Nowadays people are choosing not just a bank or a microfinance organisation, but a specific product. A credit card in one place, a debit card in another because there is good cash back there, a savings account in a third bank. But what if you need to find a bank that has it all?

Choosing one is not an easy task. You open the bank’s adverts and find attractive rates, discounts and bonuses. You do not know what is true and what is just an advertising strategy. Today we tell you about four main criteria you should pay attention to for choosing a really good bank and not to become a victim of marketing.

Criterion 1. Reliability

Reliability is the first thing you should pay attention to. Although the risk of opening an account in a fake bank is minimal today, it still exists. Look at the bank’s credit rating, study its website, the programmes and opportunities it offers. Then read opinions on forums and ask people you know.

Criterion 2. Versatility.

It is also worth considering the bank’s offers for cardholders. If you want to take a credit, open a savings account or conclude a mortgage agreement, then find out the most important things. What are the interest rates, what is the total cost of the loan, how long does the process of registration take, are there benefits, bonuses or cashback? Are there any additional fees for services?

Criterion 3. Convenience

A good service environment is not all you need to recognise. It is also important that you feel comfortable. Here we recommend you to see how comfortable it is to be served at the bank. Are the queues at the branch long? Is the mobile app and online banking convenient? How does the call centre work? Can you get advice without having to call? Is there online chat support?

Criterion 4. Terms and conditions for premium clients

It is not easy to find a convenient programme for premium customers. It must have favourable conditions, loyalty programmes and quality service.

If you are going to choose a microfinance organisation, you should pay attention to the following points:

1. Know the total cost of the loan

The total cost of the loan is indicated in the upper right corner of the first page of the contract. This cost includes not only the interest rate, but also the costs of other services included in the contract, if such services are mandatory or their inclusion affects the terms of the loan contract (e.g. annual effective rate, term, etc.). 

2. Compare loan terms and conditions of different microfinance organisations.

Loan terms, application process and required documents may vary. You have five days to know out and accept the terms of the contract. During this time, the microfinance organisation cannot change the individual terms they offer you.

3- Study the terms and conditions of the loan contract

Check whether the proposed payment schedule is suitable for you. It is recommended to make the contractual monthly instalments a little earlier to avoid delays and late fees. It is also important that the payment schedule matches your regular income.