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Picking a bank is a big decision. After all, this is where you will keep your hard-earned money and, hopefully, have easy access to it when needed. The best banks also keep your money safe, pay interest on your deposits, and charge few-to-no fees.

Here's what to look for when choosing a bank and how to select the best one for your needs.

Choosing where to keep your money is important, but it doesn't have to be difficult or stressful. The following steps can help you identify the best place to keep your money.

The first step in finding the best bank for you is to decide on your must-haves. This list has endless possibilities — it's up to you to determine what's most important.

Some important factors that may impact your decision include:

Types of accounts: Most banks have basic checking and savings accounts. However, you might be looking for a more specialized type of account, such as a high-yield money market account (MMA) or certificate of deposit (CD) to help your savings grow. Look for a bank that offers the types of accounts you need.

Interest rates: Credit unions, online-only banks, and online divisions of traditional banks might pay rates much higher than their brick-and-mortar counterparts for deposit accounts, as well as offer lower rates on loans.

Fees: Look for monthly maintenance fees, overdraft fees, ATM fees, wire transfer fees, and other charges. Ideally, choose a bank that charges few or no recurring fees — or has requirements you can easily meet to waive them.

Accessibility: Consider whether having branch and/or ATM access is important. Online banks can have some of the highest interest rates on checking and savings accounts, but that comes with the trade-off of no branch access. If you want to work with a banker directly or deposit cash without fees, you may prefer one with physical branches.

Read more: Online banking vs. traditional banking: Which one is right for you?

These are just some examples of bank features you might require. Come up with your own list of four to five key features that you need out of your next bank.

Once you've determined the features you need from your bank, the next step is to research which institutions offer them. It can help to narrow down the type of bank you want to work with:

National banks: These banks tend to have plenty of branches and offer a wide range of products, but can have higher fees.

Community banks: Their service might be more personalized with a focus on helping the community and local businesses. However, they don't have national branch availability and might offer fewer products.

Online banks: These banks are known for higher interest rates and lower fees, but they usually lack physical branches and may offer limited customer service.

Credit unions: These are not-for-profit institutions that may have better service and lower fees than other banks. However, they often require a membership and have fewer branches than national banks.

Read more: 7 credit unions anyone can join

While each type of bank tends to have certain pros and cons, there can always be exceptions. You can usually find the most accurate and up-to-date information about each bank on its website. This includes details such as accounts offered, available services, interest rates, fees, and branch/ATM access. Use this information to narrow your list down to a few options.

Once you have narrowed your choices down to a few, look into each bank's ratings and customer reviews. Good places to check include the Better Business Bureau (BBB), Trustpilot, and the Consumer Financial Protection Bureau's complaint database.

Pay close attention to what reviewers say about customer service and their experiences working with representatives. You can also look at each bank's mobile app ratings, which will tell you about the experience customers have with the app. This might include positive experiences, as well as possible crashes and glitches.

When you deposit money at a bank or credit union, you want to know it's protected. Most banks are insured by the Federal Deposit Insurance Corporation (FDIC), while most credit unions are covered by the National Credit Union Administration (NCUA). Both entities insure eligible deposits up to $250,000 per depositor, per insured institution, per ownership category.

This coverage protects deposit accounts such as checking accounts and savings accounts if an insured institution fails. Although federal deposit insurance is widespread, don't assume every financial institution or financial product is covered. Before opening an account, verify that the bank is FDIC-insured or the credit union is federally insured by the NCUA.

It's also important to ensure that the financial institution you work with implements robust security measures. Look for protections such as multi-factor authentication, fraud monitoring, transaction alerts, and the ability to quickly freeze a lost debit card.

Read more: 6 important security features to look for in a bank

By now, you should have narrowed down your options to your top pick. At this point, it's time to open a new bank account and, if necessary, close out your old ones.

You can often open a bank account online within minutes. However, to streamline the process, you should have your documentation ready. That includes identification such as a driver's license or passport, Social Security number, and proof of address.

If your account has a minimum opening deposit requirement, your next step is funding the account. This can usually be done by transferring funds electronically or mailing in a check.

Finally, you'll need to do a bit of housekeeping. That may include setting up direct deposit, creating bank alerts to monitor your account activity, and updating your automatic bill pay information.

Read more: How to switch banks: An easy step-by-step guide

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