On the other hand, it is false economy to sell yourself short on the service front in order to save a few cents in fees. Annual charges may be higher, but transaction costs lower. You may need to guarantee regular deposits and keep a minimum balance. Banks reward loyalty. Chances are that you will be offered favourable terms, including larger personal loans and higher credit limits, if you keep your business and personal accounts at the same bank.
Electronic banking is usually cheaper.
Think about whether you need a cheque account and a savings account. Limit the number of transactions you make. South China Morning Post Publishers Ltd. All rights reserved.