It is not always easy to know whether you are picking the right bank to use. You might just stick with the same one and it is much easier to do this, but it could be that there are other banks available that are better suited to your needs. Therefore, it could be a good idea to think about what you like and dislike about your bank and then see whether there are any better options.
Likes and Dislikes
It is worth starting by actually making a list. List down the things that you like about the bank that you are with and the things that you do not like about them as well. This is a great starting point because you have thought about the obvious things. However, if you have only banked with one or a few banks, then there might be a lot of things that you are not aware of with regards to what a bank can offer or be like. This means that you might be limited by this and so it could be good to also chat to others about it as well. Try to find some people that are not with the same bank as you and ask them what they like and dislike about their bank and see what the reveals. They might say something like they like having a local branch as the staff are really helpful and friendly and that might get you thinking about the fact that you don’t have a local branch and so cannot benefit from that and perhaps it might be nice to have a bank that does.
Likes and dislikes are very personal though and so you will need to think about the things that others have said and consider whether you think that they will be important to you or not. You might also want to gather information online as well and it could expend your thoughts with regards to what you might be looking for in a bank.
You may end up feeling quite happy with the bank that you are with and feeling that they provide you with everything that you are looking for. However, it might also be the case that you have found out that banks are offering things that yours does not or just generally sound better. Then you will need to start thinking about what to do. If you do decide to switch banks, you will need to decide whether to switch everything over to another bank or whether to move some products to different banks. It is important to be aware that you do not have to have everything with the same bank. You may find that the one that has the best current account may not have the best savings account or might be expensive to borrow from. So do not think that you have to use the same bank for everything. It can be a good idea to compare banks for different products.
Of course, it might be what the lender is like that is more important to you, but often people will also be concerned with the cost of the loans or the amount of savings interest they can get as well. They may look at these alongside what the bank is like and use them to conclude whether it offers good value for money or not. This is something that it is good to think about, consider whether you are happy with the money you are paying out for the loan considering what you are getting back, for example. Some people will be happy to pay out more money if it means that they get a better service, whereas for others the money is the most important factor and the service is less important to them. You will need to therefore think about your requirements and it could even help to prioritise so that you can decide whether to change banks and if you do decide to change, which bank or banks will be the best suited to your needs.