There are a lot of customers out there that are becoming increasingly frustrated with their bank. This can be due to a number of reasons; high bank fees, bad customer service and low interest rates. It can be very difficult to compare bank accounts effectively, this is because there is so much information to trawl through. If you were to through every page that is available from each bank it will take a lot of time. Instead there are some important questions you should ask. Here are our recommendations for questions to ask which will make the process easier:
1) What is the minimum deposit that needs to be made to avoid fees?
When searching for a new bank account you need to know what the minimum deposit will be, it is also good to know the minimum balance that is required to avoid any monthly fees. After checking the monthly fees you should also check to see if there are any other fees that you will be charged.
2) What is the fee for using an ATM that is not in the bank’s network?
Although most banks participate in a sharing scheme with their ATMs for withdrawals, it is always important to know how much you will pay if you don’t use an ATM in the network. If you travel around the country it might be important to find a well established high street bank.
3) How soon are funds available after they have been deposited?
While most deposits are instantly credited to your account there are still some banks that will put a hold on certain types of deposits. This is important so that you don’t overdraw on your account – check if the bank will deal with deposits or withdrawals first. This will save you on unforeseen charges.
4) What are the rates of interest?
Interest rates can sometimes be very similar so people don’t pay much attention. It is always important to know how much interest you will be paid. You should check if there is a change in the interest rates depending on your balance. Some banks will offer higher interest rates to different customers, this all depends on how they use their account.
5) Is mobile banking and online bill paying available?
Nearly all banks offer online bill paying services, it is not always the case that all banks offer mobile banking. This is when you need to decide how you use your bank and your banking style; do you usually like to do everything online or do you prefer to go in the bank and speak to someone face to face? If you need mobile banking then your next step is to compare the mobile apps that the banks offer. To find out what the apps are like it is easy to look online for reviews and ratings from users. You may want to ask your friends and family for their advice and experiences with their current providers.