Whether you want to get the most out of the bank that you are currently with or are considering switching to a new bank account, it’s important to understand the services that your bank offers and make sure that they are in line with what you need for managing your money. Banks can help you with everyday spending, getting access to exclusive customer deals, lending money, saving money, and more. Today, banks are offering more and more services to customers as the banking world becomes more competitive. Online-only banks are becoming more popular, but banks that still have physical branches to visit are often upping their range of services to be more competitive in a world of digital banking, giving you an increasing range of great options to choose from. Here are some of the top banking services to look out for.
Financial Advice:
Whether you want to save money, reduce your debt, buy a house, or invest your money, many banks offer financial advice services that you will be able to take advantage of. Financial advisors are always worth speaking to if you have a certain goal in mind for your money or simply want to make your money work harder for you since they are trained professionals who can take any money issues that you might be having and help you make sense of them. Many of the top 10 banks in the US offer financial advice services for customers.
Online Banking:
Today it’s difficult to find a bank that does not offer some kind of online banking service. Online banking is typically available through a website, or an app and most customers find that downloading the banking app to their phone provides them with the best way to track and manage their money on the go. With online banking, you can easily keep up with your balance, make sure that you have enough funds in the account to cover payments, and make automatic payments for your expenses and your savings.
Lending Services:
The majority of banks will also offer a range of credit products alongside their checking and saving account options. This can be useful if you need to take out a loan to pay for a large purchase or are considering getting a credit card that you can use to improve your credit rating over time. Applying to your own bank for a credit product can be an ideal option for many people since the bank will already have access to your financial records and this can sometimes make it easier to get approved if you have always paid bills on time and have had a stable income being paid into your checking account since opening it.
Mortgages:
If you want to buy a home, your bank might be the first place to consider when it comes to applying for a mortgage or home loan. Going with your own bank might make the process easier since they will already have your details from your checking account. If you have used a savings account from the same bank to save up for your down payment, applying for a mortgage with the same bank could also make transferring and paying these funds easier. In addition, just like other credit products, your bank has more access to your financial history and might be able to offer you a home loan with a better rate as a result.
Savings:
More and more banks are upping their services when it comes to helping their customers save. If you have online banking, it’s easier than ever to open a savings account with many banks in just a few clicks and set up automatic payments from your checking account. Some banks are even offering a range of handy features to help you save more without having to put a huge amount of effort in such as separate savings pots for you to keep your money in and the ability to round up the change whenever you spend and send that money to a separate savings account where it will build up.
Debt Help:
Finally, if you are currently dealing with a high level of debt, your bank might be able to help. If you are currently in debt to your bank with an overdraft, credit card or loan and are struggling to make the repayments, it is best to get in touch with the bank sooner rather than later since they will have strategies in place that they can use to make the situation easier for you before it has a huge impact on your financial history and credit score. Some banks will even offer debt advice and debt solutions for people who owe money to other creditors.
Whether you’re looking to open a new account for a specific purpose or want a checking account with a different bank, it’s always a good idea to find out more about the services that the bank offers and if they will be suitable for you.