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August 24, 2022

Finance

How The Right Bank Account Can Help In The Cost Of Living Crisis

In recent years digital technology has steadily improved. What would previously have been considered science fiction is now normality, such as portable phones that can instantly connect you to anyone on the planet.

Yet, despite the huge advancements in some areas, other things, such as bank accounts, have seemingly progressed very little.

The Problem With Banks

The modern banking system uses fewer physical premises and encourages the use of digital technology to check balances and make payments. You certainly can’t survive without one. But, they are not all created equal. Many banks charge for their account, for various services, and even for your card.

Considering the current cost of living crisis is squeezing everyone, you can’t afford to be spending money unless it’s essential. That’s why you need to choose the right bank account.

No Charges

Surprising as it may seem, some modern banks, such as the Fineco bank account, don’t charge you for everything.

When you remove the monthly charge, withdrawal charges, and global transfer charges, you’ll find that you’re saving a considerable amount of money. That can all help with the cost of living crisis.

It’s worth noting that the charge may seem small but, when it’s applied multiple times throughout the year, it can make a fundamental difference to your budget and your ability to pay your bills.

Additional Services

The right bank account does more than save you money on charges. Some, like Fineco, offer you the ability to pay money instantly to over 250 destinations and in at least 20 different currencies. Best of all, they’ll charge one low commission fee on currency exchanges, allowing you to always know what you’re spending in advance.

However, the best additional services are the extra options, such as financial advice, support if you need additional funds, and the ability to pay contactless via your card or even your smartphone or watch.

These services are offered by banks that embrace the advances in digital technology and want to make life easier for you.

The best ones don’t charge for these additional services, helping you protect your money.

It’s worth noting that this instant and free access to your own funds makes it much easier to take advantage of any offer. In many cases, the ability to react instantly can make a big difference to your costs. That’s particularly important when looking at a cost of living crisis.

Extra Buffers

A good bank account will provide the extra buffer you need when things are tight. In the current climate, no one is interested in borrowing more funds just to make ends meet. But, that doesn’t mean you don’t need a little help occasionally.

The right bank account gives you a buffer that allows you to overspend briefly without incurring a wealth of charges. Simple measures like this make a big difference when every penny counts. That’s why you need the right bank account, one that is interested in you as a customer.

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