What Is Day Trading and How You Can Become an Expert?

Day trading is often billed as a lucrative way to make fast and easy money from the comfort of your home. The average day trader makes about $80,000 a year. The best part about day trading is that you don’t necessarily have to be a financial wizard to be successful. Becoming a day trader is easy. Becoming a successful day trader is a much harder process. 

But what is day trading and how can you stand to benefit from it? This useful guide has all the information you need to decide if day trading is right for you and your lifestyle.

Day Trading

Day trading is a type of investment strategy. It can be used when trading stocks, cryptocurrency, securities, bonds, and commodities. It can also be applied to any other form of speculative marketplace.

Day trading involves purchasing an asset and selling the asset on the same day before the markets close. Day trading is a short term investment strategy. It also limits the amount of risk an investor has in the long term.

It does this by preventing discrepancies that can occur between an asset’s closing price at the end of a trading day, and its opening price at the start of the next day. There are many different strategies and styles of day trading.

What Makes a Successful Day Trader?

Many potential investors are lured into the day trading world with the promise of easy money. These investors find out the hard way that day trading is no cakewalk. As a result, they sometimes lose everything.

To be a successful day trader you need to be willing to invest enormous amounts of time and capital. You also need to be able to read the marketplace and have some background financial knowledge.

If you start your journey as a day trader you can expect long hours, little leave time from work, and a gruelling self-learning process that many can’t stomach. You need to have good risk management strategies and marketplace awareness as well.

While day trading, your success or failure rides solely on you and your trading strategies. If you fail, there is no one else to blame. If you are successful, however, you alone get all the glory.

Cash Is King

Having sufficient investment capital is one of the most important things for day trading. When you first start you can expect to sustain heavy losses as you figure out the nuances of navigating the marketplace.

The old saying “it takes money to make money” applies here. To be successful, it is crucial that you have a buffer of cash to withstand any initial losses. Many veteran traders will tell you that the day trading world is extremely volatile.

Sometimes you can expect to lose money on multiple trades in a row before turning a profit on a big one and recovering all of your losses. If you don’t have sufficient capital to act as a cushion, you could lose everything.

Heading into the world of day trading without a sufficient bankroll is like heading into a marathon with no shoes. You might somehow pull it off and win against all odds, but chances are you will end up bloodied and broken on the side of the road.

Knowledge Is Power

A successful day trader needs to be familiar with all of the aspects of how the marketplace functions. This includes understanding all the mundane basics such as trading hours and holidays.

It also includes being able to grasp the bigger picture such as how massive geopolitical events can influence market behaviour and how small innovations or new technologies can send ripples throughout the financial world.

As a day trader, you need to be at the forefront of the economic knowledge-base. This means keeping up with any emerging trends or cutting edge technology before everyone else is aware of them.

Staying ahead of the curve is not easy, but it is well rewarded. You also need to have a broad understanding of multiple different types of marketplaces. Understanding investment banking, securities, conventional stocks, bonds, and mutual funds are all examples of things a day trader should be well versed in.

Develop and Implement a Strategy

Without a plan, you are simply flying by the seat of your pants. At this point, you might as well just take your money down to the closest casino, spin the wheel, and see what happens.

You need to develop a successful entry and exit strategy. This includes setting indicators and benchmarks for success or failure. You also need to be able to assess how well your plan is working and recalibrate it if necessary.

A successful investment strategy is what separates the wealthy from the penniless in the world of day trading. Many traders spend decades developing a good strategy. Some never get it right and end up washing-out as a result.

Warren Buffet is often credited with being one of the top financial investors in history. His strategy was simple and centred around investing in index funds. While this strategy is not applicable to day-trading, his thought process is.

The simplest solution is usually the best. The more complicated your strategy, the more can go wrong.

Start Small

Just because you have access to a large pool of capital, or have sufficient background knowledge of investment and the marketplace doesn’t mean you should be reckless. When implementing a new strategy, tread lightly. 

If it works, you can always repeat it with a bigger chunk of change on the line after you have already secured some returns as a buffer. By not going “all in” you save yourself the financial ruin that comes with making too aggressive of an initial investment.

Attain Your Financial Destiny

Day trading is not for everyone, but those that are successful will tell you that there are few better ways to earn a living. Being your own boss and taking your financial destiny into your own hands is an empowering experience! 

Just make sure to have adequate capital and financial knowledge before trying your hand at day trading to avoid crashing and burning as a total failure. 

If you want to become a day trader you first need a wide financial knowledge base. Start informing yourself today with the host of financial information available on our blog to better prepare yourself for the long economic road ahead!

Why You Should Join A Private Bank

The number of mobile wealth management accounts rose from 22% in 2018 to 40% in 2019. They allow users to manage their wealth remotely and effectively. A private bank helps with wealth management but provides a range of other services and benefits as well. They offer personalized service at all hours and let you enjoy exclusive perks.

There are several private bank options, and choosing one can be difficult. There are certain factors to look for before putting your money in their hands. It can also be difficult to begin a career in this field, but the more knowledge you have, the easier it will be.

Read our private banking guide to learn the benefits it provides and how to enter it as a client or account manager.

Private Bank Benefits

A private bank’s primary purpose is wealth management. It helps keep money in the right place and makes investment easier.

These are not the only benefits that private banking provides or the only reason you may choose to join one. There is a range of other benefits offered as well.

When you join a private bank, you’ll get connected to a skilled account manager. They can handle all your financial assets while providing personalized service.

The account manager can also easily connect with other professionals such as wealth management specialists, investment analysts, and tax attorneys.

