Free bank ratings? Read This BEFORE Going With Any Bank

What are the best banks out there in terms of financial standing? That’s what many want to know in today’s shaky economy. Here are some free ratings tips to help you find out if your bank is a good option.

#1) Are they FDIC insured?

I can’t tell you how important this is. This basically says that if your bank goes bankrupt, you will still get your money back from the FDIC… but if it doesn’t have this backing, you very well could lose all that money permanently. Do NOT overlook this step.

#2) Proven track record

In other words… make sure you go with a bank that has been around for awhile. I’m not saying you should just go with the oldest one… but be sure they have a solid reputation and good current financial ratings.

In other words, just stay away from the tiny “fly by night” ones. There are many of these online banks sprouting up nowadays. If you are going with an online company, at least make sure they’ve been around for awhile.

Does this mean you shouldn’t go with an “internet only” company?

Not necessarily… it just means you need to be more careful when doing so. Many of these have popped up in recent years, and simply haven’t been around long enough to determine if they are a wise investment.

Bottom line

Make sure the financial institution you are looking into (or currently are with) meets these 2 criteria. If not you will want oat look elsewhere. Hopefully these free bank ratings will help you find the one you want.