All of us are seeking for a secured future financially which is why one of the first essential steps in making this a reality is to open up a savings account in a trusted bank knowing that it will eventually yield higher value in the future, but a lot of us also are not that well-informed about the needed steps in opening a bank account that fits the increasing interest rates nowadays.
Opening up a bank account should be an encouraging way for a person to start securing one’s self financially, instead of being discouraged of the lengthy processes that most banks give them as part of the requirements, it should be motivating for a person to open up an account without a hassle in saving money that can be used for future investment.
If you are planning to open up an account, but you encountered problems along the way, this article from One Pearl Bank Capitaland might come in handy for you because listed below are some of the best tips in choosing a good and reliable bank that you can trust.
- Search as many banks as you can- The bank nearest your house may look convenient, but that does not mean that it is the most suitable bank to open up a personal account especially that interest rates are rising consistently. Banks and financial institutions are paying different rates on savings accounts, there can be a bank that offers 0.01 percent interest rate, while the others can give you one percent, and just because of the interest rates increase dramatically, you cannot guarantee that the initial bank you have chosen will do so for you. This needs to compare rates. When you already have a list of banks, it would be perfect to compare the rates because this will prevent yourself from shortchanging.
- Take advantage of technology- Trying online banking will provide you ultimate convenient instead of driving to a bank near you. A lot of financial experts say that online banking is making a strong presence in the financial world that most of the time it has higher rates compared to brick-and-mortar banks or actual banks that you have to visit personally to open up and account. Despite the concerns of security and safety to some savers, online banks are far more secured compared to other online transaction methods. Since online banks do not have physical branches, they cost less in operation and can pass the funds to your savings in the form of a very good interest rate.
- Choose local banks instead- If you want to visit a bank, you consider a community bank or a credit union because these small financial institutions regularly raise their interest rates than the big bankers. Credit unions and community banks have fewer branches which are the downside of opening up an account of these two financial institutions. However, these small time banks are linked to the mainstream banking networks that can transact to any ATM’s with minimal charge.
- Do not give in to deceptive interest rates yet- This is what bankers call bait-and-switch which offers enticing rates to unknowing savers to get you to switch, and then decrease the rates in a number of months.