When was the last time you changed your bank account? It’s probably been a while because most people pick one when they first start earning money and have the need for it, and then they stick with it. The problem is, you made that decision years ago when you were in a different financial position. It’s always a good idea to look at new bank accounts from time to time, just in case you can get a better deal. But what should you be looking for in a bank account?
Security Guarantees
Most people assume that if your money is in a bank account then it’s safe, but that is not always the case. If a bank is not insured properly, your funds are not safe if anything happens to the bank. That’s a big problem for you, especially if you are saving up for something important like a house deposit or a new car. You need to find a bank that is insured by the Federal Deposit Insurance Corporation. Never open an account with any bank that doesn’t have the right insurance.
Fees
Some bank accounts will charge you a monthly fee, but there are plenty out there that don’t. In most cases, it’s best to go for an account without a fee because the extras that you get are not worth the money. As well as general monthly fees, you need to watch out for transaction fees and some banks even charge you an assistance fee if you need to speak to somebody on the phone about your account. These fees can quickly add up, so make sure that you pick an account that doesn’t have any hidden charges.
Cashback Offers
Some bank accounts give you cashback offers so when you shop, you earn a bit of money back. Green Dot is one of the latest banks to give you these great deals, you can find out more about it at Green Dot reviews and learn how much money you could earn back. You’d be surprised how quickly the savings can add up, so it’s definitely worth factoring it into your decision when you are looking for a new bank account.
Branch Availability
If you like to stay on top of your money, it’s important that there is a local branch nearby so you can go in and speak to somebody about your account if you need to. But a lot of banks are starting to reduce the amount of branches that they operate, so you need to check the local area and see where your nearest branch is before opening an account.
Online Services
It’s not necessarily the end of the world if you don’t have a local branch nearby, as long as you don’t mind using online services. A lot of the things that you used to go into a branch for can now be done online, so it’s important that you check a bank’s online services as well. As long as you have good online services, it doesn’t matter as much if there is not a branch nearby.
It’s important that you check things like interest rates on savings, but don’t forget these details as well when you’re trying to choose a bank account.