Perhaps you already have a bank account but are looking for one that offers you more, or perhaps you are looking to open a bank account for the first time–your fist bank account. Whatever the situation and whatever the reason here are a few tips, and a bit of guidance as to how to find the right bank account for you, and what you should look out for.
IF you are looking to open your first bank account, here are some things to consider:
1. Does the bank offer everything you need and want for basic banking?
2. Does the bank account you want have any charges applicable, for example is there a monthly account maintenance charge you have to pay?
3. Do you have to pay any additional charges for example charges to withdraw money, charges to deposit or even cash cheques, and if so what are these charges and can you afford them?
4. Are their any conditions of the account, for example do you have to maintain a monthly balance, do you have to pay in wages and so on, and if there are conditions can you always fulfil them?
5. Have you shopped around for the best interest rates. Even the slightest difference in interest could make all the difference to your money in the bank.
6. What additional facilities does the bank account in question offer you, for example does it have an overdraft facility that you can easily access? Does it come with a credit card, a charge card, a debit card, do you need these, will you need these?
IF you are looking to change bank account, here are some things to consider:
1. Will the bank handle the change over of all your direct debits, monthly debits and other things that are currently associated with your existing bank account.
2. Are you getting the best bank account around?
3. Are you getting a competitive interest rate on your money?
4. Are you paying for things you perhaps don’t need?
5. What additional/add on facilities doe the bank account in question have, are these add on facilities suitable for you or do you need more.
What you will need for a bank account
To open or switch bank accounts you will usually require as a minimum, proof of your address, proof of employment/income/earnings, and a household bill.
Top tip: To find the best bank account for you it is best to shop around, find out what’s available and from who. Visit banks and building societies websites. Ask friends and family who they bank with and why. Get the best deal and the best bank account for you, don’t pay for anything you don’t need or wont use.
I hope you have found this article both helpful and useful. Good luck with finding a new bank account the suits you and your needs.