Before you choose a place to bank, there are several differentiators that can help you decide where you conduct your financial business.
Fees
There are all kinds of fees that could come with a bank account. These include transaction fees, a monthly fee for keeping the account open on a monthly basis and transfer fees for moving money between accounts. There are also fees for overdraft protection, wire transfers, not maintaining a minimum balance and more. All banks have fees of some kind, the key is to pay fewer of them or sign up for a no-fee account that often comes with branchless banks.
Accounts and Services
What accounts are available and what financial services can you get? Banks can offer all the financial services mentioned in the previous section, but that doesn’t mean all of them do. Pick a bank that offers services that most strongly align with your spending and banking habits that you partake in on a regular basis.
Interest Rates
Find a bank offering interest rates that will grow your savings as fast as possible by giving you high APYs on savings accounts and investment vehicles like GICs.
Account Minimums
If your bank offers accounts that require a minimum balance to bypass a particular fee, make sure you can actually meet the minimum balance required or that there are other options where no minimum is required.
Customer Service
Some banks leave it to you to largely manage your own financial affairs with little to know customer service, this is especially true of branchless banks. Therefore, if you prefer more support, pick a bank known to have good customer service.
Convenience
It’s a good idea to be able to access your money from anywhere, so choose an account with a large ATM network, so you don’t have to go far from home just to withdraw your cash. Banks that offer online banking, telephone banking and mobile banking, including mobile cheque deposit or mobile payment will also give multiple ways to manage your account and conduct everyday banking operations without visiting your local branch.
