First you need to decide what accounts you need.	To do this, you need to understand what each type offers…	… and what you need to look for when choosing a specific account.
1) Day-to-day transactions	Most people use a current account with a debit card for use at ATMs and EFTPOS machines, and/or a cheque book. They have their income paid directly into this account, and pay most of their bills out of it. A day-to-day transaction account should be the most cost-effective way to manage your day-to-day finances. You will not earn high interest from this type of account but they generally have lower fees.	What are the fees? Most banks charge an administration fee and charge for each transaction, including automatic payments, Internet banking and phone banking. Some people are eligible for discounted fees - you should ask if you qualify. Is a cheque book available? Do you need one? What are the fees? Is an overdraft available? Do you need one? What fees and interest rates apply? What penalty fees are there? Most banks charge for unauthorised overdrafts, dishonoured cheques and other services.
2) Short-term credit	Bank credit cards, overdrafts and credit supplied by retailers all give you access to short-term credit, which allows you spread the cost of larger items over longer periods.	What monthly or annual administration fees apply? What are the interest rates? What is the interest-free period? What penalties apply for late payments? Is payment protection available? At what cost?
3) Longer-term credit	When you want to buy a large asset such as a house or a car you should consider financing that asset with longer-term debt, like a mortgage or a term loan.	What fees and administration charges apply? What interest rates are available? Should you have a fixed-term or floating interest rate?
4) Short-term savings	Day-to-day savings accounts will give you higher interest than a transaction account and give you access to your savings when you need them.	What interest rates are available? Is bonus interest available for making regular deposits? Is there a limit on the number of monthly withdrawals? Are there fees for account administration?
5) Longer-term savings and investment	Longer-term savings options such as Term Deposits and Managed Funds have the potential to earn you higher returns. Important for those savers who do not need ready access to their savings and need to save for longer-term goals like extra income in retirement.	What returns are available over what time-period? Is there a minimum investment amount? Are there penalties for withdrawing money before the end of the term? What will my money be invested in? What are the risks involved? Are there fees for account administration?
6) Insurance	You need to consider protecting the assets you have from destruction or theft. You also need to consider what would happen if you needed medical treatment or could not work. Would ACC or social welfare payments be enough to see you through temporary hardship? How would the family cope if the principal income earner could no longer work?	What are the premiums for each type of insurance (car, home, contents, medical, life)? Many banks offer package discounts if you purchase home, contents and car insurance together. Which insurances might you need?

These pages were made with the support of ANZ www.anz.co.nz or 0800 ANZ 2 YOU (0800 269 296)

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