Written by: M Katie Helle, CPA

Banks! You see or hear about them just about everywhere you go. In today’s world, there are brick-and-mortar banks and virtual options. Because of the number of options available, many young adults may feel overwhelmed when selecting a bank. When establishing a relationship with a bank, there are several essential things to consider: convenience, interest rates, types of accounts offered, and fees.

Convenience – do you want a relationship with a bank close to your house or work, or does it matter? Are you open to a virtual option? The advantage of a bank close to your home or work is that it is easily accessible for cashing checks or making deposits. Virtual banks allow you to make deposits wherever you are.

Interest rates – is earning interest on your accounts important? Banks typically do not offer high earnings on interest baring accounts in today’s economy.

Types of accounts offered – what type of account are you looking for? Do you want to be limited on the number of transactions you can do each month, or do you want flexibility? Every bank offers different types of accounts with different levels of flexibility. Some accounts allow you to enter the banking center to do all your banking, whereas others push you to use to ATM for most of your transactions. No matter the type of account you initially open, the good news is you can upgrade or downgrade your services with the account if you realize you need to make a change.

Fees – do you want to pay for specific bank fees, or do you want everything to be free? Most people think a free account would be the way to go, but you are often limited in what you can do with your account. When establishing your banking relationship, you want to understand the fees and how they impact your needs.

No matter the bank you choose, it is advantageous to do your research on the various banks and understand what you want out of a bank. Below are some links to learn more about the various type of banks available.

Chase Bank

Bank of America

Wells Fargo

Midfirst Bank

Desert Financial Credit Union


GO2 Bank


Katie Helle has been in public accounting since 2009, with experience in individual and small business taxation, specializing in payroll and sales tax reporting and compliance and QuickBooks accounting software. She is an Arizona native and resides in Chandler, Arizona with her husband, young daughter, and two goldendoodles.  Outside the office, she is actively involved with community outreach, enjoys fitness, and can be found with a power tool or two in her hand for her many crafts.