How to Choose the Best Bank for Your Needs

best idaho bank top banking services

Are you looking for a bank that can cater to your personal and business finances? Do you wish there were a way to find a bank that you can trust? If so, then you need to learn how to identify the best Idaho bank. 

Doing so can help you find a bank that cares about you, not just the money you're depositing. These days, banks need to have innovative solutions to their largest needs. 

See below for an in-depth guide highlighting the key factors that you should look for whenever you shop around for a new Idaho bank to invest in. 

1. Tradition 

Too many people end up joining a bank just because of that bank's marketing prowess. In other words, they signed up with that bank because they saw it on a billboard or an advertisement on their Facebook page. 

Any bank has the ability to spend money and get in front of your face, but how involved are they in the marketplace that you call home? 

In other words, how long has the bank been involved in the community? Are they from Idaho originally or did they recently move into town to try and feed off the skyrocketing market in Idaho right now? 

We'll give you an example. The people over at Farmers Bank pride themselves on the tradition their bank has with the region. 

Their bank goes all the way back to 1918 when J.C. Hamilton first became a cashier at his firm and saw the untapped potential of Magic Valley. Today, Farmers Bank is on its fourth generation of Hamiltons that are running and overseeing daily operations. 

Now that's a tradition that you can count on. These people aren't just in it to make a quick buck off a growing community. They are the community and they take great pride in it. 

2. Proximity 

Granted, proximity doesn't play as big of a role as it used to. These days, banks can offer several services for their clients through their app. 

For example, their app can offer mobile banking features such as: 

• Making bill payments from your app 
• View balances in any of your accounts 
• Transfer funds from one account to another 
• Find active branch locations for the bank 
• Deposit checks virtually 
• Turn check cars on and off 

The list goes on and on. However, the need will always arise for you to deposit or withdraw physical cash. Not to mention the occasional instance in which you want to speak with a representative of the bank itself. 

That's why proximity and accessibility are such a vital component of the Idaho bank that you invest with. 

First, start with the basics. Which banks have branches in close proximity to where you live? We typically recommend there being a branch no further than 10 minutes away, but that's completely up to you. 

Second, do they have a bank close to your place of business? This is especially important if you're a company owner. 

Lastly, look into the number of branches they have. We recommend finding one with no fewer than five branches in the area. That way, you're covered wherever you are. 

3. Services 

Let's say that you choose an Idaho bank for your personal finances with the plan to open up a business here in the next year or two. 

Then imagine the horror of finding out that the bank you signed up with doesn't offer Small Business (SBA) loans. Now, to get the money you need, you have to go find a second bank to invest in a loan with. Not an ideal situation. 

Make sure you understand what services a bank does and does not offer before you open an account through them. 

What kind of accounts do they offer? Do they offer investment accounts? Credit cards? Business loans? Mortgages? Do they have financial planning services available to you? Make sure you know the answer to each of these questions one way or the other. 

4. Digital Prowess 

As previously mentioned, there are a number of different digital services that banks can now offer you through your mobile device. 

In this day in age, it's important to make sure your bank is in with the times. You need the accessibility of your accounts to manage your money, pay your bills, invest, and so forth. 

If a bank seems like they're behind in this department, cross them off your list. You should find a bank that goes above and beyond for the app features they offer. 

5. Chemistry 

This is an often overlooked aspect of choosing a bank, but it's necessary. Ideally, the bank you sign up with today is the one you'll be working with for the rest of your life. 

Needless to say, chemistry is important. Be sure to schedule an initial appointment with every bank you're considering to get a feel for their communication and friendliness. 

Can you see yourself developing a business relationship with their banking reps? Do you believe that owner has strong moral values? Were they easy to talk to? How are they prepared to help you make your money work for you? 

Choose the Right Idaho Bank for Your Situation 

As you can see from this article, you need to find an Idaho bank that rises above the ranks of the rest of them. 

Be sure to use this guide and ensure you're lining yourself up with the right bank for the job. Work with top banks that want to see you thrive and build the market around them, not just make a quick buck. 

Make sure to browse our website for more articles on finding banks, as well as many other topics that you will enjoy. Visit the Frugal Finances or Loan section of the Frugal Finance Blog and learn to bank better!

New Frugal Finance Blog Posts & Articles