A private bank also allows you to diversify your investments. Your account manager can put your wealth into ESG or Environmental, Social, and Governance investments. They can also manage your non-financial assets like real estate and natural resources, negotiate leases and contracts, facilitate inspections, and communicate with tax, accounting, and/or legal professionals.

A private bank gives you access to your banker at any time and place using apps and chat services. They also keep your assets private.

A private bank may also include concierge and premier travel services. They can educate you and your heirs and make business travel less of a hassle.

Private banks offer price reductions that can save you a great deal of money. These discounts include free checks and savings of up to $300 per year on a safe-deposit box.

Most private banks offer a range of other perks such as:

  • Loans with low annual percentage rates
  • Savings accounts with higher annual percentage yields
  • More commercial financing options
  • Senior underwriting support
  • Priority loan processing

These benefits and more explain the rise in private banking.

Starting a Career in Private Banking

Working at a private bank offers several benefits over other financial careers such as stockbrokers and investment bankers. These include high income potential, shorter hours, reduced stress, and stronger professional relationships.

Remember that most clients who join a private bank have a great deal of wealth. They are typically classified as either high net worth or ultra-high-net-worth.

You’ll also have to have a range of skills to begin a career in private banking. You should be familiar with wealth management, estate planning, taxes, portfolio management, and any other tasks your client requests.

There are also several steps you must complete to begin your career. They include education, experience, networking, certifications and licenses, and getting a job.

Education

The first thing you’ll need is an undergraduate degree, preferably with a focus on finance. Options include business administration, economics, and other related degrees.

Experience

Follow up your education with experience. Look for internships in a private bank and get all the experience you can in banking, investments, and related fields.

Networking

Networking is another important task. Meet up with potential clients, bankers, professors, and anyone else who can help you advance your career.

Certifications and Licenses

Certifications will make you a more attractive candidate, and there are several options to choose from. T

The Wealth Management Institute or WMI offers a 10-week Wealth Management Private Banking Programme and an associated certificate. The Globecom Institute offers a 9-month course and certificate in Private Banking and Wealth Management and a 3-4 month certification in Operations Investment Banking and Securities Markets.

You’ll need to get licensed before you can begin a career in private banking. You can obtain a Series 6, Series 7, Series 63, or Series 65 license by passing an exam. They differ in the services they allow you to perform and how much you can charge for them.

Finding a Job

Find a job by sending out as many resumes as possible and networking with professionals in the field. You can also start your own firm if you already have a large client base.

These steps are the basics of beginning your career, but you may be able to break tradition. Try moving from another financial field into the private banking industry.

Finding The Best Banking Services

There is a range of private bank options to choose from. They differ in the services they offer and the fees they charge, which can make choosing the best bank difficult.

When deciding where to invest your money, you should look at a variety of different factors. Look for proof of quality, past experiences, and the services offered.

The experiences of past clients can help you choose the best private bank. Look for testimonials that suggest clients have had positive experiences with qualified account managers in the past.

There are also ways to find proof of whether or not you’ve found a high-quality option. Look for things like bank awards and stay away from banks with blemishes like lawsuits.

The best investment bank offers the full range of services you require at the best possible price. Compare all the options and see where you can get everything you need at the most affordable price. 

How Can I Join a Private Bank?

Everyone wants to keep their money safe, especially those with plenty of wealth and investments. This is where a private bank comes in.

Joining a private bank gives you access to a qualified account manager at any time of day. They’ll manage your assets, keep them secure and private, and offer several other perks.

If you’re a high-income earner with a large portfolio of investments, a private bank can provide an account manager to look after them for you. If you’re a qualified financial expert, you can begin a career in private banking to help others manage their money.

The more you know about the private banking industry, the better you’ll be able to enter it or use it to manage your wealth. Contact us for more information today.

Are New Checking Account Offers Really Worth The Switch?

It’s no secret that COVID-19 has created a financial crunch for just about everyone. As you look for ways to make your money stretch further, you might have started looking at various bonus offers and considering switching some of your service providers.

Nowadays, almost every bank is advertising new checking account offers, and that “free” money sounds pretty good. But, is switching bank accounts really worth it?

That’s a good question! Stick with us as we explore the pros and cons of taking advantage of new checking account bonus offers.

3 Ways to Get a New Checking Account Bonus

Before diving into the things to ask before switching banks, it’s important to note that there’s more than one way to take advantage of new checking account offers. Most offers don’t actually say that you have to close your old account.

Typically, they’ll require you to make a minimum deposit and perform specific tasks, like completing a certain number of transactions, setting up direct deposit, or using their app. It’s important to read the fine print carefully and understand exactly what you need to do to get your bonus. Once you understand the requirements, you’ll likely have three options:

  1. Keep your current checking account exactly as it is and open an additional account with the new bank
  2. Make a partial switch, moving certain payments and deposits over to the new account
  3. Close your old accounts and move everything over to the new bank

Most people choose the third option because they don’t want to deal with the hassle of managing multiple accounts. However, there are pros and cons to each approach. It’s a good idea to consider the following questions before you decide.

Questions to Ask Before Making the Switch

Sometimes, it’s clear that you need to switch to a new bank. If you’re having problems with your current bank – like ridiculously high fees or poor customer service – then it makes sense to take advantage of a new checking account bonus.

However, if you’re thinking about making a change purely for the extra money, there are some important things to consider.

1. Is the Bonus Really Worth It?

How much money do you need to make it worth your effort? Do you have to jump through a bunch of hoops to get it?

If you’re really cash-strapped then even a small bonus might sound appealing. If the bank is offering something else, like rewards points or a charity donation, you’ll have to consider whether you’ll receive a sufficient benefit to make the change a smart move.

