How to think when choosing a bank?

In the past, choosing a bank was not particularly difficult. There were basically a few big banks and so it was just the question of which of them you liked best. Often it became the same bank that one’s parents had, because that was what you got used to. Today, however, it is clearly different. There are many banks and the question is how to choose.

Choosing a bank is no longer as obvious, you don’t have to have the same bank as the parents, and you can even switch banks if you feel it fits or maybe have more than one bank at the same time. The possibilities are many, but it is also more difficult to make your choice because there are so many factors to consider.

You choose your bank when you are young and stick to it


I was going to start by saying this again. Many people get a bank from their upbringing, and they may then start using that bank because their parents use it. This is logical because they can fix a credit card for you and deposit money, etc. That you get the same bank as your parents is no wonder, when you are 14 years old for example.

However, it is not so good to just keep this bank for the rest of your life just because you got it from your parents. You should take the time to evaluate your bank and make a choice based on what you need and what you think is good, when you get old enough to take responsibility for yourself and your finances.

Therefore, I do not intend to say anything more about this and just state that it is common. But the longer it goes and the more good competitors there are for the big banks, the better the spread will be between the banks. And since it is easy to change your bank today (your new bank normally helps you fix most things, move autogiron, etc.), there is no reason to stay with an old bank that you do not like.

Mortgage loans

Mortgage loans

One thing that often influences the choice of bank is mortgage. Today, it is not very unusual to look around at different banks and see what they can offer for interest on the mortgage. Since the mortgage loan represents a fairly important part of your personal finances and there can be a lot of money to save over time, it is also important to make a good choice here.

Often, a change of bank for a mortgage can also mean a change of bank altogether. Many people like to have their finances collected, such as all loans, accounts, cards, etc. in the same place. In addition, it is common for banks to offer extra interest rebates to those who collect everything from them. If you have a payroll account, card, savings, etc. at the bank, they give longer interest rates on the mortgage.

If you are looking for a bank for your mortgage, keep in mind that you may very well become a full customer of that bank. It should then be a bank that has a good selection and that you are satisfied with right off. They should not only have good mortgages but good services in general, otherwise it may be difficult in the long run.

Savings and investments

Savings and investments

Something that may very well influence your choice of bank is your savings. This is especially true if you like saving in shares or funds. It can differ a great deal between the banks when it comes to offering eg funds, what the commission costs and how easy it is to manage their investments etc.

Also things like how clear the trading platform is, what you can get for statistics and information about stocks and funds and what types of accounts that you can open (eg if you can have an ISK) can affect. It has clearly been the case that the major banks have lagged a bit when it comes to such things in the past, and therefore many who have been interested in equities and funds have instead looked at other alternatives.

Here, different banks may have different good conditions. I personally think it is important that there is a good fund selection and that it is simple and easy to manage your trade. Also that you can have an ISK, as it is a convenient way to manage your savings. I have not looked up exactly what the various banks offer, but I know that large banks such as SEB do not have the best offer.

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