It can be easy to think that all banks are basically the same and therefore it does not really matter who you bank with because it will make no difference at all. However, this is something which you should investigate first as you may find that it is not the case. There could be quite a few differences between them.

Cost

It is good to think about the cost of the banks as these will differ. When you are looking for a specific product, then comparing what the different banks are charging or offering can be very worthwhile. For example, if you are looking for a savings accounts then it is good to compare the interest rates to see which will pay you the most. If you are looking to borrow money then you will need to look at what they will charge for the loan so that you can decide which you think will be the cheapest. Obviously, cost is not everything, but it is a big factor. You do not want to pay more than necessary for things. Obviously, if you choose a cheap item it could mean that you will not be getting good service, but you might be prepared to have a worse service and pay less. You may even find that you can pay less for some items and have a better service anyway.

Terms

You will find that the terms and conditions of the products will vary quite a bit and this is something worth looking in to as well. You want to make sure that you are getting what you want out of the product that you are taking on and that you are sure about how it will work. You will find that they will vary. Things as simple as whether the interest rate is fixed or whether it is variable and change can be very important and is something that will vary between different banks. You may also find that if you take out a loan, the way it has to be repaid may vary with perhaps a different amount of repayments at a different value and you will need to find one that you can manage.

Customer Service

The way customers get treated is very important to some people but perhaps not so important to others. It is good to think about how you feel about this as it will change depending on the bank that you use. Many will have a branch and you can judge by how the staff are there. Some will have a call centre and you can call them up or contact them online to see how well they respond. It is good to find out before you use them as that will give you some idea as to what they will be like to deal with and whether you think that you will like dealing with them or not.

Location

The location of the bank could be important to you. If you like to visit a branch then you will need to find one that has a branch local to you. You will find that there are some banks that do not have any branches and that deal solely online. You will need to think about which is important to you. It might be that you will prefer to deal online anyway but it may be that you want to find a bank that will be there nearby in case you need to go in.

These are just a few possible differences that you will need to consider when you are thinking about which bank to choose and you will find that they vary a lot in what they offer. 

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