2. Are There Any Drawbacks?

Be careful not to let the bonus offer distract you from the potential drawbacks of working with the new bank. If there are monthly fees or high minimum balance requirements, then it’s likely you’re going to be unhappy in the long run.

You’ll want to look at the new bank’s maintenance fees, ATM fees, and overdraft fees. Also, consider the new bank’s opening hours and whether the website and app are user-friendly. Do they offer other services you need like mobile deposit, easy transfers, and plenty of ATM machines?

Compare all of these things to your current bank and make sure that making the change won’t end up being a downgrade.

3. How Much of a Hassle Will it Be?

To make the switch, you’ll need to open a new account, initiate a transfer, and make sure you meet all of the bonus requirements. Transferring all of your auto-debit bills is usually the biggest hassle.

It’s easy to make a mistake and you could end up missing payments or bouncing checks. This can lead to late fees, damage to your credit rating, and more. 

If you’re going to make a full switch it’s in your best interest to make sure the bank you choose is one you’ll want to stick with for the long term. Bouncing from one checking account to the next is rarely worth the trouble, even if you do get a bonus each time.

4. How Much Do You Really Like Your Bank?

Are you at your current bank because you really like the services they offer? Or is it just a matter of habit? If there’s nothing special about your bank and you’re comfortable with the answers to the other questions above, then now might be the perfect time for you to make a switch.

Tips for Finding the Best New Checking Account Offers

Doing a bit of research online will help you find out which banking institutions are offering checking account bonuses and exactly what they’re offering. However, it’s important to consider which offers are most valuable to you.

For example, if you overdraft your account frequently, then switching to a bank that’s offering fee-free overdrafts might be a great move for you. However, if an offer requires a large minimum balance that you don’t think you’ll be able to maintain, then moving to this bank will likely end up being a waste of your time.

Remember, in most cases, looking for a long-term partner instead of just a quick cash bonus will bring you the greatest benefit.

Making Smart Financial Moves in a COVID-19 World

Taking a close look at new checking account offers and other bonuses is one way to give your finances a boost, but that’s certainly not your only option. If you want to keep your finances on track, knowledge is power. We suggest taking some time to browse through more of our financial articles

We’ll help you stay up to date with all of the latest financial developments and provide you with tips you can start implementing right away.  

6 Helpful Tricks To Avoid Paying ATM Fees

Are you tired of getting hijacked by ATM machines with big charges when you want some cash? Do you find yourself paying 25 percent or more of the amount you want to get out? Want to know how to avoid those fees?

There are many tips and hacks you can use to stop being hit with big fees just to get at your money. We’ve given this some careful thought because we’re also tired of the insane charges ATM operators put on using their machines.

So, read on to learn about six of the best ways to avoid ATM fees. From research and planning to choosing the right account, we’ve got your back so that you don’t pay for your own cash anymore.

1. Use ATMs for Your Bank

Using ATMs that are part of your bank’s network is the best and easiest way to avoid ATM fees. Big, chain banks have a lot of fee free ATMs to use, especially in larger urban areas. These ATMs won’t cost you anything when you withdraw cash from them. 

You can search your bank’s website or mobile app for no fee ATM near me to find ATMs run by your bank. However, if you do use an ATM that isn’t run by your bank you could incur a fee from your bank as well as the company that runs that particular ATM.

So, always try to search for an ATM that is part of your bank’s network if you can.

2. Open an Account at Banks with no ATM Fees

If you are considering opening a new bank account, do some research to find banks with no ATM fees.accounts. Or, if you find yourself always having to pay for cash from an ATM, it might be time to think about switching banks. In that case, look for a bank where you can get an account that doesn’t charge you ATM fees. 

Many online banks have agreements with ATM networks that mean you don’t have to pay the network’s ATM charges. These online banks will usually have an ATM finder service as part of their website and app. Use this service to locate the nearest no fee ATM when you need cash quickly.

3. Get Cash Back at the Grocery Store

Another great way to get cash for free is to ask for cash back when you make a purchase at a grocery store or other shop. This works best if you pick up cash as part of your regular shopping trip. Then keep that cash handy in your wallet.

However, if you need cash quickly, you can still use a store as your ATM. Simply make a small purchase at the store. Because ATM fees are usually three pounds or more, buying a chocolate bar or bottle of water, for example, will cost you far less than the ATM fee. 

4. Keep More Cash on Hand

Although you can’t always plan ahead to know how much cash you’ll need and when, a little forethought can go a long way to reducing the chances of unwanted ATM fees. When you do get cash out, try to get more than you need right then. Having some extra cash at home or in your wallet or purse will reduce your ATM fees.

Taking larger sums out of the ATM when you do visit also means that if you do have to pay a fee, you’re getting more cash for the charge. So, you’re cash costs you less if you have to pay for it.

Putting together a home budget for each month will give you a sense of how much cash you generally need. With your budget in mind you can go once a month to the ATM and withdraw what you need all in one go. Then, just keep your wallet or purse topped up with the cash you’ll likely need that week.

5. Find Out Which Other Banks Your Bank Has an ATM Fees Agreement With

Many banks have agreements with other banks or ATM operators. These agreements let you withdraw cash from those ATMs without a fee. Check with your bank or search online to find out what other ATMs you can use.

The ATMs that are part of your bank’s network agreement might also include non-bank ATMs. These ATMs are the ones you find in shops, bars, or petrol stations. Those ATMs are often the most expensive to use for cash withdrawals. 

