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The Basics that a Bank Account Should Have

Dec 29 2011

Banking District

Image by bsterling via Flickr

There are so many bank accounts available these days that it is hard to choose! Many banks will advertise their new and shiny account, with special extras, bonuses for signing up, and lots of fancy bells and whistles. With all of these enticing features, it’s hard to see through to the basics of what makes a good bank account. How can you cut through the hype and find the right account for you?

Here are some of the basic features that every bank account should have:

Easy Withdrawals

If this account is going to be your main bank account, you will need to have a reliable and inexpensive way of accessing your money whenever you need it. It can be very convenient to have a debit card, but if you are charged a fee for every cash machine withdrawal or transaction this can add up quickly and drain your finances. Try to choose an account with a financial institution which you will be able to find in most places that you go which will make withdrawing money easy.

Good Customer Service

It doesn’t matter what sort of extras your bank account offers if you can’t stand visiting or telephoning your bank because of the terrible customer services that you receive. If you feel like your questions are never answered, your concerns are never addressed, you are left on hold for hours, or you don’t get the help that you need when you come into the bank, it’s time to look for a better place to keep your money!

An Online Banking System

The way that we do our banking has changed, and we use the internet more than ever to manage our finances. With an easy-to-use online banking system you can log into your account to check your balance, send money, make bill payments, transfer your funds, and perform other functions whenever you need to without having to leave the house. This can be very convenient when you need to manage your finances after the banks are closed, or when you are travelling. Be sure to choose a bank account with an online banking system that you find easy to use and helpful for your needs.

A Good Interest Rate

If you are choosing a savings account, it absolutely must offer you a competitive interest rate on your savings. If it doesn’t you are missing out on the opportunity to earn more money on that chunk of cash that you have worked so hard to save!

No matter what extra features a bank account offers, it should always have these very important basics. If your bank account is letting you down in one of these areas, it might be time to consider switching to an account which meets your needs.

This content was produced by Simon Grant on behalf of Ulster Bank who offer a range of incentives to those choosing to switch current account.

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