Category: Banking


A Guide to choosing the right Bank account to match your needs

Because there are numerous bank account options that you are going to have, it is important that you spend some time carefully reviewing your options before making a final decision. Those who do this research are usually able to pick the right account to satisfy their particular needs. The bank account that you end up selecting will be important for a number of reasons, so you will need to keep this in mind.

Current Accounts

A vast majority of people choose to open up a current account, and you will want to know exactly what it is and why you might want to get one for yourself. This type of account will allow you to pay for items with a debit card as well as write cheques and many other things. You can check the balance of your accounts online or on the phone at any time, which is very convenient indeed. If you are in the process of looking for a new bank account, this one is certainly a good option for a number of reasons.

Packaged Accounts

There are also packaged accounts, which also come with a number of benefits. This type of bank account typically offers special deals and interest rates on loans that you can take advantage of in order to save a significant amount of money. A packaged account usually offers perks like travel insurance, fraud protection and other things that you can potentially benefit from quite a bit. While it is true that there may be some slightly stricter requirements for maintaining this type of account, it can be well worth it for a lot of people. It is important to keep in mind all of the different benefits you will receive when opening up this sort of an account.

Basic Account

You can also get a basic bank account that doesn’t come with any of the fees that are associated with most others, which can be great for those who do not have a great credit score. If you have experienced problems with getting other types of bank accounts in the past due to poor credit, this is definitely one option that you should seriously consider because of how beneficial it can be. With this type of account, you won’t have to worry about being charged any fees each month, which will probably save you quite a bit in the long term.

Budgeting accounts

A budgeting account or “jam jar” account, can be particularly useful if you want to put money aside for numerous things on a regular basis. This kind of account lets you distribute your funds into different “pots” so that you are able to keep everything as organized as possible. This can make saving up for something much easier and less complicated overall.

Student Bank Accounts

These days lots of banks and credit unions offer checking accounts that are specifically for students of colleges and universities. If you currently enrolled as a student at some institute of higher learning, you will certainly want to take the time to look into some of the different banking account options you have. Student accounts are often fee-free, which means that you won’t need to pay anything to maintain your account no matter how much money you have in it at any given time. This can be a truly great deal for students who are struggling financially because they are trying to pay back their loans.

Things to consider when choosing your new account

You should consider a number of things when it comes to getting a new bank account, including approximately how much money you are going to keep in it. If you don’t plan on having a lot of money in your account at any given time, you will probably want to look into getting a fee-free account that is more on the basic side. Your specific needs will ultimately be what determines the type of bank account you should get.

There are lots of bank account options to explore, but you do not want to choose just any of them. The account you open will be crucial for a number of reasons, so it is not something that you will want to take lightly. Take the time to visit some different bank’s websites so you can find out the specific details of each account type they offer. By doing this you will be able to increase your chances of getting all your needs met.