When it comes to your finances, it is important that you are in control. You should know that the bank account or accounts where you keep your money are the best available, giving you reasonable fees, good interest and excellent and trustworthy account information, whether through your monthly statement or online access. Utilising your bank account and making and receiving payments should be hassle free and above all you should have a good grasp on your spending habits and where your money goes. When looking for a bank account they should essentially make it easy for you to control and manage your finances so that you can maximize the value of each pound you earn.
What is your new bank account for?
If you are looking to open a new bank account, considering the main purpose of the account will guide you to making the right decision. For instance, if the new account is for savings a deposit or current account will not necessarily give you great rates of interest. You should be looking for a high interest account for savings. However these types of accounts can come with restrictions, for example a high interest account may not let you easily withdraw money in an emergency. Your money may be tied up in the account for a minimum time period before you have access to it. A deposit account may not offer great interest rates but it may have other incentives, for example free withdrawals from ATM’s or free online banking. Often you may get incentives to go paper free and do all your banking online, this not only helps the environment but helps your bank cut its administrative costs. The bank then passes some of these savings onto you in the form of incentives, a better interest rate, free withdrawals etc.
Choices, reputation and quality.
Key aspects of a good bank include a bank that gives you options, offering various accounts with a focus on different goals for your money, be that current accounts, savings accounts or investments. If you are business owner who needs a business bank account or you have a substantial sum of money to look after you may prefer to seek the help of a professional such as Brookson.co.uk who can help you find the best place to earn a return on your money.
You might prefer the convenience of online banking or maybe you like to have more personal service, in which case a bank with a local branch will suit you best. If you need to make lodgements of actual cash you will need to have easy and convenient access to a local branch.
Always choose a reputable bank. It should always be regulated by the Financial Services Authority. Choose one with low fees and check the details on the account. Do you need to deposit a minimum amount each month in order to take advantage of low fees, or good interest rates? Similarly check if there are any fees charged if you go overdrawn, you have a nil balance or the amount in the account goes below a minimum amount. A good bank account should help you get the most out of your money and above all be a trustworthy and reputable bank.