title:A Guide to Finding the Right Bank for Your Needs author:John Mussi source_url:http://www.articlecity.com/articles/business_and_finance/article_3992.shtml date_saved:2007-07-25 12:30:07 category:business_and_finance article:

Whether you’re looking for a bank at which to open a new savings account or you’re simply unsatisfied with your previous bank and want to find a new place to do business, finding the bank that’s right for you can sometimes be quite difficult.
Of course, it doesn’t have to be? it simply a matter of knowing what you’re looking for before you head out to the bank, and making sure that you do a little bit of comparing of services before deciding upon one particular bank over the others.
Below you’ll find some basic tips for what to look for in a new bank, as well as what to avoid.
Interest rates
No matter what type of account you want to open, interest rates are going to be of major importance. Check to see what rates are being paid for savings and money market accounts, as well as whether or not interest is paid to chequeing accounts.
If you’re looking for a loan instead, find out what the base interest rates that are charged for loans and whether your interest can be affected by the collateral that you use.
Account options
When looking at a bank to determine whether or not it’s the right one for you, consider how many options are available for each type of account. Ideally, there should be several different options for chequeing, savings, and other accounts.
If a bank only offers very basic services, you might be better served to look elsewhere unless the interest rates that they offer are well above average.
Online account access
Though not as major a concern as some of the other considerations, banks that offer online account access can add a level of convenience to your banking experience that you might not otherwise have.
Online account access can enable you to check your balance, transfer funds from one account to another, and even see which cheques have cleared the bank from the privacy of your own home.
Corporate vs. local
Another minor consideration that might have some bearing on your decision is whether the bank is part of a national or worldwide corporate chain or if it’s a locally owned and operated institution.
Corporate chain banks tend to have much more support from their corporate office, but are usually limited as to the services and concessions that they can offer without approval from a higher authority.
Local banks, on the other hand, are usually able to handle most matters in-house, as the owner is usually an individual within the community.
Shopping around
When comparing banks to find the right one to meet your needs, it’s important to explore all of your options. Gather information from several different banks and compare the account options that each offers to their interest rates.
Some banks might offer exceptional rates but with relatively few options? others might have a wide variety of account options but offer horrible interest rates.
Compare and contrast a variety of bank options so as to find best deal that fits your needs? after all, this is a major decision and shouldn’t be handled lightly.
By taking the time to compare your available options and shop around for the best deal, you’re much more likely to find the bank that’s going to give you the best experience.

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