What to pay attention to when choosing a good bank account
You are in a situation where you need to open a new bank account, but you do not know what elements to take into account in order not to be manipulated by a bank employee and choose an offer tailored to your needs. Below you will find a few tips that you should take into account when choosing the right bank account.
Fees related to the functioning of a bank account
Advertisements on TV, radio and press often encourage you to open a free bank account. With such a turn of events one should not fall into euphoria, but carefully analyze the offer of such a financial product. First of all, you should pay attention to whether such an offer does not include various types of hooks. Below you will find a set of several elements that are worth paying special attention to.
- Is it a prerequisite for a bank account to maintain a monthly balance of a certain amount, e.g. USD 2,000?
- In order to have a free bank account it is necessary to make a given number of transfers of a certain amount within a month.
- It may happen that we have a bank account for free, but we charge a monthly fee for a card. This is the case if we do not make a certain number of non-cash transactions for a certain amount within a month,
- Find out if all transfers from this account are free of charge or if there is a specific limit, which, once exceeded, requires additional fees for each subsequent transaction. If this is the case, it is worth considering a fixed fee, thanks to which you will have an unlimited transfer limit during the month.
- What happens if you lose your debit card, how much you will pay for its duplicate.
- What happens if you achieve a debit on your account. What interest do you pay for this?
- Another thing is your interest in how much you will pay for withdrawals, payments and transfers in bank outlets.
- What is the case with instant transfers. Pay attention to whether they are free or paid. It is possible that the situation is the same as in the case of standard transfers, i.e. you have a certain limit to be used during the month. If this limit is exceeded, fees are charged.
To sum up, if a bank offers you something for free, keep this account scepticism and find out exactly if there are any hooks.
Number of bank branches and location
It may happen that not all matters can be solved online or by phone. If you want to use the services of your bank’s offices, find out what is their timetable in your city and how long it will take you to get there.
Bank’s prestige and market presence
Sometimes it is better to take advantage of a bank’s offer, which is less advantageous than the competition, but the bank has more prestige and is much longer on the market.
Additional banking services
What additional services can the bank offer you? Are there, for example, insurance, permanent transfers, additional credit cards, the possibility of investing in investment funds?
Check the quality of the bank’s customer service
Make a phone call to a bank outlet. This will give you an idea of the level of customer service. First of all, it is worth paying attention to whether you have to pierce 10 minutes through any questions of the machine in order to connect with the consultant. Does the person on the other side answer all your doubts and is prepared for this conversation?
Ask your friends and visit financial websites
To make sure your choice is the right one, visit the financial forums on the Internet. However, beware of people who criticize an unsubstantiated bank offer. They usually include employees from the PR department of a given bank’s competitors. You can also consult your friends who are already using an account offered by a given bank.
Visit a bank in person
After choosing 2-3 personal account offers, visit bank outlets in person. Talk to the employees of these banks and consider all pros and cons. Keep your eyes wide open all the time and don’t be manipulated.