If you are looking for a new bank account, then you need to consider a number of factors, whether this is a checking account, savings account or something else, there are things you should consider for them all. Interest The main thing that people will tend to look at when considering a new account is the interest that will be paid on the money. With base rates low, there is not much interest available for many people.
It can be worth looking around for a high fixed rate or something that is half decent! However, high variable rates can change and so may be worth considering this and checking out the rate history of the account if you can. It is also wise to keep a check on the interest rate to look out for any changes.
Costs of moving You may find that there are charges for moving your money. Some accounts will deduct interest if you withdraw money without giving notice or before the term is up. There may be administration fees for opening a new account as well. It is worth checking these and decide whether moving is worth the cost.
The reputation of bank It is important to consider the reputation of the bank. If it is a bank that you have heard of then you may already have an opinion about them or it may be one that you have used before. However, if not, you will be wise to speak to friends and family as well as look at online reviews to find out more.
Features of account It is important to have a look at what you get from having the account. Find out how it works and what you can gain from it. There may be more than the just interest that you can get from it. You may find that despite having the low interest there may be other useful features such as insurance or money off things. These could be worth more to you than the interest, but they may be no use to you so think it through and calculate which will be better for you financially.
Fees All bank accounts have fees. These may be regular charges or they may be fees for going overdrawn or otherwise breaking the rules. It is wise to check out all of the fees before opening an account. These will be in the terms and conditions, but if you are unsure, telephone the bank and ask them before you sign up.
There are many things to think about when you are choosing a bank account. Think about what the account is for and which one best suits your needs. Then consider the interest, benefits and features, fees and the costs of moving your money as well as the reputation of the financial institution you are going to. It is a lot to think about and will take the time to research, but it will mean that you get the best account for you and should be financially better off as a result.