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Top things to consider when choosing a bank

 7 yrs ago in New York, NY by

No matter if you are choosing your first Canadian bank, or feel the need to make a change, there are always different factors you have to consider. Choosing a bank account is personal and it is always good to start your consideration by understanding your needs and preference.

There are two popular types of accounts: a chequing account is designed for day-to-day banking where you can deposit and withdraw at any time. A savings account is ideal for setting money aside as the balance in this account will earn interest, but you can also easily access your money when you need it.

Here are some tips to consider when choosing a bank:

Learn about fees. Check if there are fees on any accounts you open and understand what they mean. For example, you might be charged a fee for going over a certain number of transactions, if your account balance falls below a certain threshold or if you overdraw from your account. The details and amounts vary from bank to bank.

Compare features. Consider what will make a great banking experience for your unique needs.

One potential feature is the ability to set up automatic bill payments. Another might be a mobile banking app or other digital features, like the ability to deposit cheques remotely, without visiting a physical ATM. Sometimes, a feature can be as simple as great customer service 24 hours a day, plenty of convenient branches or ATMs in your neighbourhood.

Seek special offers. You might also be able to take advantage of special offers as a newcomer, including discounts with local retail partners or no-fee periods during your first year. There are many ways that banks try to reward and retain loyal clients, so be sure to inquire about and compare the offers that might be available to you.For example, as a newcomer, when you bank with RBC, you can enjoy their exclusive newcomer savings with no monthly fee banking for a year, a free SIM card and $50 in TELUS prepaid credits, discounts on car rentals, and more*. Check out more at rbc.com/new.

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