Finding the Right Bank

Choosing the right bank is an important step. As with any financial decision, itís good to sit down beforehand and figure out what you want and need. Do you want both chequing and savings accounts or just chequing? When preparing to open a chequing account consider:

Fees

A service charge is the fee you pay to buy a service provided by the bank. Some chequing-account services are free, but many are paid for by customers on a user-pay basis. Most banks give you the option to save on fees with service plans or packages that offer different combinations of common services for a monthly fee. Looking into each of these offerings in some detail is a worthwhile exercise, as they vary widely from bank to bank.

Here are some common chequing-account fees:

Other Charges

Interest Rate Earned

Restrictions

Other Features and Benefits

These days, banks are more than just places to keep your money. Many serve as one-stop financial service shops. Among the services and products banks can offer are:

Having all of these services in one place can provide not only convenience, but savings. Banks will often offer lower fees and higher interest to customers who use multiple services and products.

One possible downside, however, is that you might find greater expertise by working with companies that are more specialized, such as an investment firm or an insurance agency. Take the time to compare the banks' services with others before you decide.

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