Bank Account Comparison Checklist: What You Need To Compare

Where you put your money can have a huge impact on spending and saving opportunities throughout your life.

The different banks, credit unions and accounts available make for a competitive range of choices but it is all too easy to fall into the trap of sticking with a service you have always had.

While there can be benefits to staying with what you know, comparing different bank accounts makes it easier to find services that complement your financial goals and make it easier to deal with any banking tasks.

There are also a number of different account features for both everyday and savings accounts that can vary from bank to bank, so to get you on the right track for a comparison, here is a look at the most important comparison elements.

Account Accessibility

With the possible exception of term deposits, accessibility is the most important elements of any account. If you cannot get access to your money for spending or saving goals when you want it then there is not much point in keeping a bank account.

Bank account access can vary from the very basic, such as branch withdrawals and ATM access to the extensive, like accounts that feature internet and smartphone banking, linked accounts and even text message reminder services.

Monthly Fees

Everyday accounts sometimes come with a monthly service fee that ends up costing anywhere from $60-$100 per year.

But the majority of accounts out there, including those with MasterCard and Visa debit cards, do not charge these fees or waive them if you have a certain amount of money going in every month (like your wages).

So unless the monthly fee is for additional services, such as insurance extras, an account with a monthly cost is probably not worth it.

Interest Rates

When it comes to savings accounts, priority should be given to the rate of interest paid per annum.

There are a lot of high interest saving accounts available, with some featuring short-term bonus rates and others with very competitive ongoing interest, so it is important to look at the fine print and work out what savings account will suit you from there.

Another thing to be aware of is how the interest is calculated. An account that calculates interest daily and pays it monthly has more potential pay offs that one that is calculated monthly and paid monthly.

Looking at these kinds of features can make a big difference to how you spend and save your money. From accessibility to costs and benefits, comparing accounts will help you make sure your money is working for you.