Do you remember what it was like the first time as you went to open a bank account? Do you remember why you decided to join that specific bank? What drew you to them? Was it the shiny interest rates in savings accounts? Or the ease in which you could open the account or if you were like me, it would be because my mum works in a bank – so my first account was the one she opened for me.
It was one of those junior accounts so I didn’t know much about it but it was after my dad introduced me to the mango business. Mum could see that i was struggling to make a decision about where to put my money and over time, I learnt exactly what to look for when choosing a bank:
It pays to know what to look for when finding the right bank for you. While everyone’s situation is different, there’s always a bank that has the perfect solution for somebody, the key is to figure out what you need and work on finding the perfect fit. Here are some of the things to look out for (in no specific order)
1. Ease of deposit and withdrawal: With a fast paced environment like ours, the last thing you’d want is not having easy access to your own money. Even if your bank does not have a physical location near you, they may offer mobile services like CBA Loop to make check deposits fast and simple. Consider how often you might want to deposit cash, and how that would happen.
2. Fees: If you use your ATM card frequently, definitely consider the fees your bank does or does not charge for ATM usage. Sadly, ATMs still charge us a withdrawal fee so your best bet is to have a bank that charges what you can handle. ATM withdrawal charges from CBA are: Kshs 30 and Kshs 50 from Kenswitch.
3. Presence of ATMs and Branches
As much as must have technology is a must have, you still need to know that you can easily access your bank’s branch or ATM in case of anything.
4. Online banking features
You need to make sure your bank is equipped to process those transactions quickly and easily. This year, CBA Loop made an upgrade to its app and features which have made it easier and safer to use any day, any time.
Speaking of security, the last thing on your mind would be someone making away with your cash, one of the upgrades I’ve loved from CBA Loop is the option to login with my fingerprint.
When it comes to money, you should also think of money insurance. Does your bank have an insurance policy that covers loss or damage to money by robbery or theft? CBA Group has an Insurance Agency that covers all this and so much more.
6. Choosing an account
Choosing the right bank is a personal decision, and it won’t be the only one that you have to make. Once you pick a bank, you have to choose the accounts to go with it.
Decide on what matters to you and examine your options. Browse the bank or or visit a branch and ask family or friends for recommendations to help narrow your choices.
7. Competitive interest rates
When you think of your money staying in a bank, it’s interest rates should definitely be part of your list. By how much will your money grow in a year? Is the interest rate fixed and guaranteed for the return of the investment or do they have declining interest rates?
If your still looking for a bank that looks out for all your needs, why not join CBA, the #BankForInterestingPeople?
— CBA Group (@CBA_Group_) July 9, 2018