How to Choose the Right Bank
12 November 2023

How to Choose the Right Bank

By Moses Enang

How to Choose the Right Bank (and Avoid Expensive Fees) – Banking has come to stay in our world today, almost every person has a bank account, nevertheless, there still remains a percentage of persons who have not opened a bank account yet and may decide to do that.How to Put Away Emergency Funds

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In this article, we will show you how you can choose the right bank that is suitable for your plans while avoiding the outrageous fees that come along with opening an account with some banks.Must have Checking Account Features

How to Choose the Right Bank

How to Choose the Right Bank

Below are the lists of how to choose the right bank by outlining key factors to consider and top tips for making the best selection.

1. Find the right Account:

All accounts are not meant for the same purposes. Banks have various packages that you may want to choose from. It is important that you compare the different accounts available to priorities you have as well as the goals you may have financially. There are different types of accounts: Money Market Accounts, Savings Accounts, and Certificate of Deposits (CDs) amongst others.

Your choice of account should be dependent on what you want to use it for, your financial goals, and your financial strength amongst other things. Figuring this out will help you navigate safely without losing so much money to the banking sector. If you need more help choosing the right account, it is advisable to seek from a financial advisor.

2. Consider the Fees: 

Most people pay charges in some banks that could’ve been avoided because they didn’t seek advice and/or recommendations about that particular bank. It’s of no use banking with a bank that charges you so much money when there are other banks that would offer you the same service or even better with lesser or no charge at all.

For instance, online banks offer the lowest fees recorded so far, this is because they do not spend so much funds on operational logistics and as a result, they do not charge their customers much fees for their accounts or even ATM cards. Compare the following when choosing a financial institution to bank with;

  • Monthly maintenance fees
  • ATM fees and
  • Overdraft fees

A lot of banks are consciously taking steps to ensure that the fees are reduced, so you should not just jump into choosing a bank, rather, you should consider the options listed above.

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3. Convenience:

Proximity and Accessibility are some of the things you should consider when choosing the right bank for your needs. You should consider the location of the ATM and branch locations of the bank, because certain things might require you to go to the bank and in cases where the branch is not closer, you’ll feel reluctant to visit the branch, losing money and convenience in the long run.Top 4 Advantages of Online Banking

We will not categorically tell you the convenience you should look out for because to some online banking is more convenient while to others, going to a physical location is preferable but whatever your choice of convenience may be, you should ensure that the bank you choose offers such convenience.

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4. Ensure that it suits you:

Your bank should be one that fits your kind of lifestyle. As an employee, you should opt for a bank that would give you the support you need to build the business of your dreams or love the kind of life you want. As a student or a person that is passionate about saving you should choose a bank that offers packages that would help meet those peculiar needs.Top 4 Advantages of Online Banking

5. Check their online tools

Most banks offer digital tools that would help you save lots of money and track your expenses but these tools are used in the background to outrageously rip people off their hard-earned monies.

You should check out the tools that your bank’s online platform offers and ensure that you are not charged secretly while using them. As much as these banks charge for this service, not all banks offer the service at all

Don’t choose a bank that doesn’t offer digital services at a lower rate. It is advisable you compare the digital platforms with as many banks as you can before you decide to settle for a particular bank.

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6. Read the Terms and Conditions:

Vital information, products and services of financial institutions are fixed in the Terms and Conditions. Although most of these T&Cs could be very bulky, it is advisable you study them carefully as they may contain information that you might overlook or may not be included in other documents provided by the bank. It would also interest you to know that the T&Cs are ways that you could personally waive off some of the charges that may come with opening an account. In the document, you could also find promotional offers that you could accept in other to increase your finances.6 Common Budgeting Mistakes and How To Avoid Them

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Conclusively, the best way to avoid excessive charges is to ensure that you read the reviews from customers on the bank’s social media handles and how they are able to handle customer complaints, then you would know if that is the right bank for you to pitch your tent.How to Put Away Emergency Funds