It is simple, money smart people look for bank accounts that give the highest interest for both their savings and checking accounts and have the lowest fees - or no fees. Money smart people prefer bank accounts with options, loan availability at good rates and specialty accounts like the ability to have part of a direct deposit placed into a vacation savings account for free. Overdraft protection is nice too - just in case.

Money smart people shop around and do not settle for a bank just because their mom banks there. Get on the phone and do your homework for each bank you are considering. Ask each one a set of questions base on your needs, use the above examples to help you figure out what you want. After you weight the pros and cons of each bank/credit union you called, then go to see the one you've chosen. Talk with a representative and confirm all you have been told on the phone. If it all is correct, open your accounts.

Here is a sample set of five questions:

• How much interest do you give for savings accounts?
• What are your checking account fees?
• Do you have free overdraft protection?
• What type of specialty accounts(Christmas or vacation clubs, etc.) do you offer and how do they work?
• Do you have free online banking and bill pay?

Call your bank and see what they have to say. Then call two other banks and compare them. Make a choice based on your needs.