6. Go Cashless

A really easy way to avoid ATM fees is to try not to use cash. Fortunately, this is becoming much easier. Mobile apps, debit and credit cards, iPay and equivalents, Venmo, Paypal, and so on, all offer the opportunity for cashless transactions

With the exception of some entertainment options and small shops in out of the way locations you can often choose not to spend cash if you really don’t want to. Some shops and services still have a minimum transaction amount to use your card. But those minimums are often still less than an ATM fee.

Reducing the amount of times you need cash means you won’t need to hit the ATM very often. The fewer times you have to go to an ATM the less you will spend on those pesky fees. 

Stop Wasting Money on ATM Fees

ATM fees can quickly add up. If every time you use an ATM you pay three or more pounds for the privilege of taking your own money out, your monthly costs will soon make getting cash out not worth it.

As you can see from our list of tricks to avoid paying ATM fees, though, there are plenty of ways you can reduce the chance you’ll get stuck with those charges.

Plan ahead and have ecash on hand. Get a bank account with a large network of ATMs to use for free. Use your bank’s app to find free ATMs near to you when you need one or try to use less cash in the first place!

For more money-saving tips, insights on the economy and your finances, or business news and more, check out our blog. We’ve got you covered with insider hacks and business news and ideas. 

Is A Fixed Rate Personal Loan The Best Option For Financing A Big Purchase?

People take out loans for many reasons. Some people take out loans for a house remodel, a new computer for work, or a wedding. Whatever the reason for taking out a loan, it’s always a big decision. 

When making a big purchase, you want to consider every option so you get the best rate possible. Many vendors provide their financing solutions. However, it is in your best interest to consider other options. 

One of the best options for purchasing is a fixed rate personal loan. But what is a fixed-rate loan, and why are they better? 

What Is a Fixed Rate Personal Loan? 

Many people prefer fixed-rate loans because the interest rate and monthly payment of the loan are consistent throughout the loan’s life. That’s ideal for people on a tight budget who need to plan for a specific amount each month. 

One common example of a fixed-rate loan is a thirty-year mortgage. With these kinds of loans, purchasers keep the same fixed payment amount for the entirety of the loan until it is completely paid off. The loan doesn’t have to be for a house, though. You can take out a loan on just about anything. 

Most banks will require a statement of what the loan is for before they give you the money. As long as it’s for nothing illegal, and you have the income that shows you can make the payments, you should be good to go for whatever it is. 

Interest rates depend on the loan amount and your credit score. As a rule, the larger your monthly payment, the lower your interest rate. In other words, the quicker you pay off the fixed-rate loan, the less interest you’ll pay in total. 

Fixed-Rate Loan vs. Seller Financing

Many vendors will offer in-house financing for their items. This is tempting because you don’t have to wait for loan approval and experience that instant gratification. 

However, before you commit to seller financing, it is in your best interest to explore other loan options. With a personal loan, you will get a better interest rate. That results in a lower overall purchase cost. 

 With a personal loan, you can decide how much money you need to make the purchase. Instead of financing the entire purchase, you can finance only part of the purchase. 

Seller financing typically has much higher interest rates. So, if you do not plan on paying off the loan within a short amount of time, you will end up paying more in the end. 

With a fixed-rate loan, you know exactly how much you’ll spend overall on the purchase before you sign the contract, no matter how long it takes you to pay the loan. 

What to Consider Before Getting a Personal Loan

Before getting a personal loan from a bank, it’s a good idea to determine a few things. First, figure out how much money you need to borrow. Most lenders have a minimum requirement for personal loans. Some minimums are as low as $500. However, others are twice that. 

You don’t want to take out a loan that’s bigger than you need. If your loan is under $500, consider other options.

Before you qualify for a loan, consider how long it will take to pay off. Some loans can be paid off in a matter of months, others years. Depending on your monthly payments and the loan amount, you have to decide how long you’re willing to take. 

Finally, the most important factor to consider is whether or not you can afford the monthly payments. No matter how big or small the payment is, you have to pay it every month on time to avoid extra fees. 

Credit Scores and Loans

Your credit score determines the kind of rate you get on the loan. It could also determine what kind of loans you have access to. If your credit score is too low for the kind of loan you want, you have two options. You can wait to make the purchase and build up your credit in the meantime. Or, you could have a co-signer on the loan. 

Another thing to think about is how the loan will affect your credit. If you don’t have much credit, having a loan and paying it off may improve your credit.

As long as you pay the monthly payments every month on time (or if you pay the loan off early), your credit score shouldn’t be negatively affected. 

Paying Off Credit Card Debt With a Personal Loan

If you have several maxed-out credit cards, you can use a fixed rate personal loan to consolidate the debt into one payment. Since fixed-rate loans have better interest rates and lower fees than credit cards, this can save you some money as well. 

Some loan companies will pay the loan money directly to the credit card company. That way, you only have to worry about paying the one fixed-rate payment a month. 

Other people choose to refinance their student loans into fixed-rate personal loans. This is an option for people who cannot afford their previous monthly rates. However, this keeps you from taking advantage of any government assistance with your student loan.  So, whether that is helpful to you or not depends on the amount of student debt left on the loan. 

Find More Finance Advice

If you’re thinking about making a purchase, consider all your options. Before you go through with seller financing, look into your fixed-rate personal loan options. That could save you money and hassle in the future. 

Before settling on a loan, make sure you can afford the monthly payments, check your credit score, and ensure you have a regular, reliable income. If you do those things, a fixed rate personal loan is a good option for you. 

If you found this article helpful, visit our blog for more financial advice. 

5 Painful Bank Fees You Might Not Know About and How to Avoid Them!

If you have a checking or saving account with a bank, you may know something about bank fees. Yes, those dreaded fees that come up ever so often. They are pricey and bothersome as they tend to come up in times that you may not have money in your account to pay for them. 

