Tips to select the best bank accounts
Use our four pointers to ensure you’re choosing the best bank account to meet your personal needs.
A bank account enables you to withdraw cash, pay at the tills with a card or your linked smartphone, setting up of debit orders and more. Opening an account is easy, the tricky part is finding a bank account that gives you what you need, so you're not paying for what you don't use.
4 Tips to Choose the Best Bank Account
1. What do you need it for?
If you’re a student or just started working, an entry-level account such as MyMo may be a good option for you. However, if you want access to a private banker and an offshore account, the Private Banking Account will be more suitable.
2. Compare your options
Do some research to help understand what your options are and to weigh up the terms and benefits of the different types of bank accounts.
3. Work out the costs
To avoid unwanted surprises, know the costs that come with the bank account you finally choose and understand what they’re for. Bank costs usually include a monthly service fee, cash withdrawal fees, payment fees, information fees such as e-mailed statements, and pre-paid purchase fees such as buying airtime and data.
4. Check the rewards
Having a bank account is something you pay for every month, so find out what extra rewards come with the type of account you’re interested in, like travel or shopping discounts. You can also join UCount Rewards to get rewarded for your day-to-day account transactions.
Apply for a bank account online
You can open a MyMo or MyMo Plus account on our website or by downloading our Banking App. You can also open an account at your nearest branch. You normally need your ID book or passport, proof of income and residence (or residency permit). You may, however, be asked to provide extra information to open certain bank accounts.