It’s important to find somewhere safe and secure to hold your money, but how do we know we’ve found the right place?
Bank account ratings can help you understand different bank accounts, and how they might fit in with your financial goals and habits.
How are bank accounts rated?
There are many different ways to rate a bank account. Typically, sites will rate bank accounts based on a few different key features.
One of these features is the fees charged by the bank. Certain fees may apply when you open a bank account, including a monthly maintenance fee, overseas fees, and more. Many banks are beginning to eliminate a monthly fee, which might result in their bank account receiving a higher rating on some sites.
Because many people want the convenience of using their bank account card internationally, low overseas fees are high on many account holders’ priority lists. Having low currency conversion fees and overseas ATM fees might allow a bank account to rate higher than others.
Bank account ratings might also take into account features that are specialised or highly convenient. Features like Apple Pay and Samsung Pay, interest rates and the ability to link accounts could make some bank account look more attractive to certain people.
How can you compare bank accounts?
You can compare bank accounts online to find the best account for your needs.
In your comparison, it might be helpful to look at features like ATM fees, interest rates, account-keeping fees and the type of card that will come with your account.
What should you look for in a bank account?
The features you should look for in your search for a bank account will tend to depend on your lifestyle and spending habits.
For example, if you find yourself withdrawing cash regularly, you might look for a bank account with low ATM fees. While some people may only consider bank accounts without any monthly maintenance fees, those who deposit a regular salary into their account may not worry about paying the monthly fee.
Another factor to consider is the bank itself. How many ATMs do they have in your city? Are they close to home? Is there a bank branch in a convenient location? These questions might help you narrow down your focus so that you can choose both the bank and account that’s right for you.
What types of bank accounts exist?
Bank accounts usually refer to an everyday transaction account, which is the account you use with your debit card. However, there are other accounts that you can open with your bank if you choose.
The most common of these is a savings account. A savings account allows you to deposit money for safekeeping, and the bank will typically pay interest on your account balance. You might look for popular savings accounts or high-interest accounts before making your choice.
Choosing the right bank account is all about finding the one that fits your lifestyle, and bank account ratings can help you make the best choice.