We never really get to choose our first bank; our parents make that decision for us. So, when we’re old enough to choose where to put our money, it’s a pretty difficult decision.
Do you go for a well-renowned bank or one with a lot of benefits? What about one that will give you money for signing up? There are actually a few things to consider:
- Security and Fraud Protection
By far the most important thing that you want to look out for is how well your bank is going to be looking after your money. There are several steps that your bank can take in order to make sure that you’re protected from fraud and theft.
- Transaction Tracking
Banks can use technology which allows them to determine whether a transaction is potentially out of the ordinary for you. Whether that’s an unusually large amount or at a destination which you haven’t shopped before, they can send you a text to let you know that they’ve sensed suspicious activity. Some banks will even withhold the payment until you’ve confirmed that it is in fact you. This means that you can get a handle on or prevent fraud or theft in its early stages.
- Two-Factor Authentification
To make sure that losing your phone doesn’t cost you more than it already will, banks can ensure that you’re online banking safely with two-factor authentification on your banking app. This means that you need more than just your passcode to log into your app and access your financial information. Not to worry, this doesn’t make it overly long for you to log in and it’s definitely worth the extra time to make sure your money is safe!
- Safe-Guarding Account
Some banks like to use your money while they take care of it… that’s why you get interest on some of certain accounts. But that also means that if something goes wrong, your money could be in danger of jeopardy. That’s why going for a bank with a safe-guarding account is recommended. A safe-guarding account means that the banks money is held separately to yours, so if something that happens to them your money is still safe!
2. Customer Service
Customer service is the thing we don’t think about until we really need it to be good. And when it comes to that, it often never is. Long wait times, a language barrier and no answers- that’s the usual bank customer service call encapsulated.
If something goes wrong with your money you want to make sure that you can reach someone who can help you, and quickly too. So, if you’re noticing money disappearing from your account then waiting fourty minute plus on the phone can be scary and frustrating.
Make sure you read the customer service reviews for the bank you’re signing up to in order to save yourself trouble down the line!
3. The Benefits
Here’s the thing that’s most likely to reel you in. But you have to make sure that you’re not settling! Plenty of banks are going to offer sign-up benefits like money or a voucher but you want to look for a bank that keeps on giving. In other words, you’re only a new customer at the same bank once so ideally the benefits will span the duration of your stay with the bank.
Some of these benefits include social banking or earning money from your network, discounts at partner chains or points which you can then spend in certain stores. Why? Because they’re making money off of you, so it’s only fair that you get some of it back.
There’s a lot to think about so it might take a while to choose a bank that suits you and your lifestyle. If you’re a student you might be drawn to a different bank than a regular traveler or a small business.
What do I recommend? I’m pretty drawn to KiyanPay, they’re launching in August and they seem to promise a tick for each box. They’ve got a pretty impressive list of features which include multi-currency cards, in app exchanges and transfers, earning money off of your network and an extensive fraud protection program.
The user experience is meant to be revolutionary, with an innovative new interface that is aimed at making the user journey quick and easy and exciting to work with! Did I mention that you can message your network through the app? That’s right Monzo and WhatsApp are getting married and they’re producing a better, easier and more useful app: KIyanPay.
Personally, I’m sold!