There are hundreds of banking account options available, and choosing the right one can be a daunting task. With so many banking options, it’s hard to decide where you should put your hard-earned money so that it is not just safe and secure, but also has the highest likelihood of working for you. Experts advise you to save, save, save; however, most of the time the information stops there

With so many options, what exactly should you be looking for in a bank account?

While needs vary by person, there are basic features that everyone should take into consideration.

Interest Rate

We save money for a few reasons, and one of those reasons is so that our money can grow. What allows our money to grow is interest, but the average savings account interest rate typically hovers around 0.06% depending on the economy, which is fairly low. The Unlimited Cash Back Bank Account by Green Dot is a bank account that pays you a 3% cash back bonus when you make online or in app purchases[1]. It’s a bank account that makes it possible to build up savings for you and your family while buying the things you normally purchase. Additionally, the Unlimited app comes with a Green Dot Bank High-Yield Savings Account[2], so you can put away your own money and earn one of the highest savings account interest rates in America. With so many options available, this is major because most banks are not offering such competitive incentives.


Fees are quiet, yet costly. You do not want to have your hard-earned money eaten up by fees, which are caused by over-drafting from your account or penalty charges. If you are unsure of whether or not your current bank charges fees, check your statement.  If you are not able to determine the answer by looking at your statements, contact the bank to inquire whether they charge fees. This is another feature I love about the Unlimited Cash Back Bank Account by Green Dot: they never charge overdraft or penalty fees, ever[3].


Another question you’ll want to ask: how easy is it to access your money? You want withdrawals to be inconvenient—but not too inconvenient—and you want to have the ability to easily deposit funds into your account. Since most banking functions are conducted electronically, you’ll want a bank that has developed the technology to bank online so that you can check your balances and transfer money in case of an emergency. In general, transfers take 2-4 business days, which is sufficient enough to deal with most emergencies. Also, you need the accessibility to withdraw your money.

Green Dot offers thousands of free ATM locations around the country—including those inside of more than 100,000 retailers, including  CVS, Walgreens and Rite Aid—making it easy for you to make deposits and withdrawals.


We’re used to seeing rewards offers tied to credit cards, but there are debit cards that offer rewards too! The Unlimited Cash Back Bank Account pays you a 3% cash back bonus when you make online or in app purchases, creating an automatic savings account. We all spend money online and through apps all the time, like when you take an Uber, order food from GrubHub or download movies or video games and that cash back bonus can add up! With the Unlimited Cash Back Bank Account you can keep track of your cash back bonus in the app and online. The app will send you a notification when you make a qualifying online or in-app purchase so you can watch your money grow! 

Customer Service

If the customer service experience is important to you, then you’ll want to take this into consideration as well. Consider not only the quality of service received, but also the service options available. Financial institutions that operate online often provide virtual customer support. Do you prefer to speak to a representative via phone, in-app or face-to-face? Are you fine with communicating through email? I’ve found that getting in touch with someone fast when it comes to questions about my money is important.

You also want to make sure they are FDIC insured so that your deposits are protected. This means that if we were to suffer another economic depression and the bank went out of business, you wouldn’t lose your money. With Green Dot, your account is FDIC insured – making it a safe, accessible online and mobile app option.

Other items you may want to consider are other banking products offered, if you want to carry on a larger relationship with the banking institution, or additional features and incentives that the bank offers.

If you’re interested in opening an Unlimited Cash Back Bank Account with Green Dot or would like more information check out the website at

Please Note: While opinions are my own this post was sponsored by Green Dot Bank

[1] Exclusions apply. See terms & conditions.

[2] 3% Annual Percentage Yield.

[3] Other fees apply.




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Created by nationally recognized millennial money expert Tonya Rapley, My Fab Finance is a leading financial education and lifestyle blog for millennials who want to become financially free and do more of what they love.