4 valuable tricks to help you choose the perfect bank for you as a physician
The journey to being a doctor can be long and tiring. There is so much learning to get through before you are able to settle in your career. This means that your financial success may
The journey to being a doctor can be long and tiring. There is so much learning to get through before you are able to settle in your career. This means that your financial success may not peak until later on in life. This situation has made it harder for doctors to get effective bank services. Most banks require your statement of account before giving you any money. As an intern or resident, this may be such a meager amount. If they consider that pay, you may be left out. So as to offer a solution to this problem, banks for medics have come up. If you are a physician, here are some key ways to help you choose which bank to use.
1. Location :
For some people, location may be a priority, while for some it absolutely doesn’t matter. You need to decide if it is for you. According to wikihow.com, if you are doing weekly deposits, you may have to do banks that are closer to you. If not, you can do online banking. However, on relocating to a certain area, you might want to find a suitable financial institution near you. This is because the bank may want to meet you, and get to know you before giving you their money.
2. Individual needs :
Before settling on any bank of your choice, you need to evaluate what your needs are. You can do this by evaluating your savings and spending habits. Hence, when you get involved with any bank, you will be aware of how much deposits you are expected to make, and the withdrawals as well. Your money habits could be a big help when selecting the type of account to open at a bank. Remember that some of the banks require that you have an operating account with them.
3. Loan conditions :
Depending on how far ahead you are in your career, money might not be a luxury. Of course, this changes as the year’s progress, and you find your niche. Specialists tend to earn much higher. Depending on where you will do your internship and residency, you need a place to stay. One perk of banks for physicians is that they understand the financial constraints of medical students. For that reason, they may offer loans such as home loans for physicians. Ensure that you get the terms right. Some banks may overlook your student loans but charge you a higher interest rate, while some may do the opposite. Carefully evaluate their terms and decide.
4. Expectations :
Choosing the appropriate bank account is sort of like entering into a contractual agreement with another party. There are two sides when it comes to expectations; yours and theirs. It can be thrilling to find a bank that understands the pressures of medical school but don’t forget to ask about their expectations. Do they expect you to remain a client? If so, for how long? What is the loan repayment plan? Can you afford it? Make sure to be clear on all these.