A contract with a bank is often a union for many years and usually with obligations that you will definitely have to fulfill. That is, the choice of a bank is almost like the choice of a life partner. But if it is customary to build relationships with partners for love, then with banks it is necessary to do this by calculation. We tell how to choose the right bank.
Before choosing a bank, it is important to decide what you expect from it. Reliability, profitability, availability, quality of service – the priorities and combinations of these properties depend on your needs.
In addition, some services can not be found in all banks. If you are a pensioner and want to receive social benefits and a pension on a card, you can open it only in banks that have an agreement with the Pension Fund (PFR).
Or maybe you don’t have to go to the bank and other financial instruments are more suitable? For example, if you have a sum that you want to multiply, you can do it in different ways – not only open a deposit, but also buy securities. Annual income on them may be higher, although the risks of losses will also increase.
About when you can start investing and what you need for this, read our article “What should a novice investor know?”.
It is not necessary to conclude an agreement with the first bank that came across, even if his best friend advised him, you liked the advertisement, or so the inner voice suggests. Study offers of several banks, estimate the cost of services, income from deposits and quality of service. So you can find the most favorable conditions for you.
When choosing a bank, you should carefully examine the location of branches and ATMs, the possibility of online banking and relate it to your needs.
Think about how often you have to go to a bank branch: maybe its physical accessibility is an important criterion for you. And if you plan to frequently withdraw cash from the card or deposit them, then make sure that there are ATMs of this bank in places convenient for you, close to home or work. So you can replenish your account and withdraw money from the card without a fee.
Evaluate whether you are ready, for example, to go to the bank at the other end of the city every month, because there the interest rate on the loan is slightly lower. Or it is easier for you to pay more in a bank near the house, but not to go anywhere.
Or maybe you don’t want to waste time on the bank and it’s easier for you to do everything remotely? Then check out the online services of the bank. See if they are easy to use and whether you can pay for the services you need all the time.
Do not forget about the quality of service
Try to evaluate the quality of service. Read reviews on the Internet, ask your friends who use the services of the bank if they are satisfied with the service. Carefully read the bank’s website: is there all the necessary information on it, is it easy to find answers to your questions. Call the bank’s hotline – check how long you will have to wait for an answer. It will not be superfluous to go to a bank branch and assess how they work with clients there, for example, you can pay a receipt or ask the manager about the service you are interested in.