It seems that nowadays banks have a fee for everything. These fees can certainly add up fairly soon. Too many, and you might end up having to close your checking or saving account as you will find yourself having a low account balance or, even worst, find yourself in the negative. 

It is important to be familiar with the bank fees that are imposed by your bank. You can avoid many annoying fees that arise when using your bank. We all know that saving each penny matters, so learn how not to fall victim to charges.

1. Overdraft Fees

Bank fees can hit you from the left and right. One of the most common is the overdraft. You may be familiar with this fee if you have withdrawn more money then what you had available in your account. 

This is a bank fee that one can find themselves paying if they have purchased something that cost more than the money they have in their account. In the case of an emergency, you may find yourself having to pay for this fee if you end up buying something and you don’t have the money for it. 

The amount that you are charged for an overdraft depends on the bank. Fortunately, there are ways to avoid overdraft fees. Contact your bank associate to inform him or her that you want to opt-out of the overdraft service. This will prohibit a transaction from being approved if you don’t have the funds available in your account. 

2. Monthly Maintenance Fees

One of the most dreaded bank fees is the monthly maintenance fee. This is like a fee that you can expect to see every 30 days. Some banks have it in writing that they charge a fee to maintain your account. They inform you of this when you open the account. 

In most cases, monthly maintenance fees are avoidable. You have to meet certain criteria to avoid monthly maintenance fees. For example, if you have a large balance in your account, you may not need to pay such fees. If you have direct deposit, you may not need to pay for monthly maintenance fees.  

3. Card Replacement Fees

Card replacement fees are what you have to pay to the bank if you need to order a new debit card. If you lost your debit card or accidentally damaged it, you may have a double whammy. Not only do you no longer have a debit card, but you must also pay the bank to receive a new one. 

The bank will charge you a fee for this service. The new card may take about a week to be mailed to you. If you want it to come faster, some banks give you the option of expedited service. Pay a little bit more for rush delivery.

Yes, this is like rubbing salt into your wounds. 

Unfortunately, there is not much you can do this avoid this bank fee. If you lose your debit card, you will need a replacement one. You need to keep your debit card safe so you do not lose it or damage it. 

4. ATM Fees

There are fees that you may have to pay for if you use an ATM that is out of your bank’s network. If you find yourself in an area where there are no ATMs sponsored by your bank and you have an emergency, you may have to withdraw from an out-of-network ATM. 

This is a bank fee that can cost you double. The owner of the ATM may charge you a small fee, and your bank will charge you another fee. 

To avoid this type of bank fee, make sure you carry money, especially in the case of an emergency where you may need to pay with cash as credit cards may not be accepted. If you are looking to open a new bank account, make sure to open an account with a bank that has a large network of ATMs.

Also, consider asking your bank if they can reimburse you for the ATM fees. This is a service that some banks may provide you. 

5. Inactivity Fees

You may be asking yourself, “Why do banks charge an inactivity fee?” Quite shockingly, many banks do charge inactivity fees. If you have a bank account and have not used it in a specific period, expect to see this type of bank fee in your bank account statement. 

Banks do not want to have customers who have inactive bank accounts. It is not good for their business. You may find yourself having to pay for this fee if you have not had any activity in your account in a year. 

These Bank Fees Can Add Up 

No one likes to lose money, especially if they have to give it away to a bank. Bank fees can add up. And for the most part, they can be avoided. 

Make sure that you are aware of the bank fees that your bank charges. This information you can find on a bank’s website. Take the actions that are necessary to avoid bank fees. 

Consider joining a private bank that may not impose these charges. If you would like to read more about private banks or finance-related topics continue to explore the website

8 Tips on Opening Up Checking Accounts for Beginners

Most people need only two bank accounts: one checking account and one savings account. This keeps things simpler and your finances easier to manage.

Savings accounts limit your access to your money, which is why they’re best for saving. Checking accounts, though, allows you easy access.

These are for spending, so they’re for paying bills, withdrawals, and so on. That’s why every person must have them.

If you’re a beginner to all these, you’re in the right place. Keep on reading for some tips on opening a checking account.

1. Know Your Needs and Frustrations

When opening a checking account, you first need to choose a bank. However, all the options can overwhelm you.

There are online banks, traditional banks, and even credit unions. Then, there are lots of options under each category.

To start choosing a bank, know your needs and frustrations first. What services are important to you? How about perks you’d like to get with your checking accounts?

Then, know what frustrates you, as well. Do you want to avoid huge fees? Do you have issues with certain features or requirements?

If you travel a lot or are online often, you may also want to use mobile banking. Check if the bank offers that as well.

Knowing what you like and don’t like will allow you to shortlist banks and the types of checking accounts.

2. Review the Features of Different Banks

Once you have a shortlist of different banks, it’s time to review their features, fees, and services. Check the minimum balance requirements and any fees, like the monthly service fee, overdraft fee, ATM fee, printed statement fee, and other fees you can incur.

You should also check out the insurance that the bank provides. Make sure it’s from either the National Credit Union Administration (NCUA) or Federal Deposit Insurance Corporation (FDIC).

The interest and rewards will also vary per institution. Check which features are more convenient or more preferable to you. The ATM network is something to consider, as well.

3. Consider a Lower Risk Account

Some banks and credit unions don’t allow you to overdraft. Meaning, you can only spend the money you have in your account. Even for online bills payment and checks, the account won’t let you overdraft.

Such accounts pose lower risks as you won’t get surprised with an overdraft fee or other common banking fees. These can go unnoticed, especially when people think they still have money they don’t have. You also cut the risk of losing your account privileges only because of some unpaid overdrafts.

