Having the best bank for your savings or checking account is very important to have a peace of mind and protect your money in case of a future problem. Yet, selecting the best bank is not easy thing to do. It might require tedious research and surveys but if you can get a list of the characteristics of the best bank, your selection process will be a lot easier.
In the Philippines and other rich countries, there are many banks that you can choose but the question is which one is the best among these banks. In this article, I would like to point out several characteristics that you should look for to be considered as the best bank. You should read on to learn more.
1. Best Customer Service
In business, I believe in the common saying, “First impression lasts.” If you have a good experience during the first time of your visit to the bank you are thinking to open an account, I believe it is one sign of the best bank.
Since all banks have almost the similar products and services, one way to set the difference among them is the customer service they give to their clients. Here are some pointers that can give you idea on how the best customer service should be.
• Does the bank has different channels and methods of communication offered to their clients such as telephone, email, mobile phone, fax and other forms of communication?
• Are the bank employees courteous and attend quickly to your needs?
• Do they solved your requests and problems immediately?
• Do you have past complaints that have been resolved?
• What are the feed backs and experiences of other clients about this bank?
These pointers are few things that you might consider when assessing the level of customer service of a bank. It is a good way to test a product or service prior selection.
2. Good Interest Rate
Interest rate is a percentage on how much you will earn from the amount of money you deposited in the bank, particularly in your savings account. At the present, most banks give around 0.25 to 1.50% interest per year on saving account depending on the type of account.
Do not be tempted with a bank that is giving high interest especially those that give more than 2% interest per year. Beware of that bank because it might end up in bankruptcy like what happened to Legacy Bank, LBC Bank and Export & Industry Bank.
It is better to be safe than sorry. Do not be enticed with the high interest. Study and research first before choosing the bank you want to deposit your money.
I would also to make suggestions here. If you really want to make more out of your money, you should put it in other investments that will give you higher earnings like time deposit, mutual funds and stocks. I, personally, invest some portion of my money in mutual funds and stocks. I do not have time deposit because I can get much higher income from other types of investments.
3. It should be a PDIC member
Philippine Deposit Insurance Corporation or commonly known as PDIC is the government agency that provides insurance to every depositors in cases of bankruptcy or stoppage of operation of the member-bank. The insurance coverage is guaranteed up to P500,000.
I think all of the big banks in the Philippines are member of PDIC. However, being a member is not an assurance that it will not go in bankruptcy in the future. It is just an indication that it protects its customers in a possible problem in the future.
As a customer, you have the right to know whether the bank you are dealing with is a member of PDIC or not. One best way to do is by visiting the website of the bank. I’m sure it is indicated there.
4. Different Ways to Do Banking
The best bank should provide various ways to make your banking experience more comfortable, faster and easier. In the past, the only way to do transactions with the bank is through direct visit to your branch.
However, these days it should not be the case anymore. There are many invented methods on how to transact with the bank. As much as possible or at least the banks should have these services: ATM, Over-the-counter, mobile, telephone and Internet banking facility. If the bank has it all, you are doing good!
5. Provides other Valuable Services
The other valuable services that I’m talking here are the Internet banking services, special promos and bonuses for customers, and other investment opportunities. Today, all banks should have online banking. It is a great tool not only for the bank but also for their clients.
It will make the banking transaction more convenient and easier for both parties. If you are opening a new savings account, I advise you also enroll it to Internet banking of the bank you are dealing with. I’m sure you will love its services.
Some banks also offer now investment opportunities to its clients. For example, BPI has UITF, mutual funds, insurance, stocks and many more investment tools for their customers. Even if you’re in abroad, you can still invest in these ventures.
Selecting the best bank is very vital in having a good bank account. Make sure to take a note on the characteristics mentioned above to guide you on what features you need to look for.
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