Four Qs to ask yourself before opening a bank account

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Choosing the right bank account really comes down to two simple factors: Money in (the interest you earn), money out (the fees you pay). With this in mind, here are four questions you should ask yourself before handing your money to the first banker that smiles at you:

1. What will I use my account for?

This will help you determine the type of bank account you need. For instance, if you want to use your card for day-to-day purchases, you'll want an account with low transaction fees. But if you're looking to save money, you'll want to look at a savings account with a higher interest rate.

2. How do I want to access my money?

Do you want to draw a monthly allowance or access your money on the daily? Will you always be transacting online? By figuring out how you want to access your money, you can determine what's truly important to you; and factors like card swiping fees, ATM accessibility and the quality of the banking app can all impact your final decision.

3. Where will I use my account?

You're young! The world is your oyster! If you're going to uni, you'll most likely be using your card at the student bookshop or canteen – areas where a student account might offer certain perks and benefits. Then again, if you're off to see the world, you'll want an account that offers mobility and low international transaction fees – ideally a bank with a global footprint and influence.

4.Who will help me out of a pickle? 

As a student or young professional, you're figuring things out and you're bound to make a few mistakes along the way. That's why you need a bank that will be there for you during tough times. Consider whether you need an overdraft option, insurance against card fraud or access to a 24/7 client care line – and keep this in mind when choosing a resting place for your money.

Once you've answered these important questions, you can start hunting for the bank account that ticks all the right boxes. While you're here, why not check out the Unlocked.Me Account?. You can enjoy zero monthly maintenance fees and some free stuff!