Owning a bank account isn’t compulsory but it’s a necessity and its almost impossible to function effectively without one in this digital age. The advantages of having one far outweighs any disadvantage. Not only does a bank account help you grow your cash in the form of interest on savings or investments, it also eases the stress of keeping cash safe from thieves or armed robbers.

Despite the benefits of owing a bank account, the decision on which bank to open one must be well thought over and analyzed. This is because a bank is like any other business that can go bankrupt and even the very big ones aren’t exempt from this reality. In the event of failure, the NDIC which insures all bank deposits will only pay a maximum of N 500,000 (until recently was only N50,000) and even then, the process takes a long time.

Money is very hard to come by and one should be careful not just because of the fear of losses in the event of bank failure but also because you are a customer and deserve the best in choosing a service. The factors outlined below are some of those to consider in choosing a bank.

Ambience: A good bank should be able to properly maintain its buildings and physical assets. If a bank is not doing this, it is either it has a careless management or it simply cannot afford it. You will agree that both reasons give room for concern on the long run potential of the bank.

Service Delivery: You have no business with a bank which you have previously experience terrible service, unless its offering a service unobtainable elsewhere. The staff have to be warm and courteous and the service offering must meet your expectations. Its systems and processes must be one that enhances your user experience. You are the reason why the bank is in business and if they can’t treat you the way you want to be treated, then look for another bank that will do so. The bank must also be one that operates with integrity in that it keeps its service promises and treats its customers fairly. The world has gone digital and you should only choose a bank that is heavily investing in digital offerings as technology is one of the easiest ways to improve service.

Safety of Funds: No one wants to bank their cash where there is uncertainty or in a bank that has a high probability of failure. A bank that is considered safe must be one where its financial statements show that its profitable, liquid, has a good deposit and asset base, adequate capital and other indicators that reflect a healthy organization. Its management team must also be experienced and competent and the bank is compliant with all regulatory policies.

Support: If your bank cannot support your business or lifestyle needs then you have no business there. Your bank should have products and services that are tailored towards meeting your expectations. From bespoke online banking solutions, loans and advisory services are some types of support you deserve from your bank.
Fees and Charges: This must be competitive with that of its competitors or peers. No one wants to pay more for same value obtainable elsewhere.

Account Opening Requirements: Ease of opening account with the bank of your choice should play an important role in your decision making process. The minimum account opening balance must be something that you can afford likewise the account opening documentation which shouldn’t be too stressful to provide.

Branch Network and Proximity: Even in this digital era a bank with a large network of branches is at an advantage. Proximity of the bank branch to office or residence is also important as deposits of cash and cheques are still largely carried out physically at the bank branch.


These factors aren’t exhaustive but are enough to guide one to effectively choose a bank that will be satisfying and create a win-win scenario for both parties.

Are there other factors not mentioned. will be nice to hear them