5 Ways to Bank Smarter
Banking has come a long way since it started and now offers various ways to protect and multiply your savings. While your bank’s terms and conditions could leave you confused, there are simple ways in which you can make the most of its services. Let’s look at the top five ways in which you can bank smarter and earn more.
Plan Your Trips to Physical Branches
These days most banks offer a wide range of services online and over the telephone, so you won’t have to visit a physical branch unless it’s really necessary. Planning your banking interactions can help you make the most efficient use of your time. Some banks allow you to make an appointment over a call if there’s someone specific you need to meet.
Compare the Options
While you may think that your bank offers a great interest rate on your savings, it isn’t always the case. Through a little research and comparison, you may have access to alternate banks that offer better terms and interest rates.
Read the Fine Print
A higher interest rate may tempt you to switch banks, but be sure to read and understand the fine print before signing up. Many banks offer attractive promotional rates, but typically, these are for just the initial few months.
Explore Online Banks
Online banks offer competitive interest rates and a range of saving instruments, such as a high-yield online saving account. While you don’t need to cut ties with your traditional brick and mortar bank completely, you could benefit from opening an online account too.
Don’t Pay for What You Don’t Use
Bank cards come with an annual fee that’s charged even if you don’t use them. While keeping your credit card active can help you maintain your credit rating, it makes financial sense to close unused ATM cards. Banks also attach fees to accounts that lie dormant over extended periods. If closing the account doesn’t appeal to you, aim to use the account every few months to keep it active.
Following the simple tips above could help you on your way to a more efficient and profitable banking experience. We recommend speaking with a financial advisor for the best way to make your savings grow.
