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What to Look for When Choosing a New Bank Account

You may think that all bank accounts are the same but this really isn’t the case. If you use the services provided to compare transaction accounts, such as the one developed by BOQ , you’ll find there are some very important distinctions. These can make a big difference to you. Think carefully about how you manage your day-to-day transactions, and take this into account (no pun intended) when shopping for a bank account that best serves your needs. Below are just a few of the major things to look out for when you’re choosing a new bank account.


Zero Monthly Account Keeping Fees

Around 30% of accounts offer to hold your money for no monthly fee – there really is no excuse for having an account that costs you around $10 a month just to access your own money. That’s $120 a year, which you would probably prefer to use for yourself, not give to your bank. Many accounts waive the monthly fee, provided you keep a minimum balance in your account or across all your accounts held with their institution. Read your contract carefully and check all the terms and conditions. Remember to ask if there’s anything you don’t understand.

ATM Access

How widespread is your chosen bank’s ATM network? Will your bank reimburse fees charged by other banks for use of their ATMs? Some online banks are offering this sort of incentive these days. At the minimum, you should check to ensure that you can access your money through your bank’s ATMs at no charge – and as many times per month as you like. If the bank account you’re considering doesn’t offer this, keep looking.


Transaction Freedom

A transaction account should be just that – an account you use for deposits, withdrawals, and transfers between this and your other accounts. You should be able to transact as much as you need, without incurring any unnecessary charges.

Mobile Banking

All lenders offer online banking these days so there’s nothing revolutionary in that – but how about banking on the run? What is their online access like via smartphone or tablet? If you’re one of the many commuters who uses your travel time to get a few of the boring bits of household budgeting out of the way on the bus, train, ferry or tram, you might want to take a look at how easy this is to do with the bank account providers you’re considering.

Selecting a new bank account is a decision you should take seriously. After all, it’s quite important that your transaction account meets you needs without costing you the earth. The bank you choose must be one you’re confident will meet your needs. The relationship between bank and account holder is a business relationship, and like all business relationships, it’s unlikely to be perfect. But if you take the time to do the research beforehand, you could find just the product you need.

What do you look for when you’re choosing a new bank account? Let others know in the comments box below.