A common investment mistake is to keep all your money with the same bank because you think it is “easier” that way.
This is an idea that is usually recommended by parents or grandparents - who actually remember a time when customers received personal service from a bank. Those days are gone.
Rarely are there any added conveniences or benefits in having all of your money with one bank. And unless you are a multi millionaire your chances of getting special attention from a bank are slim!
It is always wise to compare your bank against other financial institutions - don't just accept the first Bank Account, Term Deposit, Managed Fund or Loan that your bank offers you.
Use the internet to compare the interest rates, features and benefits of the financial product you are looking for. It may sound time consuming, but just an hour or two of online research could save you (or earn you) hundreds or even thousands of dollars!
If you are a disorganised person and you think that you will forget where your money is, ask a friend or relative to help you set up a basic filing system. All you need are Manila Folders with simple names written on them, such as “BankX Savings Account”, “BankY Car Loan”, “BankZ Credit Card”, etc. It’s as easy as that!
As long as you continue to file away any new paperwork, you will always know where to look when you need to check on anything regarding your finances.
Sarah Belle writes for SmartPiggy: http://www.clik.to/smartpiggy - a website full of great money management articles and tips designed especially for young people. Free e-newsletter available.