How to choose a bank that fits the increasing interest rates? Find out here

If you want to have a security of your financial assets by considering to open a savings account with the hopes also to get higher yields. However, you ended up confused because you cannot decide which one to open up.

Opening a bank account should not be some sort of a thing that discourages a person, instead, this would motivate them to save more money to invest it into something more useful for your future.

If you are having problems, you might want to consider to follow these steps in selecting the best savings account especially that interest rates are rising higher nowadays. Before you head to the rest of the article, you might want to explore more about Malaysia bank promotions by clicking on this link.

·         LIST DOWN AS MANY BANKS AS YOU CAN– The bank nearest your house may look convenient, but that does not mean that it is the most suitable bank to open up a personal account especially that interest rates are rising consistently. Banks and financial institutions are paying different rates on savings accounts, there can be a bank that offers 0.01 percent interest rate, while the others can give you one percent, and just because of the interest rates increase dramatically, you cannot guarantee that the initial bank you have chosen will do so for you. This needs to compare rates. When you already have a list of banks, it would be perfect to compare the rates because this will prevent yourself from shortchanging.

·         TRY ONLINE BANKING FOR YOUR CONVENIENCE– A lot of financial experts say that online banking is making a strong presence in the financial world that most of the time it has higher rates compared to brick-and-mortar banks or actual banks that you have to visit personally to open up and account. Despite the concerns of security and safety to some savers, online banks are far more secured compared to other online transaction methods. Since online banks do not have physical branches, they cost less in operation and can pass the funds to your savings in the form of a very good interest rate.

Increasing interest rate

·         LOOK FOR LOCAL BANKS– This one is for those who prefer the conventional brick-and-mortar banks. If you want to visit a bank, you consider a community bank or a credit union because these small financial institutions regularly raise their interest rates than the big bankers. Credit unions and community banks have fewer branches which are the downside of opening up an account to these two financial institutions. However, these small time banks are linked to the mainstream banking networks that can transact to any ATM’s with minimal charge.

·         NEVER GET SWAYED WITH RATES THAT ARE TOO GOOD TO BE TRUE– This is what bankers call bait-and-switch which offers enticing rates to unknowing savers to get you to switch, and then decrease the rates in a number of months.

·         STAY FLUID– You should keep your financial assets fluid when interest rates start to increase, you should put your money in a savings account that provides you a flexible way that a certificate of deposit does not give you. A certificate of deposit needs you to lock in the rate for a specific period that could be three months or even up to several years.