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Tips to Choose the Right Bank Account with Maximum Benefits

Bank accounts allow us to manage our money. They are a necessity for us, as they serve as a medium of receiving salaries, transferring money, saving money, paying bills, and receiving cash. There are different types of bank accounts, each having benefits and potential drawbacks. Some of them are more suitable for day-to-day transactions while others are appropriate for maintaining high balances for a long time.

Some accounts require the account holder to maintain a minimum balance while others operate without any such requirement. Likewise, a number of other factors make a bank account different from another and their choice challenging for people.

To enable you to choose a bank account and reap maximum benefits, here we are with some tips.

Choose the right bank

The first step towards choosing a right bank account is selecting the right bank and thus, you will have to look at several options. If you travel a lot, then better choose a big and well-established bank that has its branches nestled across the nation and internationally. This would not only offer you convenience but would save you ATM fees as well. On the other hand, small banks offering superior customer service are a better option for those who do not travel much. Additionally, you can watch out for banks that allow people to open a bank account online with no deposit.

Consider the bank account fees

Banks charge their customers a monthly or annual account maintenance fee, which is something you must inquire about before opening an account with a particular bank. Not just this but banks charge fees for a wide assortment of factors also, which come as unpleasant surprises for the account holder. For example, there is an early account closure fee that customers have to pay if they shut their account before a certain period.

In addition, there is minimum balance fee that customers with low account balances have to pay on a monthly basis. Other fees that some banks charge their customers include foreign transaction fee, the fee for maintaining an online bank account, the fee for a misplaced debit card, paper statement fee, human teller fee, and redeeming rewards points fee. To ensure you don’t end up paying all these bank fees throughout the year, you should open the account in a bank that doesn’t make its customers pay unnecessary bank fees.

Minimum balance requirement

Yet another important tip is to consider the minimum balance requirement while opening a bank account. The minimum balance requirement varies from bank to bank. However, if you aren’t willing to maintain a minimum account balance then you can open up a savings account.

Online and mobile access

Convenience is what we all need in today’s world where everyone has a super busy schedule. To be able to pay bills, transfer and receive money, and check account details while on the go, you should get an online bank account. You can access this account anytime and from anywhere.

Interest rates and incentives

Interest rates and incentives are like rewards that you can expect from your bank account. Depending on your goals, you can choose a bank account that can offer you desired interest on your balance. As far as the incentives are concerned, different banks offer them differently. Mobile apps access, free account, and airline miles are examples of incentives that some banks offer to please their account holders.

Consider ease of access

Ease of access is another factor that requires your consideration while choosing a bank account. There is no two way about the fact that all of us desire and deserve a bank account that we can access the way we want. The account should offer us ease to access our money 24/7. To have such a favorable bank account, you can choose a bank that has a plethora of branches and that supports mobile banking.

Overdrafts

A bank account that offers an interest-free overdraft can be a good choice if you regularly go overdrawn by a small amount. There are authorized overdrafts and unauthorized overdrafts. The authorized overdraft is the one agreed by the bank, whereas the unauthorized overdraft is when you go overdrawn without the bank’s agreement. For an authorized overdraft, banks usually charge a flat fee and interest on the amount for the months you are overdrawn. On the other hand, you should avoid unauthorized overdrafts, as they are expensive. They not only make you pay more but leave a negative impact on your credit file as well. With a bad credit file, getting credit elsewhere becomes difficult. Therefore, avoid unauthorized overdrafts at all cost.

For choosing a bank account that offers maximum benefits, you must explore all the available options well. You should do your best to gain comprehensive insights into the bank and gain all the account related information so that unpleasant surprises don’t disappoint you later.

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