Don’t hesitate to ask the bank if they have a “no-overdraft” account. Some have them but don’t market them, while others may not have them at all.

4. Visit the Bank In-Person

Modernized banks and online banks allow you to do everything online – from applying for accounts to sending e-documents. This makes for a smoother experience as you can open an account without stepping foot out of your home.

However, some people might prefer doing this process in person. If this is you, don’t hesitate to visit the bank you’re interested in. This also gives you an idea of their locations and if they have one near you.

This is also the preferred choice of other banks that are yet to modernize. In that case, you’ll have to schedule an appointment.

5. Ask the Right Questions

When you visit a location in person, prepare a set of questions to ask the teller, particularly about opening a checking account balance. Don’t hold back; opening up an account can be a long-term commitment.

Ask about all kinds of fees you can incur and how you can avoid them. Make sure you know the minimum balance requirements. And, clarify if this is for one account only or for across all accounts you have with them.

Clarify the withdrawal and transfer limits, as well. Then, ask how much are the fees if you go over the limit.

6. Look for Online and Mobile Features

Not all banks are up-to-date with recent technologies. As such, don’t expect them all to have mobile and online banking features.

A bank app is a must because it makes banking more convenient. You won’t have to fall in line to transfer money, for example, and you’ll have access to your balance at all times. Some of them will even let you deposit checks via a mobile app.

So, before you sign any contract, make sure the bank has an app you can access online or download to your phone. Seeing as how we spend an average of 6 hours and 42 minutes per day on the internet, online banking is a non-negotiable feature.

7. Prepare the Minimum Deposit

The initial deposit should matter in your decision-making because, in some banks, the opening deposit can go as high as $100. Most usually ask you to deposit around $25 to $100 to open an account.

Find out if your chosen bank and account needs a deposit and prepare that before applying. Even if you’re qualified and you have all the documents you need, you won’t be able to pursue the application without it.

Some accounts don’t require a deposit right away, though. Look for these accounts if the deposit is an issue for you.

8. Bring the Necessary Documents

To ensure a smooth process, research all the documents you need to bring when going to the bank. It’s a fairly simple process, but only if you prepare everything you need ahead of time.

Research the requirements for a checking account from your bank of choice. Remember that these may be different when you’re underaged or more than one person is opening the account.

Aside from the filled-up forms, banks usually require identification documents. In general, you’ll need a government-issued ID, SSN or TIN, and proof of address. You may also have to bring your student ID, power of attorney, or anything else for special cases.

Review Checking Accounts Before Committing

What we can take away from this is that you should review checking accounts before opening one. This ensures you get the best option for you and you’re satisfied with all the features, requirements, and terms before signing a contract.

If you have any questions, though, we’ll be happy to help. Contact us today.

7 Private Bank Benefits: Everything You Need to Know

Do you keep the bulk of your money in the bank? Are you looking for alternatives to increase your capital gains amidst challenging times? In the United Kingdom, small and medium-sized businesses are feeling the impact of the pandemic. The same thing goes for the real estate markets. Hence, people are looking for investment options that will help reduce the financial impact of the pandemic. 

But with or without the pandemic, strive to look for investment options that offer flexibility and higher returns. This is where private banking enters the picture.

But what are the private bank benefits that should convince you to shift some of your money? Continue reading below and learn about the advantages of private banking.

1. The Digital Edge

One of the key private bank benefits that attract investors is its digital edge. This doesn’t mean the kind of digital banking that all the other conventional banks offer.

Instead, it involves mobility through apps and chats. Through these technological methods, private banking lets you connect with your private banker anytime and anywhere you want.

Before the pandemic, the opening of new private banking accounts increased by 43%. A perfect example is Standard Chartered Bank. The financial giant incorporated real-time file sharing and instant messaging features in its mobile app.

Furthermore, other private banks partnered with existing platforms. These include WeChat and WhatsApp that DBS Bank uses.

2. A Dedicated Manager

Like wealth management solutions, private banking also gives investors a dedicated account manager. The role of the dedicated manager is to oversee the financial assets of the investor. He handles a single client’s money spread across various accounts.

Since the set-up is a one-to-one affair, the manager provides personalised banking services to his client. This means you will enjoy focused attention from the private banker. He can make life easier for you to conduct various banking tasks.

Examples of which include initiating wire transfers; ordering checks; and depositing checks.

But personalisation doesn’t limit the account manager from coordinating with other professionals in the bank. In case he needs help on something, he can connect with a wealth management specialist; an investment analyst; or a tax attorney, to name a few.

3. Investing in ESG

Private banking also lets you experience personalised Environmental, Social, and Governance (ESG) investing. An ESG is a type of sustainable investment. It aims to generate positive returns and leave a long-term impact on the business, environment, and social sectors.

Though ESG investments are available off-the-shelf, they don’t offer a high level of personalisation. Through private banking, you can experience ESG investing that aligns with your ethical considerations. 

For example, you may want to invest in the energy transition. The problem with an ESG investment that is not personalized is that there can be stakeholders that you do not agree with. In this case, the investment may involve an oil stock that is against the promotion of renewable energy.

Hence, the birth of a conundrum. Will you push through with a promising investment if a part of it goes against your convictions? Through private banking, you can avoid such a dilemma. 

4. Specialty Asset Management

Helping you capitalize on your speciality assets is one of the key options for banks with private account managers. Special assets or “nonfinancial” assets include real estate interests, farms, and ranches. 

They can also be rights to natural resources. Examples are rights to gas, oil, and mineral properties. Your regular banks generally do not manage such assets. 

