Start by identifying your primary banking needs: checking, savings, CDs, or specialized services. Avoid banks with excessive fees; average overdraft fees are $26.77. Consider traditional banks, online banks, or credit unions for better rates and lower fees. Find the best bank that fits your unique financial situation and goals.

When opening a bank account, match types of accounts to your financial goals and priorities. Consider a high-yield checking account for earning interest, or a high-yield savings account for better rates. Online banks offer higher APYs than traditional banks and are just as safe when insured by the FDIC or NCUA.

Money market accounts are similar to savings accounts with check-writing privileges and high APY potential. CDs offer guaranteed interest rates, but may have penalties for early withdrawals. Consider opening accounts based on your goals and expected timelines for needing the funds.

National banks offer a wide range of services but may have higher fees. Community banks have lower fees and better customer service. Credit unions offer lower fees and rates, but may have limited branches. Online banks have lower fees and higher interest rates, but no in-branch services.

Choose a bank that aligns with your financial needs; self-employed individuals may need business banking support. Save more money by utilizing features such as separate savings accounts and budgeting tools. Review account agreements for hidden fees and understand how to waive monthly service fees.

Consider managing accounts at multiple banks or credit unions to meet different financial needs. Evaluate specific features, rates, fees, and service quality when choosing a bank. Finding a bank that aligns with your preferences and financial goals will make managing your money easier and more efficient.

Read more at Yahoo Finance: How to choose a bank: 7 steps to take