It seems like all bank accounts the same - how do I find the best one for me?
Rebecca T. emailed us at expert@sweetspot.ca, and RBC financial expert Priscilla Yu, answered;
Not all bank accounts are born equally. In fact, you probably have more options than you think! When choosing an account, the key is to pick an account that best fits your personal banking style – consider your preferred banking methods (Do you use your bank card a lot? Do you bank online or in-branch? Do you travel often? etc.) and how frequently you access your account.
Compare online.
Most banks offer online comparison tools that let you easily see the differences between accounts and compare their features. This can help you focus on the features that you are most likely to use while managing costs.
How many transactions per month?
If you make a minimal number of transactions on a month-to-month basis, you’ll probably want to look into an account with a fixed number of transactions each month. If your banking needs in February are generally different from those in August, you may opt for a bank account that allows for greater flexibility by permitting more transactions and providing greater features and benefits.
Bank accounts can be as unique as the people who open them, so do a little legwork to find the one right for you. You could save some money down the line, too.
Get a personalized account recommendation from RBC’s online account selector. Visit rbc.com/accountselector.
Do you have a questions that you need a centsible solution for? Ask our SweetCents experts by commenting below.
Priscilla Yu is currently a Product Manager for Personal Deposit Accounts with RBC Royal Bank. Priscilla is a Financial Services professional with over 10 years experience in both banking and credit products. An aspiring photographer, Priscilla is saving for her next big travelling adventure where she can get the perfect picture!