Independent wealth management for private and institutional clients

Founded in 2011, Agartha Asset Management is the benchmark in financial markets for private and institutional clients.

Agartha Asset Management combines cutting edge technologies with years of experience and adaptive risk management strategies, to provide and maintain the best service possible.

Specializing in wealth management, asset management and investments.

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How to choose between different types of bank accounts

So, you are thinking of opening your own bank account but do not know where to start? Each type of account has its pros and cons, so you need to consider which right type of account meets your needs. Determine your purpose of opening an account first and then start researching on topics regarding the bank account that fits your needs. So here are some tips to help you choose between different types of bank accounts.

Consider the fees you will be paying

One of the most important things you should consider when selecting a bank is the fees you have to pay to maintain your account. Some banks even charge a fee if your balance goes below the required maintaining balance or average daily deposit amount. Always choose a no monthly maintenance fees account when registering your first payment account. If this will be your first savings account, you can opt to register in a digital wallet for the meantime. There are many applications available such as Paypal, Venmo, Cash App, and Paxum that you can choose from. Aside from the fact that these are available online, the registration is also easy since these only require an ID for verification.

Know what you want

Before diving in, ask yourself first what you are looking for when selecting a specific type of account. Are you considering a normal savings account? Is it for payment purposes? Is this for your emergency fund that you do not want to touch for a long time? Once you have listed down what you want to see in your account, you can now start weighing your options.

Understand the terms and conditions

Signing up for a new account is a form of an agreement, so in essence you are entering into a contract of agreement between you and the bank. Before you sign the papers, you should read carefully the terms and conditions laid out to you. Check if there are any hidden fees that were not disclosed on the bank’s website. Check also if you are entitled to any perks that you can receive if you reach a certain amount, or spend a certain amount using your bank.

Also, watch out for any promotional deals that you can avail for a certain period of time. Some even offer waived annual fees for life without the need to negotiate with a customer service representative.

Read reviews from other clients

Forums are now prevalent since the boom of the internet. Many of these forums discuss a wide range of topics under the sun. You can check reviews posted by clients in the bank’s social media pages to help you weigh your options. Some online groups are also created solely for discussing different bank accounts and its perks from different banks. Just be critical about the reviews you read since some companies pay for fake reviews on the internet just to look great. Some reliable sources can also be word of mouth, especially from trusted friends and family. You can weigh the pros and cons based on the experience they had with the bank.

Selecting a suitable bank account for you is difficult especially if you have no idea, but with proper research, you can easily weigh your options and be able to land on the most suitable account for you.