Unfortunately, millions of people still do not have a bank account. If you are one of these people, you should seriously consider opening an account. If you do not have an account because you have been denied by banks in the past, try again to submit an application, perhaps through another provider or one of the new online players by using a personal finance comparison site.
Some people still prefer the bed to the bank, but it is a fact that a cash account is a must for people who want to keep a house and want to have access to important money tools such as a credit card.
Accounts are also a safer way to handle your financial affairs than to keep large amounts of cash at home. And if these points do not convince you, the fact is that many bank accounts are now much more user-friendly than before, account holders for interest on credit balances (not seen a few years ago) and a whole range of payment facilities.
When choosing a bank account, the most important factors you need to consider are convenience and costs. In terms of convenience, you need to find an account that gives you easy access to your money.
For some people, this can mean an account with a large number of ATMs near their home or work or access to a nearby branch. For others, this means telephone banking 24 hours a day.
In terms of costs, you have to compare the costs of managing various bank accounts, both in black and in red.
A money comparison site can provide full information about all bank accounts offered. Such sites can be an excellent starting point for anyone who wants to open or change bank accounts.
Things to consider before choosing a bank
There comes a moment in everyone's life when their earnings outgrow their piggy bank. It is at this point that they can decide that it is time to open a savings or payment account. With seemingly endless options to choose from, this can be a daunting task for any first-timer. In addition, most banks overwhelm potential customers with deals and jargon that they do not understand. To simplify the process, we have come up with five things that you need to consider before opening an account.
Extra cost
One of the many ways in which banks earn money is by charging their customers' service costs. Whether they are in the form of ATM costs or monthly maintenance costs, these costs can be added up over time. When interest rates were high, the costs were rarely a concern because the accrued interest would cover them. But with rates close to historic lows, many customers lose money on their payment and / or savings account due to various service costs. As a potential customer, it is important to search for financial institutions that do not charge excessive costs for the services that you use on a regular basis.
Locations
If you are someone who prefers or needs to handle transactions personally, the physical location of the institution has priority. For obvious reasons, large companies with multiple locations can serve you better. It is also important to take into account the number of ATMs that the institution has, since most banks charge you when you use an ATM that is not part of their network. Also keep in mind that convenience is something that you almost always pay for. Many of the larger, more accessible providers therefore require more and higher service costs and have less competitive interest rates.
Current balance
Some financial institutions penalize customers because they have lowered their balances below a certain level. So, if you are someone who pays a salary, it is best to avoid these establishments like the plague. The amount of money they cost you as punitive costs can erase your hard-earned savings in no time.
Services
Because they have more resources, the larger banks usually offer more services. But again, you often pay for those services in fees, even if you do not need them. That's why it's always a good idea to shop for a financial institution that gives you the tools you need to manage your money in your own way.
Plans for the future with Hermes bank
It may not come to you when you're just starting out, but somewhere on the road, you might want to buy a house and start a family. In order to deal with these mature responsibilities, you almost certainly need a loan and / or a mortgage from Hermes bank. Applying for both can be a sloppy process, but it helps to have a good relationship with them.
With a little patience and advice, you can find a bank that suits your needs and not the other way around.