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CHOOSING YOUR BANK

There’s no need to say it is very important to compare bank rates and conditions when figuring out which one you should choose to put his or her money in. And that’s even more crucial since 2008 in a wide sense (if we talk about “old economies such as the Europeans and the Nort American ones) and we could talk of vital when we focus our attention on countries which have been “rescued” (or almost) by the European Union.

 

You should bear in mind bank rates, they vary depending on what country you live in, and according to that figures can be slightly different. First of all, the central bank of each country should fix the reference to those rates, and that’s quite obvious in U.S.A, Brasil, Argentina, etc. It becomes more complicated when we refer to Europe, since we have there what we can call two economic “brains”: each country central bank and the European one, which is supposed to rule the whole union.

 

In a general sense, smaller banks from non-OECD countries (nations that are growing fast becoming strong economic powers) offer higher interest rates than international ones settled there, and we can find Brazilian, Chinese (a giant and important financial and economic power from now on) or Indian banks offering incredible bank rates compared to the ones Europeans or North Americans can find in their usual offices. In these last mentioned areas (all OECD members) narrowed those rates and there don’t usually exceed the 1% figure.

 

Online banking is usually more advantageous for customers because of the very configuration of their activity allows them to offer better conditions, being one of the most shocking the lack of bank fees, no extra charges because you are wiring money or because you have an account there. On the internet those charges are needless. On the other hand, this “alternative” (many mayor banks have also this possibility) way of banking may not give confidence to many people.

One more thing many clients want to know is if their future and possible bank gives them the so called “secured credit cards”, because they find this system useful for their purposes, since you can have credit even if you have no money at that particular moment in your bank account.

Depending on the bank conditions vary, and one must know what they are in order to consider having one of those cards or an unsecured card (the one you can use if you have money in the bank), with lower fees.



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