5 Tips to Help You Choose Your Financial Institution

In general, the era of the Internet simplifies everyday life. However, it has also complicated our decision-making processes.

The arrival of virtual banking institutions is a perfect example.

By multiplying the choices, they have complicated analysis: Desjardins, RBC, BMO, or the various private organizations less recognized … it becomes easy to feel overwhelmed by the plurality of offers.

Separating the different offers offered by the financial institutions becomes a laborious enterprise: how to define its needs? What are the priority points to consider?

NCR Loans offers 5 tips to help you choose the right financial institution .

1. Establish your customer profile

1. Establish your customer profile

To find a financial institution that meets your needs, you need to build your customer profile by considering some important criteria. For example :

  • Are you a student, a professional or an SME ?
  • Do you travel a lot?
  • In which plans do you want to open an account? (Daily transactions, savings, investments, etc.)
  • Do you want loans or credit ?

By answering these questions, you will be able to list your needs and priorities.

2. Make the choice between a virtual bank or a traditional institution

Online institutions offer services only through the Internet, while traditional institutions, while having a virtual presence, are also well established.

Virtual institutions generally offer cheaper rates and user fees than traditional institutions, as they have no points of service and fewer employees.

However, you may not have the option of meeting an advisor directly, which can become problematic if you want to make investments, for example. It’s up to you to see if this is a disadvantage or not.

3. Consider accessibility to financial services

The proximity and the number of ATMs or points of service are important factors that will direct you to one institution rather than another.

Some banks have a strong presence in large cities, but few in rural areas.

4. Analyze bank charges and types of accounts offered

You will need to analyze the different types of accounts offered.

Important points to watch out for: file opening fees, fixed user fees, types of credit cards, interest rates, etc.

Use your priority list to identify the offer that suits you.

5. Use a comparison tool for different offers

Comparing different banking institutions can become a complex and grueling task. Faced with the number of proposals available to you, confusion can win you.

There are tools at your disposal allowing you to evaluate different banking offers and help you to see more clearly.

In conclusion

We have proposed some tracks that will allow you to begin your reflection and make the right choice . Be aware that although it is possible to change institutions along the way, this is a painful process. This is why you must take the time necessary to select the establishment that will accompany you in the years to come.