6 tips to get the most out of your bank account

It is a well-known fact that banks add to your asset and give it security. But nowadays, the banks do more. They have stepped out of their conventional barrier to serve you in multiple ways. These financial hubs are now acting like guardians to guide you how to accumulate savings. However, you too can put into some meaningful effort to make the most of your bank account. Here are some wonderful 6 magic tips to be successful in your purpose.

6 tips to get the most out of your bank account
Deal with the right bank: It is the foremost criterion to follow if you want to optimize your bank account. All banks do not offer the same facilities, so you need to shop around in search of the right bank that offers comfortable interest on borrowing, provides the option of direct deposit and free checking. Also make sure that the bank offers online transaction facilities and have several branches and ATM centers.

Plan in advance: If you are heading to a remote area, make it a point to know if your bank has an ATM corner in or around the place. If not, then it is better to carry a tidy sum of cash safely. Otherwise in times of emergency, if you draw cash from another bank’s ATM, you will be doubly whipped by fees from your bank and that bank too.

Know about the minimum balance requirements: Most of the banks charge monthly fees if their clients fail to maintain the minimum balance requirements. If you are not sure about meeting these obligations without fail, consider dealing with another bank that does not impose stringent rules regarding minimum account balances. You can also ask the bank authority if fees can be waived in the event of direct depositing of paycheck into your account.

Use debit & credit card wisely: If you are using these cards, never forget to get the transaction recorded in your bank passbook. In case you are using online banking facility, always check the balances. It will help you restrict your spending habit. Furthermore, you will never come in for shocking surprise.

Stay away from credit card debt: Always clear the credit card debt in full and on time so that you don’t get trapped into the worst debt scenario. Never forget about the due dates within which it is must to pay off. In a word, learn to use your credit cards with much prudence.

Make money more from your savings account: Several banks say, “current account offers available”. But I personally feel, it is always better to go for savings account. One point needs to be mentioned in this context. Traditional savings account does not yield a decent interest rate but only-online money market makes much better offer.

There are several other points to consider thoroughly. Large constellation of many factors may be head-reeling for you, so better to consult a finance expert to guide you in this regard.

1 comments:

  1. I agree with most of this--all but carrying around cash if there is no ATM in the area where you will be. Remember, if you lose cash it's gone. Best to invest in Traveler's checks and cash out only what you need on a weekly basis. That's what I did when I went to London some years ago, and I'm glad I did because I ended up losing my wallet and was able to borrow against the next week's spending money.

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