important to you? 

If you are looking for a general saving and standard checking account, look for what financial institution will have the best payoff, highest interest rates, lower fees, and no minimum balances or monthly service fees. If you are interested in the long-term, higher interest rates, look into CDs, money markets, and IRA accounts. A credit union is often superior in these categories.

How You Use Your Finances: When you have excess money sitting in accounts that you do not touch.

This is when it is time to consider higher interest options like money market accounts, CDs, and IRAs. Each comes with specific benefits, and you should always sit down and speak to a financial advisor.

How You Access Your Accounts: Do you take out cash often, write checks, or use a bank card? 

How you access your funds will determine what options will suit you best. If you take out cash a lot, you’re going to want a credit union or bank that has multiple locations close to your home, your work, and any other area you frequent. You will also want numerous surcharge-free ATM locations for quick cash options and no fees. If you write many checks, usually in the case of a business account, make sure you can get a check ledger or easy tracking for tax preparation and day-to-day business operations. Finally, if you frequently pay with your bank card, make sure there are no hidden fees, and look for overdraft protection.

Ease of Deposits: Technology brings about many ways to deposit money. 

If you stop at your bank a lot, then merely depositing your checks in person will not be an issue. Most of us like the convenience of direct deposit for our paychecks, which is now a standard banking practice. Yet, you may require more options like mobile deposits or ATM deposits. Consider how often you make deposits and if it would save you otherwise unnecessary trips to the bank.

Where You Place Money: What type of account you’re going to place your money into. 

The type of account you choose often comes into play when you look at your future. Tying up your funds in long-term accounts is excellent for the high-interest rates, but keep a savings and standard checking open for living paycheck to paycheck. 

Future Plans: Take a look at your long-term goals. 

People with young children often focus on saving for college. As your children mature, you may be saving for life events such as weddings or moving expenses. Perhaps your home is going to need some repairs and you’re looking at home enhancement loans or a home equity line of credit. Later, we begin to think about retirement and our future financial security with IRAs. Placing your money in the right accounts will get you the best rates and options for what you need when you need it. 

Financial Security: Financial security is not just retirement and building a good portfolio. 

Financial interests are also thinking ahead, having access to enough money when you need it should something unexpected arise, or creating a good line of credit. Money Federal Credit Union offers many options to help you bank your way per your lifestyle.

How do you find the best high-interest savings account? 

There are websites out there that will compare local financial institutions and their rates for you, such as, Deposit Account by Lending Tree. As touched on above, there are multiple different avenues to place your money into within each credit union or national bank. You can call or visit their website for rates. A federal credit union often has better, competitive rates, like Money FCU.

What is the difference between a savings account and a money market account?

Savings accounts and money market accounts are similar. The main difference is that funds deposited in a money market account earn higher dividends but typically limit how many withdrawals you can make per month. A savings account is the best option for your day-to-day living cashflow. A money market account is one option that can increase your earnings and is useful when looking for a slow incline on return without any risk. 

What is the best child savings account?

Kids’ accounts are great for starting financial responsibility. The important thing is to make sure a child’s account has joint access and monitoring. With monitoring, you can help them as they grow and keep an eye on things. Understanding finances is a huge responsibility, and although we want it to be their obligation, it’s best to keep an eye on it until you are sure they can handle it responsibly. Money FCU kids account also offers benefits such as birthday deposit matching and a free gift with account opening.

Banking without limitations.

Look for an institution without limitations on your banking activities. One of the best banks in Syracuse NY would certainly have few limitations.  You should be free to have as many transactions within your accounts as you need without incurring fees and be able to move money within accounts as you see fit. Although some certificates or IRAs may have fees, your general checking and savings accounts should not.

Keeping up with the times – online or mobile access.

Online banking and mobile access are highly sought after by everyone these days. Your bank should have online and mobile banking for ease of moving your cash when needed and for seeing and inspecting your statements at your convenience. In the modern-day world, we now expect to be able to view our banking activity and have access no matter what day of the week it is or if it’s after business hours. Not to mention being able to pay bills or make deposits online or via a smartphone. These are modern-day conveniences we have come to expect from our financial institutions.

Lending a helping hand.

We hope you have learned which is among the best banks in Syracuse, NY, for you. Speak to a team member now! Money FCU can help you decide which account best suits you and your financial future. Advisors are standing by. Call today!

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