Your first account

Few things compare to the thrill of receiving your first debit card in the mail. It is an event that marks your independence and gives you a glimpse of financial freedom.

Banks offer technology and services addressing the needs of a diverse group of customers. As the demand from consumers increases, the competition between institutions also increases. 

For those looking for an account with a high interest rate that encourages savings, a more old-fashioned account may be the way to go.

Another type of account is one that earns interest as well, while also providing accident insurance, in the case of an unexpected event occurring. 

Lastly, if you’re looking to transfer your earned interest on a monthly basis to your specified bank account, the time deposit now enables you to do so with ease. 

These are only some of the options available in terms of different types of bank accounts; these days, there are a plethora of others with different services and features that will meet the needs of every customer.

With technologies and lifestyles evolving, banks have to ensure that they meet the diverse needs of their customers.

Account types

Clearly, you as a consumer have a number of options. The question many people find themselves wondering is which one do I choose? Well, there are various factors that must be put into consideration before making a decision:

• Are you looking for an account that will earn you some good money in interest? A savings account might be the account for you. Your money is safely locked up and earns interest while doing virtually nothing! A debit card and access to an ATM machine are often things that accompany a savings account, which you can use to make purchases or withdraw money with ease, respectively.
• Are you looking for an account that will enable you to pay your bills easily? A checking account could be the answer you’re looking for. All banking institutions, as well as most utility service providers, are willing to accept checks as payments. Checks are as good as cash – you can just whip one out and write it out to whomever you desire. However, most banks do not offer interest for checking accounts, and some even charge for the services.
• Do you want your money to earn interest without any risky business? You would benefit a great deal from the time deposit service. Once you reach this point, it’s just a matter of choosing the bank with the highest interest rates, as well as the best terms in which you can withdraw your money. A rolling time deposit gives you free rein over your money, all the while letting you cash in on interests. 

If you are unable to choose between accounts, don’t fret, as you are not limited to just one. Take the time to talk to your bank and ask about their services. If you are still unsure about what account is right for you, a financial coach may be a good resource to turn to.

Choosing the right bank account for your unique needs is an integral part of your financial freedom. It is important to take the time and do the research for this first steps in crafting your financial independence.