Tips For Opening A New Bank Account

Opening a new account

Tips for Opening a new account

Opening a new bank account is not just about showing your photo ID and bringing in cheque or cash to deposit. There are many things to be considered while opening a new bank account. If you don’t take care while opening a new bank account, you might have to pay lots of fees for various reasons, or you might have to suffer from slow transaction issues or any such things. Hence it is very important to make proper research before you opt for the decision of opening a new bank account. Here are some of the things which should be kept in mind wile opening a new bank account.

  • Compare various institutions

Don’t assume that if a bank has well-known name and reputation in the market, the services it offers would be best only. You should make your own research and see various features of all different banks and compare them with one another. Also see what kind of account you want to open and what will be the actual use of the account. Check all the banks before opening a new bank account and then decide which one offer highest benefits, better service and lower prices and take your final call.

  • Check the fees

Majority of the banks now offers free checking. You just need a simple account with few privileges of cheque writing and mostly ATM access, and then you can have a free account. There are certain banks which limits the visits of local branch with free account. If you think you might need to visit teller many times a week or month, then you might search for bank which provides free services for it that too unlimited times. Many banks also have a limitation on the number of withdrawals per month from ATM. If your use of ATM is extreme then you cannot open a new bank account with such bank. Sit back and evaluate your usage of different things and go for a particular bank while opening a new bank account.

  • Minimum deposit needs

There is some of the bank which does not have minimum deposit needs, while there is other which do have these need. Apart from minimum deposit, there is also policy of maintaining certain amount of money in bank. Before opening a new bank account, check whether the bank you choose has any requirement or not. If yes then how much is the balance to be maintained and also what will be the consequences if not maintained. Certain banks will close the account if it falls below the limit or certain banks will charge some fees every month from your account if balance drops the specified limit.

  • Account type

Every different type of account will have different needs. If it is a student account, then need will be different and probably more simple and liberal. If it is a business account then it might have more fees as compared to that of student. Thus see which category you fall in and check type of account before opening a new bank account.

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