If you are choosing a bank, perhaps because you are not happy with yours or you are looking for better rates, then it is important to make sure that you choose one which has good features. It can be tricky to know exactly what to look for though. You will need to think about what you want in a bank and what is important to you. This may not be easy, but you can get some help with this.
- Think about previous experience – it can be a good idea to start by thinking about your previous experience with banks. Think about what you found good or bad about the bank that you used and therefore whether you feel you want another bank to be like that or not. Think about the products they offer, the customer service, whether you could deal via branch, online or by telephone, how much they cost and things like that. This will help you to make a start on thinking about what sorts of things might be important to you.
- Ask other people – it can be a good idea to also talk to others. Everyone has a bank and if you ask them about what they like and dislike about their bank it can help you to think about whether those factors might be important to you. They may not highlight anything important but you never know what might come up as a result. It can also be handy at this point to ask them if they would recommend who they are with and who it is as that can help you to start to think specifically about different banks.
- Look at reviews – looking at reviews can have limited usefulness. It will allow you to see what other people think of a particular bank, but unless they are specific about why they like or dislike it you will never know whether it is something that is of importance to you. All of us have different priorities when it comes to what we want from a bank so it is worth bearing that in mind. Also, reviews could be biased and people tend to be more inclined to write a review if they have had a poor experience rather than a good one. However, understanding things people dislike about certain banks could help you with your list of good features too.
- Look at bank websites – looking at the website of the bank will allow you get quite a bit of information about them. You will be able to find out more about them as a company as well as what products they offer and what their charges are. This can be really important and interesting and it will allow you to think about which of these might be useful to you and whether you feel that they will be factors that you want to consider when comparing the banks.
It might seem like a lot of effort but it is important. When we set up a current account with a bank, we tend to then keep it for a long time. This because it can be quite a hassle changing it to a different bank again. Therefore, we want to make sure that we make the right choice so that we do not regret it or so not have to move the money again. We might also want to use the bank for savings and loans as well as a current account so that will be a lot of accounts with the one place, so again it is important to get this decision right.