We all use banks or building societies for our current accounts, savings, loan, mortgages and other financial things. This means that it is important for us to make sure that we pick one that works well for us. There are lots to choose form as well and it can make a big difference which we pick. This is because some of the differences will be really significant to us. It is important to think about what we are looking for in a bank and this will help us to choose one that is best for us. Below are a few of the things that we might be looking at.
- Cost – banks have different costs with regards to the charges that they make on loans as well as the interest that they pay out on current accounts. This means that choosing one bank over another can make a big difference to your financial situation. We tend to stick with the same bank and get all of our products from there, but it can be wise to compare them all to make sure that you are getting the best value for money form the one that you are with. Of course, costs are not everything as you will not want to get a cheap loan form a lender that you do not trust. Therefore, you need to also think of other things that will influence you when picking between different banks and building societies.
- Branches – some people really like to be able to go into a branch of their bank and talk to someone about their money. If this is the case for you , then you will need to make sure that you pick a bank which does have a branch local to you or perhaps several branches in close proximity to where you live in case some close. Sadly a lot of high street branches have been closing and so you may want to find a bank which has branches in high streets in several towns near you so that you can be confident that there will be one near to you that you can use.
- Online banking – some people much prefer online banking or perhaps mobile banking on an app. If this is the case for you then you will need to research whether the bank that you are considering will be able to provide this. You might also want to look into whether the websites and apps seem really secure as well.
- Customer service – It can be really important to know that when you need help form the bank you will be able to get in touch with their customer service department easily. It can also be useful to be able to feel confident that they will be able to provide you with the help that you need and be polite and friendly at the same time. It can be worthwhile contacting them before you use the bank to find out what they are like.
- Reputation – many people do worry about the reputation of a bank. It is wise to find out a bit more about them. Asking people, you know can be useful but also looking at online reviews as well. You will find there could be bias and also people like different things to each other, which means that you need to be careful and think about what you are looking for in a good bank to make sure that your requirements are the same as theirs because they might like or dislike a particular bank for reasons that are not important to you.
- Well-known name – some people like to go with a bank that they have heard of. They feel that they will be able to trust a place they know of better.