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Tips for choosing your bank

Tips for choosing your bank

Choosing a bank is not a carefree decision. It is not enough to simply enter the first agency that crosses your path. Indeed, it is a long-term commitment that should be studied beforehand. Ask yourself the right questions. What do you need? Which bank will best suit your needs?

How old are you? What is your employment status? What are your plans? What are your needs : savings, credit, insurance, investment ... These are all details that you need to clarify before choosing your bank.

Comparing bank charges

Learn about the fees charged by your bank for different services: management fees for your account, fees for authorized overdraft, withdrawals from other banks ATMs, mailing of your bank statements, replacement of lost or stolen card, proton service, PC banking, transfer fees, credit fees ... What do you have to pay for? And what is offered?

The major banks

Belgium has countless banks. At the top of this hierarchy, four large universal banks monopolize more than three quarters of the market: BNP Paribas Fortis, KBC, Belfius and ING. These major structures offer a wide range of more or less identical banking and financial services .

Specialization

In addition to these finance behemoths, other banks have chosen to take the path of specialization. In other words, they do not offer all banking services to everyone, but tend to focus on niche markets with tailored products and services, and above all, at more attractive conditions. As an example, the Bank Van Breda is clearly positioned as a bank for SMEs and the liberal professions. Our more wealthy readers will move towards private banks. Finally, the most recent ones such as Rabobank.be or Keytrade only offer an online service at minimum prices. Do not hesitate to play the competition, to study the market, as ultimately, this is all about your precious nest egg ! Lorie Votuga

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