When you choose a bank, you want to end up with the right one — that is, a bank that can actually do more than just “keep your money” for you. Unfortunately, most people tend to go with banks that are closest to home or the office. While convenience isn’t a bad thing, it shouldn’t be your only deciding factor.
The right bank could help improve your financial future. You can get higher interest savings accounts. You can check your account without paying for a fee. You can get access to different financial products that could ease your expenses as well as give you investment opportunities.
Here are five ways to tell if you’ll have a better financial future from your bank.
1. The bank meets your unique needs.
To start finding the ideal bank, list down your banking needs. From savings and checking accounts to financial planning, match your requirements with the services of the bank. Do you need a line of credit for your business? Are you looking for a retirement program? Maybe you need to start investing?
There are different types of banks that not only differ in the range of services being offered. They will also differ in the customers they look after. For instance, community banks will focus on customers within the neighbourhood.
2. You get investment management combined with financial planning.
The best banks will give you access to its team of investment managers and financial planners. Yes. Even when you don’t have the net worth of a tycoon. Ask your potential bank about this service, and go with the one that can simplify the process for you.
3. It has higher interest rates.
Your money doesn’t just have to “sit around”. With the right bank, it can earn a little bit more every so often. Online banks actually offer this opportunity for its customers; they don’t have the kind of overhead costs that brick-and-mortar banks have so those savings are passed on to the customer in the form of higher interest rate.
4. The bank offers multiple options for flexible savings accounts.
There are accounts that limit your transactions and require a specific balance. There are accounts that may earn more interest rate income when you reach a certain amount and do not withdraw from it. The more options you get, the better.
5. The bank doesn’t charge exorbitant fees.
Most banks will charge for ATM use, overdraft protection, and other transactions. Your bank should inform of specific fees for these charges. And you’ll want to go with the most reasonable fees.