There are so many banks out there that finding the right one for you can be a nightmare. They offer different types of accounts, charge carrying fees for their services and some are more likely than others to help you out if you hit a bad patch. You have to consider what is most important to you before deciding which one to use.
Using One Or Spreading
Some people like to keep all their accounts with one bank, and others will search out the best on offer with different ones and use a spread of them instead. There is no limit to the number of accounts you can have, or how many banks you can use. This is a personal choice, although one thing many people look for these days is a good fraud management strategy. Knowing your money is secure is vitally important no matter which bank you use, and this has become one of the most important factors that people look at when making their choice.
Is Internet Banking Available
There are not many people who do not use Internet banking or an app on their smartphone. This technology has made paying bills and transferring money a lot easier and now you do not have to spend hours in branches waiting to be served.
It has made the scenario of having accounts with different banks easier to handle as well. Now money can be transferred from one to the other instantly, as long as both banks are in Canada It takes a day or two to arrive at an account in another country, but that will probably be changed in the future because of the blockchain technology that is being used more and more.
What Do They Charge?
Banks publish their rates and fees so it is easy for you to see which items will cost you. Some charge a small amount for every transaction, while other do some free but charge more for others. At the end of the day they are businesses and like any other business, they have to make a profit.
The secret is to look at what transactions you are likely to have more of, and then look at the bank that charges the least for those. Most banks charge less if you handle the transactions yourself through Internet banking or an app.
You should also look at what interest rates they pat you for saving with them. With interest rates as they are currently, none of them will be paying a lot, but whatever you do earn on your savings can help offset the charges and fees.
You should also take a look at banks that are totally online. They do not have the expense of physical branches sop are often the cheapest of all.
Choosing a bank is something only you can do. Once you have opened an account it is not set in stone that you have to stay with them forever more. You can always move to another one if you are not happy with your first choice.