Should I Take out a Savings Account with my Bank or a Different One?

When we are taking out a new savings account, we could be tempted to just use our regular bank. There are advantages to doing this but there are also disadvantages as well. It is a good idea to have a think about both of these so that we can decide whether it is a good idea for us to do this or not.

Speed to Arrange

If you take out a product with a bank that you are already with, then you will not have an additional identity check, as they have already done one and they will have all of your personal details as well. This means that it is likely that they will be able to arrange the account really quickly for you, perhaps even opening it for you almost right away. However, if you are using a bank that you have not banked with before then they will need to do an ID check and look at paperwork to prove your address and take all of your details which could mean that it will take a lot longer to open the account.


If you use a bank that you are already familiar with then it can be really convenient. You will already know how to bank with them and it might be that you will be able to deal with queries you have with your other accounts at the same time. You will know where the local branch is, if you use one so that will be useful or you will already have a login for the online banking, a mobile app or have registered with telephone banking and that will mean that you will be already set up and will not have to learn new systems.

Know What to Expect

You will also know what to expect from a bank that you have used before. This means that you will know what service you are likely to get from them and what they will be like to deal with etc. It can be reassuring to know this, even if you are using a bank that you do not think that much of, there is always a risk that you will find another bank that is worse. Of course, there will also be likely to be banks that are better as well. In order to avoid using a bank that is worse, you could read reviews of the bank and find out more about them from their websites. You could even ask people that you know whether they know much about them and see if they can recommend them or not.


The interest that you get on your savings will be really important. Savings accounts do not always have a very high interest rate, but this will vary between banks as well as between different types of accounts. It is therefore a good idea to make sure that you do look at them and see which is offering the best interest rate. You will find that many savings accounts have a variable interest rate and this means that it can change at any time and therefore, even if you pick the bank with the best rate then you could find that it will not always be so competitive. However, there are fixed rate accounts and then you will know the rate, but if interest rates on other accounts go up, this one will stay the same and so you may risk that this will become uncompetitive and you may not be able to change it either as you could be tied in for a year or a number of years. So be sure to compare rates between banks but also consider the features of the account and whether you think that you will be getting good value for money.

How to Choose the Best Bank

There are lots of different banks and many of us will tend to stay with the same one for a very long time. However, whenever we take out a new financial product, there is no reason to just use your own bank for it. It is a good idea to make sure that you are making the right choice of bank. You may also want to consider moving other products that you have to other banks as well. This is because banks differ a lot and there might be reasons why you should change to another one. Choosing is not easy though but there are different things that you can consider when picking between them which should help you to decide which will be the best.

Costs / Interest

When you take out products with a bank there will either be costs or rewards or sometimes both. If you have a savings account then it is likely that you will get paid interest and that you will want to find an account that pays you a decent amount. If you borrow money then you will be charged interest and possibly fees as well so that the lender can cover their costs and get some reward for lending you money. You will therefore be wise to take a look at these rates and think about which looks to be the best. The rates are not the only thing that you will need to consider though. They are very important and to many people, they are more important than anything else but make sure that you do consider a few other things as well. It could also be useful to think about other factors that will be important to you in the case of some banks having very similar rates and you needing other factors to choose from, in order to pick the best one.

Suitable Product(s)

You need to think about whether the bank has suitable products for you. Consider what you are looking for precisely and that will enable you to check. You may want to borrow money, for example, but it is important to think about how much you need to borrow, how long for, how much you can afford to repay etc. and this will help you to be able to find a product that suits your needs. It is simple to come up with a few requirements so will not take long and will make it much more likely that you will be able to find the most suitable product for you.

Customer Service

How well you are treated by the bank and how quickly they respond to your queries can be very important. Whether you like to go into a branch to ask questions or whether you prefer to be able to make a phone call or email, it is wise to make sure that the bank that you are choosing to use will be able to respond to you in a suitable manner. It is also important to make sure that you will be able to get a good answer and a prompt response as well. You should be able to contact them before you take out a product with them and therefore check what they are like.

There are likely to be other factors that will also be important to you as well. Things like the reputation of the bank, whether you have used them before, whether others have recommended them and things like this. It could be wise to take a look at their website and perhaps read a few reviews so that you can decide whether you feel that they will be suitable for you to use.

How to Ensure you can Repay Payday Loans

There are lots of people that take out bad credit loans, but like any loan, it is a good idea to make sure that you are able to repay it before you start. There are checks that you can make to ensure that you will be able to do this. However, you may have already taken out the loan and although this is not ideal, without checking you can repay it first. You can follow similar guidelines to make sure that you can repay it.

Check Repayment Requirements

The first step is to find out how you are expected to repay. There will be rules with regards to when you are expected to repay and how much. With a payday loan, this is generally a lump sum repayment on the next day that you get paid. It is important for you to check this though as it could change. You will find that you could end up guessing incorrectly if you try to estimate the amount or if you just assume that you know so it is best to make sure that you check with the lender to make sure that you are completely sure.

Consider Own Situation

You will now need to take a look at your own financial situation and you will be able to use that to think about whether you feel that you will be able to cope with the repayment. It is a good idea to take a look at your past few bank statements and you will be able to use those to be able to determine whether you feel you will be able to afford the repayment. It is a good idea to think about whether they are typical and whether you expect to get the same amount of income and pay out the same amount of money in the month that you have the loan. Also make sure that you consider that as well as repaying the loan, you will also have to pay for all of your other essentials as well, so will need more money than just that which is needed to repay the loan.

Piggy bank future money savings investment

Consider Additional Ways to Pay

It may be necessary to think about ways to find extra money so that you can be sure that you can repay. Even if you calculate that you will have enough, this step can be really useful. If you do not think that you will need the extra money, still think about how you might get it and then you will have a technique for getting it, if you need one. So, it is worth considering whether there are any ways that you can spend less money or earn more money so that you have more to put towards the loan repayments. Consider whether you can compare prices on the essentials that you buy and switch to cheaper items so that you have more money for other things. It is also a good idea to think about whether you might be able to earn more as well. Perhaps you may have things you can sell to raise some money, you could take on more work, do a freelance job or some temporary work so that you can earn some extra money. These will not be easy options for many people but they may be necessary if they want to be able to repay the loan and avoid the charges associated with missing a repayment. It can be surprising what opportunities there are available if you are willing and able to turn your hand to anything and to work at short notice.