On the flip side, private banking offers management for these investments. A private bank manager can reinvest these properties to generate more money.

He can also assist in lease and contract negotiations. Additionally, he can help facilitate inspections. He can also deal with tax, accounting, and legal professionals concerning any requirement for your speciality assets.

5. Different Perks and Freebies

Private banking also comes with many perks and freebies. Some of them you cannot find in regular banking. For starters, private banks can offer discounts. 

If you are applying for a home equity loan or mortgage, they can offer a lower annual percentage rate. They can offer different commercial mortgage financing options.  Moreover, they can offer senior underwriting support, as well as priority loan processing.

They can also give a higher annual percentage yield in case you’re opening a savings account. From time to time, private banks also hold special events for their clients. However, this can be a challenge for now considering the ongoing pandemic.

6. Opens Up Opportunities for Your Business

If you are running a business, private banking can open up opportunities that will help your business grow faster. If your private banker also comes from the same bank as your business account, you can enjoy lending opportunities and other benefits. 

Moving your personal funds to your business account and vice-versa can be easier. With a call to your private account manager, you can transfer your money without much hassle. Additionally, you can enjoy promos and discounts that the main bank offers to regular clients.

You can simplify this even further if you use mobile banking. This allows you to open up private banking services and the option for paying banking fees anywhere you go.

7. Concierge and Travel Services

Private banking offers a concierge, which goes beyond financial assistance. The concierge’s main goal is to make the entire private banking experience seamless.

For example, the private bank can prepare wealth management lectures for your heirs. Others offer events planning for clients who have projects concerning philanthropy. 

Also, some private banks offer premier travel services. This is a welcome benefit for clients who often go on business travels. Here, a travel specialist can arrange everything you need to make your business meetings hassle-free.

Discover More About Private Bank Benefits, Today!

These benefits and advantages are more than enough reasons to consider private banking. After all, banking is something that should not be tedious and time-consuming. Instead, it should help you maximize your time and generate growth for your assets.

Thus, we invite you to learn more about private bank benefits and wealth management. Connect with us and we will gladly assist you in your inquiries. Take the first step to increase your knowledge of investments, today.

8 Signs You Need to Switch to a New Bank

In 2018, over two-thirds of adults from the UK used some form of online banking. Though you may not think of banking and finance work as exciting or high-stakes, the field is evolving rapidly. As banking moves more and more digital, you may be wondering if your current bank is keeping up. 

If you’ve been thinking about switching to a new bank but are still on the fence, read on. There are a few telltale signs that it’s time to make the switch. 

1. Limited Online Banking

Like we said, online banking is the newest frontier. In fact, there are many banks with no brick and mortar branches. These online-only banks are cutting-edge. 

Therefore, there’s no excuse for your bank to have a clunky mobile app or inaccessible website. If your bank isn’t keeping up with the digital revolution, it may be time to go. 

Of course, if you want a bank that still has physical branches, you have options as well. Many banking institutions have great technology and still allow their clients to bank in-person. 

Just know that you can easily upgrade your online banking experience!

2. The Service Fees Aren’t Worth It

Some banks pull tricks to try and get as much money from you as possible. This includes raising their overdraft fees, raising minimum balances, and charging a returned mail fee. 

If your bank is trying to take as much money from you as possible, run the other way. Many banks have reasonable fees, or even better, fee-free banking options. Banks with lower fees are more likely to view their clients as people, rather than potential profit. 

3. Your Savings Returns Are Unimpressive

Is your savings account languishing instead of growing? Are you earning pennies on your investment? Look for another bank. 

You can find lots of high-yield savings account options while shopping around. These typically offer between 1.2% and 3% interest rates, while some banks only offer around .6%. 

You can make your savings account work for you, instead of the other way around. Research other institutions and their high-yield account options. 

4. Getting Your Money Is A Hassle

With the advent of online banking, getting access to your money should be easier than ever. If a bank offers anything less than lightning-fast transfers, they’re being left behind. 

You may think that having slow access to your funds is a compromise worth making. But if you encounter any sort of emergency and need money immediately, you’ll wish you’d switched to a lower-hassle institution. 

Avoid banks that take a long time to finalize your deposits. Look for ones that will let you use your money as soon as you leave the branch. 

5. You Have Monthly Fees On Your Checking Account

Your current bank may have a surprisingly low monthly rate. However, even £10 is too much when it could be £0! 

Many banks offer an option where you only have to pay a monthly fee if you are below the minimum balance. But others have neither a minimum balance nor a monthly fee. Shop around and see what your local institutions offer. 

A monthly fee to keep your checking account is a sign that a bank views you as a number instead of a person. Monthly bank fees are unpopular among consumers, so many institutions are doing away with them altogether. Don’t settle for a low monthly rate when you could have none! 

6. The Minimum Balance Is Too High

Some banks offer high-yield checking and savings accounts but also require a higher minimum balance. If you’re in a tighter spot than you were when you opened your account, you may have trouble keeping the minimum balance. 

This is one of the most practical reasons to switch banks. If you cannot afford to stay with your original bank, you can find high-yield accounts elsewhere. You may have to compromise, but that’s okay. 

The stress of meeting an unattainable minimum balance isn’t worth it. You can make this easier on yourself by making a change. 

7. Lack Of Accessible ATMs

Though the world is moving more and more online, there are still situations in which you need cash. Though there seems to be an ATM on every corner, some banks charge exorbitant fees to use out-of-network machines. 

If you can only use your bank’s proprietary machines without paying a fee, finding the right ATM can be a hassle. This becomes an even worse problem when the right ATMs are few and far between. 

