Question

What difference does it make where you keep your money? The returns are so low on checking and savings accounts that you certainly won’t grow rich on their earnings! It’s no wonder that many people tend to overlook the importance of managing their cash and liquid assets.

These next few days, we will evaluate your cash management needs and the various financial service institutions available to you as well as discuss in detail what you can select to help ensure you find the one best suited to your needs.

Think about your needs and preferences; whether you like to visit your banking institution in person, would you rather do your banking electronically or by mail? Why?

Is a high yield important to you, or is your typical balance usually pretty low so that any earnings would be minimal? What other services might you need, such as a safe-deposit box, brokerage account, trust services, or financial and estate planning?

Answer 1

My preference is for banking electronically and hence I will prefer to do all my banking transactions either using net banking (i.e. doing banking transactions using internet and a computer) or mobile banking (i.e. doing banking transactions using internet, my smart phone and the mobile banking application). I prefer this as all banking transactions like transfer of funds, payment of bills, making investments in mutual funds, etc. can be done conveniently at the click of few buttons and from the comfort of my home or office. I am not required to be physically present in the bank branch and my banking transactions can be done easily from any part of the world.

Yes, high yield is important for me. I maintain a fairly decent average balance and so would like my idle money to earn good yield. I do not have any current requirements for add on and additional services but the services that I will certainly need in near future are services like a brokerage account, wealth management and financial planning. I am in the process of starting a family and would like to start financial planning for my children on an immediate basis. These additional services will help me to ensure that my financial planning for my children is adequate and will help me to meet future goals and requirements like saving enough for their education, marriage etc.