7 tips on choosing a bank
After getting that trading groove and getting a lot of winnings you need to thinks – what are you going to do with all that money? And a lot of us prefer to live without troubles, which means living off interest of the money that you deposit in the bank.
But, here is a tricky question which can stand before us even if we already have a bank – how do we choose one? Either you are switching from one bank to another or looking to open a new account here are the 7 steps which are going to help you decide.
1. Set your monetary habits.
2. Look for a perfect location.
3. Look for the ATM.
4. Think about e-banking.
5. Conduct interest rate investigation.
6. Research the bank.
7. Make a decision based on the investment options.
1. Set your monetary habits.
ATMs next to your house, maximum credit limit, lowest account balance, internet banking – these are the monetary habits that you need to consider before choosing a bank for yourself. After all you are going to be the one to experience 
inconvenience in case these are not nearly as satisfactory for you.
2. Look for a perfect location.
This point is connected with the first entry. You need to understand whether you are going to have to go to the bank on a weekly basis or not. In case your weekly needs and errands include going to the bank, the one located far from your house is not suitable for you. but then again, if you are going to go there once every three months, that is not such a big deal.
Also, it is preferable that you go to the local office of your bank and talk to the manager there. You need to understand what kind of people you are going to be trusting your money with.
3. Look for the ATM.
A lot of banks nowadays have so many ATMs that they do not follow whether all of them are online or not. And, while a lot of ATMs is a good thing, it is even better when all of them are working, isn’t it? Look around yourself. Which ones are working? Which bank has a lot of them? What are your friends saying? All these are the points to consider.
4. Think about e-banking.
Even now not all the banks have internet offices for you to pay for your phone and utilities. And with our busy schedules and fast paced life it is doubtful that you are going to go to your bank’s office every month to do all that. You need to look for the bank that has a perfect e-banking system for you to always be inline.
5. Conduct interest rate investigation.
Depending on your banking needs you need to go to different banks and collect information about interest rates and hidden fees that can be present with every one if them. Look for the one, having no secret fees and charges. Also, is you are going to keep your money as a deposit, look for the highest yearly interest rate. But that is too obvious.
6. Research the bank.
Or rather research the financial stability of the bank. In case your country has an extremely unstable economy it is better to look for the bank, HQ of which is not located in your country. Why? Well, because in crisis situation banks are the first ones to stop working. At least with HQ in another country you are going to have a chance to withdraw your money.
Monetary ethics of the bank is also something to look at. You need to look in the past of the bank and see whether there were shady situations and activity. After all you are going to trust this organization with your money.
7. Make a decision based on the investment options.
A lot of banks have investment options only if you have high account balance. And if you are planning to invest, you need to know what balance is required by your bank in order to invest. That is an important decision and important information for you to know, so ask away.
These are the primary steps that you need to make before deciding on a bank.
How did you choose your bank? Tell me in the comments!
