Pointers When Choosing a Bank

by Gil on May 14, 2011

Sometimes it is hard to choose which bank to open an account. It is even harder if it is your first time to apply a new bank account.

There are lots of choices we can make because there are many banks to select from. There are many banks you can pick to apply for a savings account and each one has its own advantages and disadvantages.

Here are some of the pointers to know before choosing a bank so you can have the best bank account.

1. Choose a bank near your residence

It is very reasonable to select  a bank near your home because there will be a time in the future that you will need to go to your bank. It is the time you may need to fix a problem about your account and you should go in person to the bank.

2. Annual Percentage Yield

One important factor you should consider when choosing a bank is the annual percentage yield (APR). It is the interest rate paid to you by the bank from the savings account you have.

Each bank has its own interest rate for their savings or checking account so it much reasonable to pick a bank that gives the highest APR. In doing so, you can earn higher for the money you put in the bank.

3. Customer Service

Another pointer you should know is the customer service provided by the bank. It is important to know whether the bank you will select has the best customer service among the other banks you are considering.

Choose a bank that offers different means of communication with them. As much as possible, you can be able to contact them through email, phone, text message, chat online or via snail mail.

4. Online Banking

Online banking is a must-have for all bank accounts. Select a bank that provides Internet banking for its customers.

With the online account you have, you can do numerous things without going to the bank. It should have a secured and user-friendly website that you can visit online.

5. Other Services and Privileges

Some banks give perks and privileges for their customers in the form of cash rewards or bonus points for using their products and services. Pick a bank that have these facilities and make sure to avail if there are any.

Additionally, a good bank should be a government-insured so you are protected whenever the bank goes bankruptcy.

Choosing a bank most of the time is difficult especially when you don’t know what to consider. Some of the pointers above will help you to select the bank that will be best for your requirements.

 

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