Bank

8 things to consider when choosing a bank

Opening a bank account seems like an easy and straightforward process. After all, there are so many options to choose from and you can do it from the convenience of your phone. Gone are the days when there were only a handful of banks to choose from.

Nowadays, you can find a bank that has exactly what you’re looking for and more to help you secure your financial future. However, it’s not that easy. Most banks offer a wide range of services such as guarantees and foreign currency exchange, to meet different needs but all these options can be overwhelming especially if you don’t know what to look for.

Whether you’re looking for somewhere to save your money or receive your wages, there are lots of factors you should consider when choosing the right bank for you. here are some.

Security

Security is a crucial aspect of the banking industry, especially in this digital age. Banks have become a common target of cyberattacks for obvious reasons. Therefore, your bank of choice should have ways of preventing and responding to attacks. They should also be proactive in educating their customers on what to do if they suspect that their account is hacked. Banking with such an institution will give you peace of mind knowing that your money is in good hands.

Location

While online banking has made it easier to do transactions without visiting the bank, there are cases where you will have to go to a physical bank. Therefore, you need to choose a bank that has branches close to your home and office so you can have easy access to the bank when you need it. Check whether the bank is located in places where you frequent the most such as malls, neighborhoods and office buildings.

Online Banking

Most, if not all banks, have an online banking option so this shouldn’t worry you. What you should be worried about is how the online banking services are. Some banks have gone out of their way to make sure that the online experience is similar or even better than the in-person experience. For others, the online experience is nothing to write home about. From services offered to app maintenance, you should ensure that the bank you choose has a reliable online banking system.

Customer Service

When choosing a bank, it is important to choose one that has a responsive customer service. This is because it makes all the difference in the event that you face a challenge such as funds not credited to your account or when you need to renew a card.

Fees

From monthly account maintenance fees to transaction fees, banks typically charge for services they provide so they can make a profit. Some banks have reasonable fees while others are pricey. It’s important to understand the fee structure upfront to avoid getting blindsided down the line. You should also inquire about quire minimum deposit requirements as this could attract some charges when the account is below the minimum requirement.

Interest Rates

Interest rates should have a considerable influence on your bank choice, especially if you want to open a savings account. While many banks are still stuck in the traditional, low-interest rate of 0.01% interest rate on savings accounts, some banks have more lucrative offers. It’s up to you to do your homework and find a bank that offers a more competitive rate.

Investment Options

You should consider a bank that also has investment account options. Having everything you need within the same financial system can make deposits, withdrawals, transfers, and automatic saving a breeze.

Services

Last but not least, you need to consider which types of services the bank is offering. If you only need the basics like loans, safe deposit boxes and credit cards, this shouldn’t be an issue since most banks will have these services. However, if your needs go beyond withdrawing and depositing cash, you should look for a bank that specializes in the services you need.