Find a bank that has convenient ATMs, or doesn’t charge ATM withdrawal fees. You deserve convenience, and shouldn’t have to pay to access your money! 

8. Customer Service Is Rude Or Unhelpful

When you encounter a problem with your bank, their customer service should be swift, polite, and helpful. You should not settle for less, especially when it comes to your money!

Your bank should make it easy to contact customer service. There should be multiple methods of contacting them: instant chat, phone number, email. The representatives should be kind and helpful. 

If you have had multiple bad experiences with a bank’s customer service, it’s probably time to switch. Even if there is little else to critique about your bank, bad customer service can drive you away. Your bank should be working to make sure you stay with them for as long as possible.  

Find A New Bank That Puts You First

When looking for a new bank, you may not be sure if it’s really time to change. There will always be a million reasons to stay, but just know, you don’t have to settle. The field of banking is advancing fast, and you can have a better banking experience than ever. 

Don’t be afraid to do your research. Don’t make your decision in haste, and ensure that your new bank works for you.

For more advice, trends, and market analysis, read through our blog. At Capital Finance International, we strive to bring you finance news that’s interesting and helpful. If you want to learn more about how to bank better, read our blogs now. 

7 Factors to Consider Before Choosing Financial Advisors

 A Financial Advice Market Review survey found that 1 in 10 adults in the UK sought financial advice within a 12 month period.

We’ve harped on before about why everyone needs a financial advisor, but how do you go about choosing financial advisors?

What you need in a financial advisor will vary depending on your individual circumstances. That being said, there are seven simple rules to follow to find the best financial advisor for you.

1. Know What You Need

You’ve decided you need a financial advisor, but what services do you require from them?

Are you looking to invest wisely, to plan for retirement, or do you need advice on taxes? 

Financial advisors offer a wide array of financial services, from investment management through to business finance plans. Only you know exactly the advice you need, but be clear on this before you even begin looking for a financial advisor. The normal financial advisor services are:

  • Debt Management
  • Budgeting
  • Health and long term care planning
  • Estate planning
  • Retirement
  • Inheritance
  • Tax planning
  • Investments

Whether you need specific advice on one aspect of your finances or a variety of services, the financial advisor you choose should be able to cover all these areas. Additionally, if you know you’re looking for long-term advice, keep this in mind when choosing. 

2. Financial Advising Experience

Frustratingly, nearly anyone can call themselves some kind of financial advisor. It may come under a different heading such as a financial coach or planner, but these titles come with minimum qualifications. 

Due to this, it’s important to really know your potential advisor’s experience and qualifications. This ensures your money and assets are in the best hands possible. 

A good financial advisor’s website should have their qualifications, education, and experience listed. Review all of these things to figure out whether their knowledge will help your unique needs. 

Not all qualifications are equal. In particular, depending on your location, the qualifications to ensure your advisor has are:

  • The Certified Financial Planner Designation
  • Certified Public Accountant
  • Enrolled Agent
  • Chartered Financial Analyst
  • Accredited Financial Counsellor

3. Comparing Advisor Fees

It should go without saying that you should do research into different fees for any service. This is never more pertinent advice than with financial advisors.

This is because financial advisors get paid in a few different ways, and sometimes this can be at odds with your best financial interests. For example, if your advisor is getting paid on a fee-only basis regardless of their advice, they have less incentive to grow your wealth. Whereas if they were paid on a commission and fee basis, they have more incentive to invest wisely to increase their commission. 

Typically, a financial advisor will be paid one of three ways:

  • Fee-only
  • Commission
  • Fee-based (a mix of both)

You need to figure out what would work best for your individual circumstances.

4. Transparency

While we’re talking fees, it’s time to talk about transparency. Long gone are the days of the elusive and mysterious investment elite. If your financial advisor isn’t being upfront, ditch them.

A good financial advisor will be transparent about all fees to be charged. You should have this in writing, and they should be happy to give it to you.

Not only transparency about fees but also plans. You should be clear on what plans your financial advisor will make, as well as how regularly you can expect updates, reports, and meetings. 

5. References and Reviews

Even now, word of mouth might still be one of the best ways to find a financial advisor. But if you don’t happen to know anyone, the internet is a great substitute.

As well as checking qualifications and education, you should check reviews. On their site, on Trustpilot, and on Google. 

6. Performance reporting

As we mentioned briefly, you want regular reports on your assets and wealth. But it also needs to be in a digestible format. That is to say, you don’t want an array of random charts and figures you can’t actually understand.

You need clear, concise reports on performance, transactions, and holdings. You can choose how regularly you want to receive these. Whether it’s monthly, quarterly, or bi-annually, your financial advisor should be happy to provide them. 

As we live in a digital world, many of these offerings may be in online services. You should know what financial planning software is in use and whether you will have access to it.

7. Talk to Your Advisor 

Before signing up for anything, talk to your advisor in depth. If they’re part of a firm, know exactly who will be running your account and who you’ll be dealing with. Get to know them.

Ensure you get an initial meeting – whether by phone or in-person – and know exactly how often you’ll be speaking to them. Is it once a month or once a quarter? Will they regularly be contacting you with updates?

This is particularly important if you’re looking at long-term financial advice. Your life will change due to work, relationships, children, and so on. You need to have regular contact with your financial advisor to take these changes into account and amend your plan accordingly. 

Choosing Financial Advisors

Using our tips above, you should be able to find a reliable and trustworthy financial advisor to manage your assets. Make sure to take your time choosing financial advisors, and avoid any cheap pressure tactics from firms. 

For more financial advice, make sure to see our financial section to keep you up to date with the latest news.