Picking a bank is like selecting a new paint color for your room, you can always change your mind if you don’t like the one you have chosen.

So how do you know which one is right for you?

Basically, there are three types of banks: national banks, regional banks and Internet banks. Each offers different service at different cost. You need to select the best bank base on what you need.

• National banks, such as Citibank and Bank of America, have ATMs and branches all over the country. With a national bank, you can get a credit card, buy insurance, get a mortgage, and more. So, if you are a family with children, a national bank may be right for you. Because your biggest life issues are probably buying a house, saving for children’s education, and saving for retirement.

• Regional banks are usually operating below the state level, like Capital One Bank. They are often more flexible and offer greater incentives for small account holders. Also, compare to national banks, regional banks offer more personal services and have lower fees. So, a regional bank is good for you if you are retired. Because you are less likely to need all the services of a national bank or an online bank.

• Internet banks are electronic payment systems allow you banking online, or through mail. For example, Bank of Internet USA. The best thing about internet banks is they do not charge you any fee for using another bank’s ATMs. Also, Internet banks require lower minimum balance that other types of banks require to avoid monthly service fees. So, if you are a single, young college student, an Internet bank may be your best choice. Because young college students usually have debts, so internet bank is a good place to start.

Additionally, you need to make sure the bank is FDIC Insured. The FDIC is an independent agency that insures your deposits so that you can get your money back if the bank gets into trouble.