How to Choose a Bank Account

Safeguards, Pros and Cons of Choosing a Bank Account
There are so many banks and current accounts to choose from, so how do you go about choosing your account and what should you look out for?
Many people choose an account and seldom if ever change it, so how do you make sure you get the best account possible. The first thing to do is to do a self evaluation of your own finances and think of what you want from an account.
Current accounts have a huge variation in the conditions offered customers as well as the kinds of accounts offered. Some charge no fees, others do. Some have bank charges and others don’t. There are a wide ranging number of variables to consider for current and also savings accounts.
For example if you are the sort of person who requires an overdraft you may want a bank that gives a low overdraft rate. On the other had if you want a good interest rate as you save, you should perhaps look into the ISA or bond saving options a bank offers.
Some savings accounts may cap the amount you can save each month. Some will penalise people who do not meet the terms and conditions agreed for saving and others will offer rewards for banking with them.
There is also a rising trend in the amount of banks offering people special offers such as free travel insurance or protection for more expensive electrical products such as phones or laptops. Some people may see these as a lure and may really save some money by taking banks up on these offers.
You should also think about how near the bank is before you decide to take up the offer, as well as this you should consider the amount of these banks around so if you are away from home and need a service, think how easy will it be to access the account.
In the same mould you should also think about the Internet options provided by the bank. Many banks offer different levels of Internet banking, choose one with which you feel happy with the amount of access given.
With Internet banking security is also a concern that should be taken into account. Banks that offer things such as PIN card generators or have an abundance of security features offer your money security and give you peace of mind.
You should also ask people you know and trust how they feel about their bank accounts. This will give you real people’s opinions on the accounts they have and are more honest in a lot of ways than a lot of sites. You will also get opinions from people on how they feel about customer service and waiting times and all the other things that give a bank a pleasant and smooth customer experience.
The process of changing to a new banking provider can sometime be less than smooth. Worries over direct debits etc. going wrong are one of the things that stops people from changing. Some banks however are making an effort to provide a higher level of service to help customers switch account (http://www.ulsterbank.ie/roi/personal/daily-banking/current-accounts/useful-information/switch.ashx) with the minimum of stress.
If you can please yourself in these areas, you will be a long way to having a good banking experience.
This is an exclusive Guest Post for Talkfree7 Blog,
by Suzy K.
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