checking

5 tips for choosing a community bank

5 tips for choosing a community bank
Next
1 of 7

Is there a difference between the national bank you see ads for on TV and that community bank around the corner?

Not really, says Denise Winston, founder of the Bakersfield, Calif.-based Money Start Here consumer education series. "A bank is a bank. It boils down to the following: convenience, products, services, fees and long-term relationships."

Marcia Cornett, finance professor at Bentley University in Waltham, Mass., agrees. "From a consumer's perspective, both national banks and community banks offer the same basic services," she says, adding that the main difference is that national banks, in general, tend to be able to offer services at slightly lower rates, while community banks pride themselves on more personal service.

But if you're one of those consumers who put service above price, you'll find a lot of choices when picking a local bank. According to the Independent Community Bankers of America, a Washington D.C.-based trade group, there are nearly 8,000 community banks, in more than 50,000 locations. So how do you choose the right community bank? Read on for five tips.


 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CD & INVESTING NEWSLETTER

Learn the latest trends that will help grow your portfolio, plus tips on investing strategies. Delivered weekly.

Ask Dr. Don

Have a savings bond tax problem?

Dear Dr. Don, I have a number of savings bonds that will stop earning interest in the next three to four years, months apart from each other. I retired in 2013. Is there any way for me to legally avoid paying the income... Read more

advertisement
Partner Center
advertisement

Connect with us