RANDS+CENTS
Is your bank
working for
you?
Not only do you need a bank account,
you need one that suits your needs.
Here’s what to ask to make sure you
have your perfect banking match.
Banking is a necessity, but you need a bank and bank
account that meets your needs.
Why do you have or want an
account?
This is the first question to ask. Once you know the
answer, speak to your bank about what you need from
your account and have them help you find a match. For
example, if the purpose of your account is to save up
for a large purchase or event, find out if they have an
account where your money can earn interest.
What will it cost?
Every bank account has charges and sometimes they
can add up to a lot. Most people fail to check their fees,
but it’s essential that you do this if you want to keep your
costs as low as possible. The best way to cut down on
costs is to study how you use your account.
For example, if you have an account for your day-to-
day living expenses and you often draw money, find out
which account charges the lowest withdrawal fee. If you
swipe more than you draw, find one that doesn’t charge
for swiping.
It’s also a good idea to find out what other banks
charge for a similar account. That way, you can choose
the one that offers you the best value.