7 Tips for Choosing a Bank Account


Victory State Bank, Staten Island’s only community-based commercial bank, is highlighting the value of bank accounts as a safe place to put your money.

Bank accounts can be less costly, over the long term, than using a check casher or other non-bank service; and can help you save money.

When it comes to choosing an account, there are many options, such as:   

  • Savings - This is a deposit account that earns interest known as an annual percentage rate or APR.
  • Checking - These accounts allow you to deposit money, withdraw money, and write checks to pay for purchases and bills. Most banks will also provide a debit or ATM card and a checkbook to allow you to withdraw cash and make deposits at your bank's ATM machines.
  • Certificate of deposit (CD) - This is a deposit-only account that offers a guaranteed interest rate for a specified term usually ranging from 6 months to 5 years – if you promise not to touch the money for the agreed upon term. Most banks charge a penalty for early withdrawal. 
  • Money market - These are deposit accounts that pay interest. Money market accounts provide a higher interest rate than traditional savings accounts and usually come with high minimum balance requirements.

Each has different rules and benefits that fit different needs. The bank or credit union must provide you with the account terms and conditions when you open your account.

Seven Important Things to Consider

When choosing an account that is right for you, think about these factors:

1) Minimum deposit requirements - Do you have to keep a minimum dollar amount in your account to earn interest or avoid account maintenance fees?

2) Limits on withdrawals - Can you take money out whenever you want? Are there any penalties for doing so?

3) Interest - Can you earn interest on your accounts? How frequently is it paid (monthly, quarterly)? Check with banks or credit unions to compare their current published rates.

4) Online bill pay - Can you pay your bills directly from your bank or credit union’s website?

5) Deposit insurance - Make sure that the bank is a member of the Federal Deposit Insurance Corporation (FDIC) or that a credit union is insured by the National Credit Union Share Insurance Fund (NCUSIF).

6) Mobile banking - Can you access your accounts and make deposits from your mobile phone or tablet? Does the bank charge fees for this access?

7) Convenience - Are there branches or ATMs close to where you work and live? Can you bank by phone or Internet?



About Victory State Bank

VSB Bancorp, Inc. (OTCQX: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.’s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online at www.VictoryStateBank.com.


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