With so many banking options available these days, people should be willing to shop around find the best options. It does not matter if you are looking for your first bank account or looking to switch financial institutions, because the process should be same. There are so many things to consider when choosing a bank account, that can make the process seem daunting.
Our handy infographic gives excellent suggestions on what you should look for before you take the step to open a new account at a new bank or credit union. Just remember, that there is no “one size fits all” option when it comes to selecting bank accounts.
You should be aware that many financial institutions advertise special offers with exciting terms to catch your attention. Whilst some of these deals might be tempting, you should approach them with caution and read the accompanying terms and conditions which are also known as the “fine print.”
If there is something that you are not sure about, ask several question and make sure that you are comfortable before you sign any agreements.
Did you consider any of these factors when you chose our savings account? How did you weigh the advantages and disadvantages of specific accounts?
Your requirements for the bank account will determine how best an account can meet your needs. Let’s assume that you conduct your banking at Automatic Teller Machines (ATM).
One bank charges $2.00 each time you visit the bank, and conduct business via the bank teller, but does not have any fees for ATM transactions, which are unlimited.
Another bank charges $3.00 for each ATM transaction, and $2.00 for each bank teller transaction. Based on your preference to conduct business at the ATM, you will be more likely to choose the first bank.
Let us know in the comments what are some of the other factors that you think someone looking for a new bank account should contemplate.
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