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 Differentiating between bank accounts can be a tedious task, and many people will simply choose an institution that they are familiar with. There is, of course, a lot to be said for trusting your financial institution. Furthermore, you may be able to bundle your new account with existing ones to get a discount or some form of loyalty bonus. However, you should always do your homework before settling with a banking product. Incrementally higher fees or lower interest rates can make a significant difference to your savings over time. Here are three things you should look when opening a new bank account: Features Look for things such as withdrawal fees, transaction fees, account fees, interest rates, minimum opening balance and minimum contributions. Some of these features may be more important to you than others. Think about what you want to get out of your bank account and the features that will give you the best results. Services Services may include internet and telephone banking, an

  The majority of businesses, whether they are only just starting up or have been in the market for a number of years, will need a bank loan at one time or another. However, actually applying for a bank loan requires more than just filling out the paperwork. Here are some questions business owners should ask themselves before beginning their bank loan application: Is it probable that I will qualify for the loan? If you believe that your business won't qualify for a bank loan, then you will only hurt your credit rating if you apply for a loan you won't get. Being rejected for a loan can also make it more difficult for a business to borrow in the future. Will the loan help the business grow? Instead of using the loan for aspects like routine operating expenses that don’t generate much revenue, owners should consider putting the borrowed money into parts of the business that will generate more revenue and help reduce future borrowing needs. Are my personal finances in order? Until

  With the competition for business among banks and mortgage brokers heating up, lenders are now offering special deals to attract borrowers with reliable repayment histories. The approach aligns with the regulatory pressure facing lenders to tighten borrowing criteria for investment property buyers. The criteria involves raising rates and increasing loan to value ratios (the size of a loan compared with the value of a property). The range between the highest and lowest standard variable rate has increased from 3.97 per cent to 5.99 per cent. One a one-year fixed rate, the range widened to 2.35 per cent, and for four to five year fixed rates, the range widened by 1.8 per cent. These rates were within a much narrower range only 18 months ago. The better rates mean that a borrower with a $1 million, 25-year variable rate mortgage could switch from 5.13 per cent to 4.09 per cent, which is a difference of around $588 a month. Borrowers should consider asking what deals are on offer before

  Business owners who are fortunate enough to have a bank manager must understand the importance of maintaining a good relationship with that person. This person is a business owner's best advocate in determining how the bank sees the business. Below are three tips to keeping the relationship with your banker a strong and happy one. 1. Keep your banker fully informed Although it can be time-consuming keeping your banker up to date on everything that is happening in your business and the industry in general, the investment is definitely worth it in the long run. Use the principle of ‘more is better’ when working out how much information to provide. 2. Deliver on your commitments Your credibility with your banker is easy to lose and hard to regain. Failing to deliver on commitments is detrimental to your credibility, so it is an owner's responsibility to deliver on what they promise. Those who meet their obligations rarely get into trouble. 3. Remember to give good news as well a