Research The Banks

Informed decisions can only be made through research.  Research is the key to everything and when it comes to your money you can't be lazy about it.

If you've been following along with this blog then you have already put into action some of the strageties for saving money and you are starting to accumulate some coins in your piggy bank.  Now is the time to start thinking about what you are going to do with those coins when you finally open your piggy bank.

You need a savings account at one of the local banks.  I know what you're going to say - 'I already have one' - but is it the best one for you?  Don't answer that!  Do your research first then give an informed answer.

All the banks have the same general purpose - that is to house money.  Their business is money. They lend it to people who need it and store it in a safe environment for everyone else.  BUT - all banks are not created equal.  Remember that!

So how do you go about researching banks?  Start in your home town (since that is where it will be easiest to do your banking).  Go into the bank and ask for information on their savings accounts that would be available for you.  Get pamplets and flyers, etc.  Do this for every bank in town.

Go home and review all the information. Go to their websites and research some more about the account options. Pay particular attention to the differences.  Make a check list of everythng one bank offers then compare it to the other banks. For example your list may look something like this:

Description of Service           Bank #1          Bank #2          Bank #3         Bank #4
  • interest rate
  • insurance
  • fees
  • accessability
  • locked in
  • etc.
  • etc.
  • etc.
When you have a comprehensive, detailed comparision sheet made then you can make an informed decision about which bank and account type is best for you.

It is very important that YOU make the decision - no one else.  This is your money that you want to save. You are the one that stands to benefit (or loose!) from your decision.  So research, research and then research some more, until you are comfortable with the decision you made.

From this point on you, and only you, are responsible for the decisions you make.  If you make a good decision you will take all the credit and reap the benefits.  If you make a bad decision ... well ... you only have yourself to blame.

NOW answer the questions - 'Do you have the best savings account you can get?' and, 'Are you comfortable putting your piggy bank money into that account?'.  If you answered 'YES' to both those questions then open the account and start saving.