Choosing A Bank Account, What Should I Look For?

Published on 5 August 2014 by Raffick Marday

Choosing A Bank Account, What Should I Look For?

When was the last time you opened a bank account? Do you remember how you choose your bank and the number of banks you compared before you opened your basic bank account? Like most people probably, you too did not make any efforts to compare the banks and their features. Most of us blindly open their account in banks and end up losing a lot of money without realizing that they are losing a lot of money. Here are some important factors that you need to look for while you are opening your basic bank account with debit cards.

You need to check whether your bank enjoys good reputation. It always pays to select banks that enjoy good reputation. Good reputation means greater security and better service. Reputation comprises of several factors and only when banks offer highly satisfactory services at all levels, they will be able to enjoy good reputation. So by choosing banks with good reputation, you will be able to ensure good services.

Secondly, you need to check whether your bank, charges you any fees against account opening charges. Many people fail to compare the account opening charges levied by various banks and end up with a bank that charges the highest account opening charges.

Thirdly, you need to check for the minimum balance requirements. The minimum balance requirement will vary depending on the type of your account. You must also check whether the minimum balance is calculated on monthly basis or on quarterly or annual basis. You will be able to save yourself from penalties for not meeting minimum balance requirement only when you know in advance the terms and conditions on which your bank operates.

The next important factor to check is the interest rate for the funds you have in your bank. You must also check for the other annual charges that will be levied on your account failing which you will be in for surprises if not shock when you get your account statement. Normally you will be able to get the service charges for various services rendered by your bank. You should compare the service charges carefully and pick a bank that levies minimum service charges for a service that you will be using frequently. Each one’s banking need is unique so you should choose your bank based on your specific banking requirements.

To attract customers many banks offer many value add services. Pay attention to such value add services as well because sometimes you can get some of the best deals possible through these offers. Never rush to pick your bank account, you may have to spend little extra time to compare the services of a few top-rated banks which will certainly help you save a considerable amount of money.


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