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Choosing a Bank that is Right for You

Categories :Singapore News
Choosing the right bank for you

Choosing the right bank for you

It is quite surprising how people open accounts in random banks before doing any background check to ensure it will serve their needs. Banks are not structured the same and are created for different clientele.

Before opening an account, one must be clear as to why they want the account. They want to use the account for business transactions, personal savings or forex exchange. When looking around they should bear those facts in mind.

But with so many financial institutions and banks in the market place, identifying the best bank for you is a daunting task. You must compare the different bank accounts types and look at their interest rates and other related fees.

Whether you decideto bank with a local small or big bank, credit union or online bank there are certain things that you have to bear in mind in order to decide which of the available optionsis bestfor you.

Accessibility and convenience

Are there branches or ATMs near yourhomeor place of work? It is important to choose a bank that is easily accessible for quick transactions. A bank with a wide network of ATMs makes it convenient for the customer to access and deposit funds in places where there are no branches. It ensures that the customer does not have to travel with large sums of money.Other facilities like being able to withdraw money using out of network ATMs at a fee make it easier for the customer.

Cost of Banking

What kind of fees does the bank charge? One must get to know every fee applicable during normal usages like over the counter withdrawals and ATM fees. Some banks charge fees for ATM services while others are free.

If you there is a good chance you will overdraw your account, shop for a bank that charges the lowest fees for overdrafts or avoid overdrawing your account altogether.

Some banks charge account maintenance fees per billing cycle. Unless it is a business account, this must be avoided as the charges can be substantial and end up eating into the interest earned. It is important to know applicable fees that you going to incur during normal usage of the account.

Some banks impose a minimum balance requirement where the account is charged if the account drops below a required amount.

Additional services

Does the bank have additional services? Do they provide credit or debit cards? What are the terms for opening a second or third account? Does your checking account earn interest? How about loans and mortgage types? What are the terms and how long does it take to process loans and mortgages?

Online Banking

Based on your occupation and lifestyle online banking may be more suitablein comparison to some of the banks. Online banks are known to offer more attractive interest rates with lower maintenance fees per billing cycle.

It is important to note that online banking the customer you will not have the luxury of a branch of teller service and there might be difficulty in cashing physical cheques and depositing cash.

Customer Service

Testing the quality of customer service is not difficult. Walk into a banking hall and observe the reception. Ask for an officer and give him/her a list of services you want and then observe how close they come to meeting your needs. If you are ignored for a long period or passed from one officer to the other then that is a clear hint of the level of service to expect in the future.

Relationships

Some banks have appointed relationships managers when you bring largecash amounts to their bank and will give you VIP treatment. If you don’t fall into that category, you may feel alone and lost in procedures. Find out if they have relationship managers so that if you have a lousy experience or you need clarification on a matter in your account, you have somebody who you can call upon to address and follow up a matter to a logical conclusion.

Large or Big Banks

People are often weary of small banks not knowing that the customer service is considerably better than that found in larger institutions. One can get personalized and VIP services without necessarily having huge accounts.

Conclusion

Once you have decided on the kind of account you want to open compare the features and rates from different banks side by side. This will enable you to make an informed decision on the institutionthat suits your lifestyle and needs.

Finally, before signing up read the terms and conditions carefully because some banks have hidden costs and charges which they don’t declare when wooing you to open an account.

 

Legal Money Lender in Singapore

Best Credit SG Pte Ltd is definitely the best solution to any cash problem that you are facing right now. Since 1985, we have been providing our loan services to the people in Singapore. In addition, many businesses have also approach us for assistance as well. You can bet that when we say we know what we are doing, we indeed do know.

With a wide selection of loan types available, you can be certain that we will be able to find a loan service to suit your needs. Not sure how to apply for a loan with licensed money lenders? Come on down to our office and we will be able to guide you through the entire process. Feel free to ask us any questions while you are at it!

Best Credit SG Pte Ltd has one of the highest ratings in moneylender review that you will be able to find.

Office: Blk 372 Bukit Batok Street 31 #01-374 (Level 2) Singapore 650372 

Opening hours: Monday to Friday 11AM – 8PM and Saturday to Sunday 12PM – 5PM

Number: +65 6272 5538.