How To Choose A Fantastic Bank: The Prudent Person’s Checklist
Provided the seemingly infinite number of banks, credit unions, and alternative lending agencies operating across the globe, choosing the right institution with which to open an account is usually a harrowing undertaking fraught with anxiety, apprehension, and misinformation.
Thus, if you’re in the midst of switching banks or attempting to open your first-ever account, it’s important to understand exactly what to look out for as well as how to compare and contrast various institutions during your research. This brief article will help you do just that.
The Salient Details
Having access to one-touch services, monetary insights, and bill payment options is all well and good but it’s far more important to be able to make the most out of wealth management products, investment endeavours, and financing solutions, which is why the crux of choosing a reputable bank revolves around assessing each institution’s resourcefulness, versatility, and value-added in-house benefits. So without further ado, let’s take a look at the most lucrative wealth management solutions currently available.
First things first; your institution of choice should be able to provide robust premier deposit accounts that help bolster your savings and insulate your money from the vicissitudes of today’s irksome financial landscape. In this regard, you’ll want to keep a keen eye out for the following features:
- No withdrawal penalties
- No fixed tenures or contracts
- Daily interest accrued
- One-month fixed deposit rates
- Up to 1.00% PA
- Foreign currency accounts
- Accounts insured by PIDM
Next, you’ll want to ensure that every institution on your shortlist can provide a comprehensive range of investment options that can account for all forms of risk tolerance. Shown below, you’ll find the ideal suite of investment services in today’s day and age:
- Dual Currency Investment: Allows you to take advantage of the incessant movements within the global currency markets in a risk-averse
- Unit Trusts: Also referred to as mutual funds, this investment vehicle allows you to capitalise on lucrative returns without exposing yourself to the inordinate fluctuations seen in individual equities.
- Retail Bonds: This is the perfect solution for anyone whohappens to be interested in a fixed income investment with intuitive remuneration schedules.
- Structured Investments: This is a pre-packaged investment solution that assumes its value from a basket of single securities, options, commodities, and other renowned derivatives. This particular vehicle allows you to establish a plan perfectly suited to your risk tolera
Another hallmark of a reputable banking organisation is the presence of perceptive and flexible insurance solutions, the most prominent of which are shown below:
- Universal life insurance plans
- Comprehensive endowment plans
- Medical insurance options (ideally with jumbo limits that increase with time)
- Legacy planning solutions
Last but not least, you’ll want to ensure that the bank you end up selecting is able to procure an adequate assortment of funding and financing options as well. In this regard, you’ll want to highlight the specific solutions shown below:
- Premier housing loans
- Alternative property credits
- Overseas property financing solutions
- Collateral buffers for loans
- Overdraft protection on all accounts