Choosing The Right Bank Account For Your Needs

Choosing the right bank account can be difficult, with so many seemingly similar options available to you it can just seem easier to pick the first account you come across. Although many accounts do have similarities, if you don't shop around then you won't get the best deal for your needs. If you want to find the best bank account for your needs then follow these simple steps:

Number of accounts

Many people have a few current accounts as well as one or two savings accounts, which they are not getting the best out of. If you pick the right accounts then you will only need one current account and one savings account for your personal use. If you have a large number of accounts, then now is the time to think about replacing them with one or two accounts that better serve your needs.

Don't be lazy

The first step to finding the right bank account for your needs is to start being active and looking for a new account. Banks rely on the fact that you are too lazy to check your fees to see if they are worth your while. It is likely that you pay fees and rates each month that are more than you need to pay, or are for services that you don't need. If you are proactive then you are more likely to get a good deal.

Features

Once you have decided that your current bank account is not fully serving your needs, then you need to look at what features are most important to you. Are you someone who transfers a lot of money electronically, or do you write cheques to pay for things? Some accounts will have better rates for each of these features, so you need to decide what you are going to use the account for.

Online banking

One aspect that you need to look at when choosing an account is online banking. If you only need basic checking and savings services, then having online banking might not be worth it. However, if you need to access your money quickly and be able to transfer between accounts or pay bills instantly, then you should get an account that has online banking features.

Current and savings accounts

There are many account variations available for both current accounts and savings accounts, and it is even possible to get combined current and savings accounts. The type of account you need depends on the features you need and the amount of money you will be paying in and out of your account. If you have a large amount of savings, then you want a savings account with the best interest rate to take advantage of this. Also, if you have relatively little money in your current account then you shouldn't opt for an account that requires a minimum amount be paid into the account each month.

Where to look

Now that you know what sort of account you want, you need to find the right institution to suit your needs. Although traditional banks should be your first port of call, you should also look at credit unions and online banks to find the best bank account for your needs.

Peter Kenny is a writer for The Thrifty Scot. Please visit us at Bank Accounts and Current Accounts Visit http://www.thriftyscot.co.uk

Choosing the Right Bank for Your Business

Whether you're starting a new business or you're simply looking for a new bank for your current business, finding the bank that serves your business best generally isn't as easy as simply opening an account at the bank where you do your personal banking. Businesses tend to have different needs than individuals, and the fact that a bank does well with personal banking services isn't always an indication that they'll be able to best fit the various needs of your new or existing business.

What to look for in a bank

When looking for a new bank for your business, there are a variety of factors that you should keep in mind. Request information on any business-specific services that the bank offers, the interest rates that they offer on certain accounts or the fees that they charge for certain services, and the availability of night deposits or online access to your business accounts. Some banks offer only some of these services, whereas others offer all of them... taking the time to investigate the offerings of several different banks will help you to determine which bank offers the best combination for you and your business.

Business services

Many banks offer services for business that are specific to the needs of those businesses. Some of these services may include specialized account statements detailing various aspects of expenses, interest, and deposits, as well as quarterly tax account preparation. Other business services offered by banks may vary from area to area and from bank to bank, and should be investigated fully before making a decision on one bank or another.

Interest rates

Interest rates on business accounts may vary from those offered on personal accounts, depending upon the type of account that you open for your business. Many business accounts may offer no interest at all, and may instead have fees associated with them... it largely depends upon the type of account and the bank at which it is opened. Investigate all of the options available to you so as to find the bank that offers your business the best account options.

Chequeing

One type of account that doesn't differ greatly from those accounts offered to individuals is the chequeing account. While business chequeing accounts do tend to have fees associated with them (as most business accounts do), they function in much the same manner as standard chequeing; there are generally a few differences in the account statements and cheque-writing policies, however. It is important to get as much information on the fees, attributes, and policies associated with a business chequeing account as you can, so be sure to take the time to question the banks about the specifics and compare the account offerings of several different banks in order to get the most out of your business chequeing account.

Night deposits and online access

Accessibility is also a major factor that should be considered when choosing a new bank for your business. The bank that you choose should have a night deposit drop box (with a key given to you or to specific people in your business), instead of simply having to use an ATM or wait until business hours. Online account access is another major factor that should be requested... this way you can track your business expenses, account balances, and verify deposits from either your office or the privacy of your own home. Making sure that you find a bank that meets your business needs should be a top priority, so compare the offerings of several banks before you make a final decision.

Paul Rogers writes general finance and loan articles for the Loans UK Online website at http://www.loansukonline.co.uk

Things To Consider When Choosing A Bank Account

Banks may not be everybody's cup of tea but you will not get far in the financial world without a bank account - or more accurately a current account. A bank account is key personal finance building block, not only providing you with a straightforward and secure way of looking after your financial affairs but also enabling you to obtain access to other key financial products such as a mortgage or credit card.

Unfortunately, millions of people still do not have a bank account. If you are one of these people, you should seriously consider opening an account. If you don't have an account because you have been rejected by banks in the past, try applying again, maybe through another provider or one of the new online players by using a personal finance comparison site.

Some people still prefer the bed to the bank but it is a fact of life that a bank account is a must for people who want to go on and own a home and have access to important personal finance tools such as a credit card.

Bank accounts are also a more secure way to conduct your financial affairs than keeping large amounts of cash at home. And if these points haven't convinced you, it is a fact that many bank accounts are now far more user friendly than before, furnishing account holders with interest on credit balances (unheard of a few years ago) and a whole array of payment facilities.

When choosing a bank account key factors which you must consider are convenience and cost. In terms of convenience, you need to find an account that will give you ready access to your money.

For some people this may mean an account offering a large number of cash machines near to their home or work or access to a nearby branch. For others, it may mean 24-hour telephone banking.

In terms of cost, you need to compare the cost of operating various bank accounts, both in the black and the red.

A personal finance comparison site can provide full details on all bank accounts offered. Such sites can be an excellent starting point for anyone looking to open or change bank accounts.

Of course, asking friends is also a good way of finding out about banks which offer a good current account backed by satisfactory service.

For anyone choosing a bank account, either for the first time or because of a wish to switch, minimize the risks and efficiently use your resources to fulfill your financial goals by doing finance comparison for each step of your personal finance management.