Another area worthy of consideration is whether you should open up a checking account with an online bank or credit union. These days, there is far more choice than relying on your high street bank for checking facilities. Credit unions and online banks have created far more competition in the marketplace, allowing consumers to reap some interesting benefits.
In terms of convenience, online banks and credit unions have few differences, particularly if your local credit union offers good online services and access to a nationwide ATM network. Both types of institutions offer equal safety in terms of federal government backed insurance.
The main differences are that credit unions tend to offer lower fees and better interest for savings accounts and borrowing services. However, online banks tend to have more advanced technology, so you can access your account via app or online with more functionality.
Another potential difference is that large online banks tend to have less flexibility in regards to decision making, and you may experience better customer service with a credit union. However, credit unions tend to operate independently, so they may not all offer the same products and services.
So, it may be worthwhile checking what is on offer at your local credit union and comparing it with the latest online bank offerings.