Personal Finance

How To Choose A Suitable Bank For Your Finances

Choosing a suitable bank for your financial needs can be quite tricky, especially if this is your first time opening a new account with a bank. Different people may have different preferences as to how their finances are handled and the type of account that they’d like to store their money in. And there is no one account that can be right for everyone. So here are a list of things that you should consider when choosing a suitable bank for your finances.

#1 Fund Security

Of course the first thing anyone looks at is whether the bank can store their funds as securely as possible. Be sure that the bank that you choose is publicly listed on the share market and is also certified by the necessary government bodies and also the Federal and National Reserves.

 #2 Deposit Facilities

Find out how easy it is to deposit or cash in checks at your bank. Note also if they have self-service deposit or cheque deposit machines that can make trips to deposit some cash a breeze. This depends on how many times you’d actually be making visits to your local bank to make physical deposit. It would be a bonus if they offered online deposit services to speed deposits up.

#3 ATM Frequency

This a no-brainer as well. If you’re going to keep your cash in the bank, it’s only natural that you need an ATM to be able to withdraw cash, whenever you need it at hand. Be sure to research if your bank of choice has an ATM location close to you and also if their ATMs can be found frequently in your area. If not, there may be some extra cost incurred, if you have to use ATMs of other banks.

#4 Online Banking Options

In this age of technological advancements, you may not want to spend half your day queueing up in a line at the bank. Check if your bank of choice offers online banking options, which you can easily access with an internet connection and a laptop or smart device. Some of these online banking options also allows you to pay by mobile, using the balance you have in your bank.

#5 Fees

It may not be much, really, but some banks offer super low annual fees and you might as well take advantage of those, since they’re available. Fees for different banking account types may vary so you may want to do some research on how much these fees are with the bank of your choice and compare them with competitors with similar services and facilities.

#6 Minimum First Deposit

Most banks require a first deposit before you’re allowed to register for a banking account. Be sure that you are able to afford this amount and that it’s not going to put a huge dent in your financial budgeting for the month. Aside from that, banks also impose a minimum banking balance, which has to remain in your account, be sure to go with the lowest amount for this one.

Although it can be confusing at first, picking out a banking service that matches what you need in terms of managing your finance can be quite a breeze, if you know what you’re looking for. These few points are the quickest way for you to figure out what kind of banking service fits your financial needs. Good luck picking a bank that works for you.

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