A bank account has long been an everyday tool: it’s where we receive our paychecks, use to pay for purchases, transfer funds, pay utility bills, and build savings. That’s why, when choosing a bank, it’s important to evaluate not just a single attractive offer, but the full range of factors—from the institution’s reliability and fees to the functionality of its mobile app and customer support.
There are dozens of banks operating in Ukraine, each with different service models. Some focus on digital services, while others have a wide network of branches and offer special terms for salary account holders, entrepreneurs, or people who actively use their cards abroad.
How do you choose a bank to open an account, and what should you look for before signing a contract? Here are seven key criteria to consider.
1. Check the bank in the National Bank’s registries
The first step is to make sure the institution has a valid banking license.
The National Bank of Ukraine states that a bank may conduct banking activities only on the basis of an appropriate license. The NBU website features a bank search tool where you can check an institution’s status, its official name, and other information.
This check is especially important if you’re using the services of a little-known institution or opening an account through an online service.
You shouldn’t rely solely on advertising, the app’s name, or the card’s design. It’s important for customers to understand exactly which legal entity is providing the banking service.
2. Assess the bank’s financial stability
For everyday account use, customers do not need to conduct a complex financial analysis of the bank. At the same time, it is helpful to check basic information about its operations.
The National Bank publishes supervisory statistics, including data on key performance indicators, income and expenses, capital, and compliance with prudential standards.
There are several things to consider: how long the bank has been operating in the market, whether its operations are stable, whether it complies with regulatory standards, and how transparently it communicates with customers.
The size of the bank alone does not determine the quality of service. What matters to a customer is a combination of factors: the institution’s financial condition, the quality of services, clear terms and conditions, and how well the bank meets specific needs.
3. Calculate the actual cost of account maintenance
A “free card” does not necessarily mean that all account transactions will be free.
Banks set their own fees and charges for their services. The National Bank recommends that you carefully review the fees and terms of the agreement before opening an account.
Check the cost of the main transactions you plan to use: account and card maintenance, transfers to accounts at other banks, cash withdrawals, card reloads, foreign exchange transactions, SMS notifications, and the issuance of an additional or physical card.
It’s especially important to pay attention to the transactions you perform regularly. A fee of a few dozen hryvnias may seem insignificant, but over the course of a year, these recurring payments add up to a substantial amount.
It’s also worth checking the conditions under which the bank may change its fees and how it notifies customers of such changes. The National Bank of Ukraine emphasizes that customers should read the agreement carefully, as it specifies the fees, commissions, and the procedure for changing them.
4. Check the mobile app and online banking
For many customers, their smartphone has become their primary “bank branch.” Therefore, the quality of digital services directly affects the convenience of managing their account on a daily basis.
Before choosing a bank, it’s worth finding out which transactions can be performed remotely: opening and closing accounts, making transfers, setting limits, blocking a card, buying foreign currency, obtaining statements and reports, and contacting customer support.
Additional features can be useful: payments by account details, payment templates and recurring payments, spending analytics, virtual cards, and integration with Apple Pay or Google Pay.
Also evaluate the app’s stability. If you use your account daily, quick access to funds and basic transactions becomes one of the key selection criteria.
5. Consider how often you need cash and branch access
A fully digital bank may be convenient for someone who rarely uses cash. For a customer who regularly deposits or withdraws large amounts, ATMs, teller windows, and branches may be more important.
Check if there are convenient service locations nearby, how much it costs to withdraw cash from your bank’s and third-party ATMs, where you can deposit funds without a fee, and what the withdrawal limits are.
For entrepreneurs, teller services, handling cash, and branch accessibility may be important. For frequent travelers, the terms for withdrawing funds and making payments abroad are key.
The choice depends on your typical financial situation.
6. Evaluate the security and performance of the customer support service
A banking app handles your money and personal data, so security should be a top priority.
Pay attention to the methods used to verify logins and transactions, the ability to quickly block your card, change payment limits, disable certain types of transactions, and receive notifications about fund transfers.
Equally important is how the bank responds to problems.
Check whether customer support is available 24/7, if you can contact them via in-app chat, how many communication channels the bank offers, and how clearly the procedure is described in case of a lost card or a suspicious transaction.
If a customer believes the bank has violated their rights, the NBU recommends first contacting the financial institution directly. If the issue remains unresolved, the customer may contact the National Bank.
7. Choose an account that fits your needs
This last criterion is often the deciding factor. The bank should align with how you actually use your money.
If you receive a paycheck and make daily card payments, a user-friendly app, money transfers, and payment fees will be important.
If you regularly use cash—the ATM network and fees.
If you travel—foreign currency transactions, payments abroad, and support for international payment system cards.
If you plan to save money—look at the terms for deposits and savings products.
For sole proprietors or businesses, the set of criteria will be broader: fees for checking and cash management services, payments, foreign exchange transactions, acquiring services, integration with accounting services, and the quality of business support.
Therefore, before opening an account, it’s helpful to identify the 3–5 transactions you’ll use most often and compare banks based on those specific criteria.
How to Quickly Compare Banks Before Opening an Account
Making the best choice doesn’t start with searching for the “best bank,” but with understanding your own needs.
First, determine what you need the account for: a paycheck, daily payments, savings, travel, a sole proprietorship, or other purposes. Then compare several banks based on seven criteria: license and status, financial stability, fees, digital services, access to cash and branches, security, and suitability for your needs.
This comparison takes very little time and helps you avoid unnecessary fees and inconveniences in the future.
The main principle is simple: a good bank is one whose terms you understand and whose services align with your financial habits. Before opening an account, read the agreement, check the fees, and estimate how much it will actually cost to use the basic services over the course of a year.
