Picking The Right Bank – Create Personal Budget
Picking The Right Bank – Create Personal Budget
Obviously there is no surefire way to determine what bank is perfect. Many have different perks such as low mortgage rates and high interest rates and low user fees. Often times if one bank has a positive aspect that you might find irresistible they will have another element that may be less desirable. What is the best bank for you when you are understanding how to create personal budget? Let’s find out.
PRODUCTS AND SERVICES:
The first thing you should look into is what you want from a bank. Are you looking for a high rate savings account or a lower interest rate on a mortgage? These are some of the first questions you need to ask yourself before you move ahead. A bank must offer what is right for you to get your business.
LOCATION, LOCATION:
We all have different schedules and agendas. Some people’s biggest priority when deciding on a bank would be one that they could walk to from their front door in five minutes. Others would prefer a location that is only a slight detour from their commute home. I have a friend who uses the same bank his parents set him up with when he was a child and it is in a different city. In my opinion location should be the lowest ranking factor when you are determining the best way for determining how to create personal budget.
CUSTOMER SERVICE:
A lot can be said for this quality in a bank. I am happy to say that whenever I walk into my bank, it doesn’t matter who the teller is, they know me by name. A simple smile and the feeling of appreciation is a wonderful thing to come from the people who handle your money. The ‘hometown’ feel goes a long way, but…
SERVICE FEES:
Service fees are the most crucial, in my opinion, when it come to deciding what bank would know best how to manage money and my accounts. Paying $20 a month for ATM usage is ridiculous. Some banks offer the option for no ATM fees at all. Hidden fees are another issue some banks use as a guise to get you as a customer. Read the fine print and save yourself a lot of money and potential headaches.
ONLINE BANKING:
Many people are still uncomfortable with the thought of using the Internet as a tool with their banking. This is simple but amazingly difficult choice that you may need to make. There really is no right or wrong answer because your comfort level is the most important when deciding on what bank is right for you.
Before you go out and switch banks there is one piece of advice I have for how to create personal budget. Be sure about the move before you make it. Some banks may have transfer fees if you make the switch. You might be able to negotiate that your new bank covers those fees – after all you are giving them years of potential business. It is worth looking into though. If the pros outweigh the cons make the move that is best for you. For more great information on banking, look through my blog to receive the free E-Book, free budget spreadsheet, free calculators and links to various tools. We also have a few leaked videos to help with your finances.
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Hey,
Pretty good checklist. I use TD and PC. Started with PC cause it was free, then with TD cause that’s what my wife used. They’re both great for different reasons, but as I learn tips on budgeting in my finances, I’m realizing that budgeting my time is also important. I think We’ll eventually just be with TD because sometimes it’s nice to walk in and talk to a real person.
Thanks again for the post.
Guy
.-= Guy G.´s last blog ..Picking The Right Bank – Create Personal Budget =-.
In my opinion, the best banks are the ones that are prepared to listen to your needs and help you when things aren’t going right. Like you said, appreciation is a wonderful thing because it creates trust and makes you feel a lot more comfortable about them holding on to your money.
The best advice I can add is: be sure to ask your friends for their suggestions before you switch. You may find out that your number 1 pick is actually worse than your last bank.
.-= Peace Lily Care´s last blog ..Getting Protein On A Vegetarian/Vegan Diet =-.
Thank you for the information above. I now know how to pick the right bank.
Great tips!
Well said about the fees- I think I am allergic to bank fees!
Some banks ask you to keep a minimum balance so that you won’t get charged monthly bank fees.
.-= youngandthrifty´s last blog ..Weekend Ramblings and PF Blog Love =-.
I dabble in a little bit of everything, banking-wise. I’ve had a checking account with Chase for 13 years, an ING savings/ROTH IRA for 5 years, and have done business with a local credit union for the past 2 years. There’s been bumps with each, but I go with who is offering exactly what I’m looking for in each specific area.
Thanks Guy,
Sometimes it is difficult to be sure about your banking choices and if you should use multiple banks or just one. There are pros and cons to both but I do agree that your personal time is the most valuable aspect to banking and feeling like a real person is a very close second.
Brandon
Thanks for the comment!
Have you considered downsizing to just a single bank to save time and avoid confusion? I’m sure it can be a challenge trying to manage multiple accounts in multiple banks.
Brandon
Bank fees can add up quickly especially if you don’t ‘play’ by their rules.
Thanks for the comment
Thanks for the comments
I’ve found that most banks offer free services for checking, savings and money market accounts. I like managing my budget with Crown Money Management software. If you shop around and ask friends or others you know and trust you can learn a lot about the banks in your area. Online banking can be a lot more challenging if you are going to avoid fees, just be sure and read the fine print.
.-= Oscar At Real Life Money Management´s last blog ..Apr 19, Top Ten Budgeting Tips for the Family Budget =-.
Great article. The tips are great if your banking needs are not very complex. If they are, you should ask whether you need a great bank or a great banker – or both. If you are a busy professional, business owner or have accumulated a significant amount of wealth, I would lean toward the great banker.
Picking your bank is one of the most challenging decisions to make when it comes to dealing with your money. There are so many out there that claim to offer the best tips on budgeting but at the end of the day it boils down to your comfort level and what you want from their services.
Thanks for the comment!
I would agree. But as I mentioned in an earlier comment you need to find a place where you feel comfortable, secure and they meet your needs.
Cheers!