Introduction
There is a very quaint expression in most of the places that speak English in the world (or at least in North America anyway) and that expression is “if it ain’t broke, don’t fix it.” It’s an interesting expression in that in that simple seven word phrase the philosophy of many people is explained in full detail.

There are many people living around the world that adopt a hands off approach to everything within their lives and they take that exact same attitude. If something is working and giving them the results they desire then they don’t have any particular inclination to go and bring about a change to that specific part of their lives. And this is perfectly fine in most respects but there are some places in life where it can actually be good to be more proactive about change and one of those places is within the realm of personal banking and bank accounts.

Personal Banking

When you consider a person’s personal banking almost all of the time nowadays it is going to consist of a core group of two bank accounts combined with whatever other investments they might have. A core group of two bank accounts would usually include one check and one savings account and the person would use the former to transact all of their day to day activities and use the latter in order to put away money that they want in reach but that they don’t want to spend right away. Other investments like retirement savings plan investments, bonds, stocks and everything else might also be handled through the bank as well and because of that a person’s personal banking can reach a very complex web by the time they get into full swing. This complication can also sometimes be a deterrent to action and once again while this is understandable at times it is good to be proactive about change.

Especially in the case of your cheque and savings accounts it is very easy to simply shop around and keep an eye out for a better deal. You likely to do this when you’re shopping for a big thing like a car, so why not with your bank account? All it takes is for you to take a brochure and look over it when you’re in the vicinity of the bank or check out some of the competitors online when you have a few moments to spare. It takes very little effort at all and the rewards far outweigh the efforts if you’re able to find a better account that is more appropriate for handling all of your needs.

Case Study

This article will end off with a case study about an individual that lived in Canada. This individual got his first bank account when he was sixteen years old and aside from transacting a couple of hundred dollars a month from it he didn’t really pay much attention to his banking. Then one day he found the website for the ING Direct savings account and noticed that the interest rate was a very whopping 4% annually. He thought the situation over to himself and then decided to go ahead and invest. He took half of the money he was depositing each deposit session and funneled that away to his ING account where he eventually forgot about it because it was out of his main line of sight (i.e. his cheque account). He came back to the account a few years later when he was starting University and to his utter shock and pleasant surprise found that he had enough money in it to pay his way through half of university. All because he took the time to read and research and ultimately find a better deal.

By admin