Selecting the best bank account
Use these four pointers to ensure you’re choosing the best bank account to meet your personal needs.
Cash withdrawals, debit orders, using your smartphone to pay at the till… It all starts with your own Bank Account. Opening one is the easy part. The tricky aspect is finding an account that gives you only what you need, so you’re not paying for what you don’t.
4 Tips to Choose the Best Bank Account
1. What do you need it for?
If you’re a student or just started working, an entry-level account with a debit card may be a good option for you. But, if you want an overdraft facility or a credit card, you’ll need to look at a higher-tiered account.
2. Compare your options
Do some research to help understand what your options are and to weigh up the terms and benefits of different types of bank accounts.
3. Work out the costs
To avoid unwanted surprises, know the costs that come with the account you finally choose, and understand what they’re for. (You don’t want to end up paying penalties for failing to cover your monthly account fees.)
4. Check the rewards
Having a bank account is something you pay for every month, so find out what extra rewards come with the type of account you’re interested in, like travel or shopping discounts.
You can walk into your nearest branch to open an account, or you can simply apply online. You normally need your ID book or passport and proof of income and residence (or residency permit). But you may be asked to provide extra information to open certain bank accounts.