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Choosing a bank account

Posted on 11 March '15 by , under General News.

Differentiating between bank accounts can be a tedious task, and many people will simply choose an institution that they are familiar with. There is, of course, a lot to be said for trusting your financial institution. Furthermore, you may be able to bundle your new account with existing ones to get a discount or some form of loyalty bonus.

However, you should always do your homework before settling with a banking product. Incrementally higher fees or lower interest rates can make a significant difference to your savings over time. Here are three things you should look when opening a new bank account:

1. Features: Look for things such as withdrawal fees, transaction fees, account fees, interest rates, minimum opening balance and minimum contributions. Some of these features may be more important to you than others. Think about what you want to get out of your bank account and the features that will give you the best results.

2. Services: Services may include internet and telephone banking, an international call line or an overdraft facility. Choosing a bank account with services that are suited to your needs is likely to save you a significant amount of time (and possibly money) in the future.

3. Security: You should inquire about issues such as insurance and fraud protection before you make any commitments to a bank. It may seem like a remote possibility, but if something does ever go wrong you will be kicking yourself for not confirming your level of cover.