If you are reluctant to start investing after hearing the horror stories of bank charges and the really long queues and sometimes bad service here are a few good things about your bank to know
- They are Versatile
You don’t have to go all the way to the banking hall to get money at short notice these days as you can simply swipe a card or use your smartphone. Almost all banks these days have an Automated Teller Machine (ATM), offer low or no account balances to open an account, have several investment account choices, offer online banking, have a bill payment service and some banks also offer alternative rates or lower fees for people under a certain age, over a certain age or by type of business.
- They Are Willing To Talk
Gone are the days when a bank only wanted a certain type of client or spoke to only a select few. These days you can sit down with a bank employee to discuss what options are the best for you. This is due in part to the fact that there are many more banks and in another part due to the fact that they are chasing after the same client (this client is you).
To get more clients, banks now offer various types of accounts to suit different individuals. And they exchange information with you so that with this information they can view your financial situation and review with you what your best options would be.
- They Offer a Good Start
If you have money you don’t want to put at great risk — for example, money you have earmarked for emergency funds, or money you’re saving to buy a car, furniture, or a home within the next few years putting it in a bank is a good smart move.
By keeping your short-term money somewhere safe and convenient, you will get the hang of putting your money into an investment instrument and this can help build up the confidence you need in order to start investing in other ways.
- They are a Safe
Putting money into a savings account in a reputable bank is a very safe form of investment. Although many banks don’t pay interest on traditional cheque accounts, they almost always pay interest on traditional savings accounts.
Most banks will have a choice of different types of accounts and different rates of interest and sometimes you can negotiate the interest rate depending on the size of your deposit, your relationship with the bank and your banking history.
- They Keep Records
You do not have to wrack your brains to figure out where the amounts went after you used an ATM, wrote a check or made an electronic transfer. At the end of every month you can get a record of the transactions you made and depending on your bank-one hard copy is free.
Since you are able to track your money; at the end of the day your budget is much easier to monitor with a bank statement. However, a word of warning; do not sign up with a bank simply because of a promotion before you have full knowledge of all the terms and conditions.