Forget Bank Account Bonuses: 5 Signs a Bank Truly Deserves Your Money

Bank account bonuses promise to put hundreds of dollars in your pocket if you open a new checking account or savings account and complete a few qualifying activities. They sound tempting -- and they're meant to. But that doesn't mean they're always worth your time.

For one, not all bonuses are achievable for the average person. And for another, you'll have the account long after the bonus period ends. It's crucial to make sure you like the account before you apply for it. Here are five signs a bank account is actually worth signing up for.

1. It charges few fees

The best online checking and savings accounts don't have monthly maintenance fees. This is especially advantageous to those without a lot of savings who may get stuck paying a maintenance fee at a brick-and-mortar bank.

If you like an account but it has a fee, check into the requirements to waive it. Ensure you'll be able to pull this off consistently to get the fee waived. Otherwise, look for a different account.

Our Picks for the Best High-Yield Savings Accounts of 2024

Product	APY	Min. to Earn
American Express® High Yield Savings Member FDIC. APY 3.80% Rate info 3.80% annual percentage yield as of January 9, 2025. Terms apply. Min. to earn $0 Open Account for American Express® High Yield Savings On American Express's Secure Website. Member FDIC.	3.80% Rate info 3.80% annual percentage yield as of January 9, 2025. Terms apply.	$0	Open Account for American Express® High Yield Savings On American Express's Secure Website.
Capital One 360 Performance Savings Member FDIC. APY 3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening. Min. to earn $0 Open Account for Capital One 360 Performance Savings On Capital One's Secure Website. Member FDIC.	3.80% Rate info See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Dec. 6, 2024. Rates are subject to change at any time before or after account opening.	$0	Open Account for Capital One 360 Performance Savings On Capital One's Secure Website.
Western Alliance Bank High-Yield Savings Premier Member FDIC. APY 4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY. Min. to earn $500 to open, $0.01 for max APY Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website. Member FDIC.	4.40% Rate info The annual percentage yield (APY) is accurate as of Jan. 2, 2025, and subject to change at the Bank’s discretion. Refer to product’s website for latest APY rate. Minimum deposit required to open an account is $500 and a minimum balance of $0.01 is required to earn the advertised APY.	$500 to open, $0.01 for max APY	Open Account for Western Alliance Bank High-Yield Savings Premier On Western Alliance Bank's Secure Website.

2. It offers a competitive APY

APY, or annual percentage yield, is the most important consideration when choosing a savings account. The best rates fluctuate over time, but right now, you can still find rates around 5.00% with the top banks. This could pay you $500 in a year in interest with a $10,000 initial balance. By contrast, many brick-and-mortar banks still limit you to 0.01% APY.

If you're in the market for a new checking account, interest rates may not be as important. But there are still plenty of online accounts that offer a bit of interest each month. As an alternative, some accounts reward customers with cash back on their debit card purchases. This could be a lucrative option for those who use their debit cards often.

3. It enables you to easily manage your money

Think about how you plan to use your money and make sure the bank account you're looking at can accommodate this. For example, if you need to deposit cash often, an online bank without deposit-taking ATMs won't be a good fit. And if you need to quickly convert your savings account funds to cash, an account that requires you to transfer funds to an external bank first isn't ideal.

The best bank accounts have strong online and mobile banking tools that enable you to quickly view your balance, transfer funds, and remotely deposit checks. Features vary depending on the bank and type of account. It's a good idea to check out the mobile app's customer reviews before signing up to learn how user-friendly it is.

4. It has decent customer support

You may not plan to contact your bank often, but sometimes, issues come up. You might be having a hard time logging into your mobile app, or you might notice a charge you don't recognize on your account. In times like these, you want to be able to quickly speak to a live person.

The best bank accounts give you multiple avenues to seek help, including email, live chat, and phone support. Check the customer support hours and make sure you feel they're reasonable.

5. It has FDIC insurance

Any reputable bank will have FDIC insurance, but it doesn't hurt to check. This protects your funds up to $250,000 per depositor, per FDIC-insured bank, per ownership category, against bank failure. You can usually find out whether a bank has FDIC insurance by looking for "FDIC insured" in the footer of the bank's website.

If you have any questions about a bank account's fees or features, it's best to reach out to the bank directly. If you assume incorrectly, you could be surprised with extra charges or inconveniences down the road.