Top Tips on Finding the Perfect Bank Account
Because there is a huge variety of competitive bank accounts to choose from on the financial marketplace, finding the one that perfectly suits your individual needs can be tricky.
The most important factor to help you save time and effort by fine tuning your search is to be crystal clear on your exact financial needs. The following guide gives you the top tips you need to consider when shopping around so that you can be sure to find the right match.
Evaluate Your Particular Needs
When it comes to clarifying how best to manage your finances, there are various questions you need to ask yourself. For example, will you be wanting to have easy, fast access to your account to move your money in and out the account at the drop of a hat? Or perhaps you may be looking to park the majority of your funds and watch them grow? Then there are considerations such as whether you will need a good rate on overdrafts for when your expenses are stretched too far, or whether you will need a cheque book as an added method of payment. Another crucial factor is how you prefer to carry out your banking – do you enjoy the personal touch at a local bank branch or do you want 24/7 online access to manage your finances from any location? If you often find you never have enough hours in the day, it will be vital to either have online banking or choose a bank with a convenient location, flexible opening hours and maybe even one that allows ATM deposits to simplify your life. Your banking behaviour will determine the type of account that will give you the best value on your funds, so taking time on this first step is essential.
Paid Accounts – Worth It or Not?
Whether it be basic, current or savings product type, free bank accounts are extremely enticing. You might want to consider other offers that include a wealth of added services for a small monthly fee however. Again, this option requires careful consideration and research in terms of matching your needs. For example, packaged or premium bank accounts could offer free or discounted car insurance, pet insurance, breakdown cover and many other perks. Have a look online to see whether the few pounds for these extra deals is worth it to you, or whether you prefer to pick and choose the services you want as standalone deals.
Gather the Right Facts
In addition to comparing the financial products available using the internet, it’s also a very good idea to gather feedback from friends, blogs and user review sites. This information is often more valuable and realistic than the professional marketing hype that is paid for by financial institutions to attract customers. Bear in mind however that there are bound to be more negative reviews than positive ones online, as it’s more typical of human nature to take the time to talk about a problem than to write about being satisfied. Nevertheless, the problems other people experience are useful when it comes to discussing the ins and outs of what a bank is offering. Finally, before signing an agreement, be sure to read the fine print and ask as many questions as you need to from a potential financial provider, so that you won’t be in for any nasty surprises from your new bank.
Conclusion
While there is a wealth of competitive choices constantly becoming available on the financial marketplace, finding the perfect bank account comes down to knowing your individual needs and matching them to what’s on offer. If you take the time to do this, you will be sure to make the right decision that will both safeguard and maximise your money.
About the Author: Sean Raston is an economics student and personal bank account expert.
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