Selecting a bank is one of the most important financial decisions you will make. With so many choices, picking a bank isn’t simple, choosing the wrong bank can end up costing you significantly, as it adds up over the years.
The good news is there is a bank out there for everyone, here are factors to consider, to make sure you pick the right bank for you.
Find A Bank That Fit Your Lifestyle
The bank you choose should understand your lifestyle and in turn be able to cater to your needs and wants.
If you are in a profession that means you are on the road a lot, you may want to look at an online bank for truckers. If you are in a profession that means you need to regularly deposit money, you may want to look at a local bank that specializes in small businesses.
If you’re hoping to make some long term investments, you may want a bank that can provide you with low-interest rates. If you’re trying to save more money for a holiday, you may want the right bank that specializes in online budgeting tools.
It’s important to spend the extra time researching to find the bank that can help you achieve your financial goals.
Will The Bank Help You Achieve Your Financial Goals
With so much choice, choosing a bank can often seem overwhelming. It’s a good idea to sit down and plan your financial goals and the services you will need to achieve this, then find a bank that caters to these needs.
Your personal goals and financial goals are entwined, the goals you have planned for the next 5 to 10 years will require financial planning. Whether it is marriage, kids, travel, home renovations or career change, look at what your bank can do to help you make sure you stay on track and have the finances to afford them.
It’s a great idea to have a bank that will help you set up budgets, being able to see your whole financial picture in one place can help you to monitor and control your monthly spending.
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Read The Fine Print
Paying attention to the fine print is a must when opening a new bank account. Many banks offer deals to attract new customers, these promotional deals can be enticing, but, sometimes the can be short-lived. Find out what the consequences are, it might look like a great deal short-term, but over the long-term, end up costing you more money.
Understand the Rates and Fees
All banks come with fees, how much you pay in fees often depends on what type of account you open, how you use it and how much money you have. The most common transaction account fee that you will come across are; Monthly Account Fees, ATM fees, International Transaction Fees, Internet Banking Fees, Branch Fees and Overdraft Fees.
While these can look small, over years they add up. By comparing banks and working out what bank fees work with your current lifestyle and your future goals, you can make sure you pick the right bank for you.
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Accessibility
While for many, online and mobile banking capabilities have become a vital part of how to transfer money, pay bills and manage our finances. You will want to take into account how convenient the ATM and branch location is, as you never know when you might need that face to face interaction when seeking financial advice and processing your banking needs.
Digital Security Features
With the rise of online banking, you’ll find that most banks offer services both online and with an app. If you are someone who tends primarily to use online banking, a big factor to consider is bank security. Look for the right banks that offer security features, like the ability to lock a debit card if lost or stolen, as well as managing mobile banking alerts.
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Transparency
It’s important to look for banks that are transparent with how they make money, where they invest and how the money benefits their customers.
Choosing the right bank is a big decision, the bank you choose will, ideally, be the bank you choose for life. Take the time to do your research so that you get the best out of your bank and have control over your finances.
