A bank is more than just a financial institution. It has become a financial partner of every individual, especially in the UK. That’s why finding a bank that best suits your needs can be challenging.
As a customer, all you want is a hassle-free banking experience. To help you find the best bank for you, here are some tips you should consider:
It’s important to know the different types of financial institutions. Although most of them offer similar products and services, there are some differences you should consider.
Banks with national and international operations are tagged as “Big Banks.” These banks offer checking and savings accounts, credit cards, and loans.
Community banks usually operate in smaller areas. These types of banks accept local deposits and lending. These are also the preferred banks if you wish for a customer-centric approach.
Not-for-profit organization banks or credit unions are for customers who prefer strong community focus. However, you need to become a member to open an account.
After knowing the different types of banks, you need to know what type of account you need. There are two types of accounts in the UK: a current and a savings account.
The current account allows you to hold and withdraw your money at any time. Normally, a cheque booklet and debit card come with current accounts.
If your goal is to save money over a longer-term, a high-yield savings account is for you.
You can’t miss a single detail before opening an account. Check if there are monthly service fees and out-of-network ATM charges. Most banks offer a refund or ask if they can consider waiving your fee.
Make sure that your savings will be covered by institutions like Solent Credit Union just in case your bank files for bankruptcy or closure.
There’s nothing more best than making an informed decision. Try to check bank reviews to narrow down your list of options. Find out what the other customers say about their banking experience.
Look into the customer service review and see how well the bank of choice is.
Take it into note how often you need to visit the bank. If you need to visit weekly, then you have to make your choice accordingly. Likewise, if you travel often, you might want a bank with national and international services. You can also opt for a bank with online transactions.
Choosing the right bank is a personal decision. With the number of available banks in the UK, narrowing your list might be a difficult task. The choice boils down to which bank offers the best terms and services you need.
You can juggle more than one account, why not? Consider managing several accounts at different banks if you’re having a hard time settling to one. Your goal anyway is to get the best terms wherever you can find them.
