We all have to put our money somewhere, but how do we decide the best banking solutions? On this episode we explore whether an online bank is right for you, if credit unions live up to all the hype, and if you do choose multiple accounts how you should organize your money in them. We'll also go through our recommendations for the best banks with no or low fees!

Sponsors:

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Notable Notes:

What the Internet has to say:

This article comes from Credit Karma and outlines what you need to look for when choosing a bank

What Jen + Jill have to say:

Consider the following:

1. What is your current financial situation? 2. What are your current banking habits? 3. What do you anticipate your future needs to be?

Put your money in one of the following:

1. Traditional, brick and mortar bank: great for getting lots of financial products, interact with tellers, great for depositing cash, access to ATM's 2. Online Bank: many of the same products as traditional banks, not as easy to deposit cash, free ATM use (sometimes internationally), often offer high yield savings/checking accounts 3. Credit Union: non-profit, member-owned organizations, lots of financial products

Pay attention to:

• Make sure the bank is either FDIC or NCUA insured! If it's not insured you are at risk of losing that money. • Insurance rates; check out the APY rates • Minimum balances, services fees, overdraft fees, etc. • ATM fees • ATM location

More from the Internet:

This article is from The Balance and provides a list of the best no-fee checking accounts for 2020

More from Jen + Jill:

What makes for a good checking account:

• minimal fees • deposit insurance • easy access to cash • mobile deposit • online bill pay

Recommended Banks:

Ally • - high yield savings and checking, don't need high balance to get good APY Discover • - can earn cash back rewards with debit card Radius • - also provides rewards for debit card use Simple • - has a great (free!) app for budgeting and money management Schwabb • - unlimited rebates on ATM fees, high yield investor checking account (great for traveling internationally)

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