Five questions need to be asked before opening a bank account

Bank accounts remain the most universal form of savings and investment. This month's article looks at some of the pitfalls and planning opportunities arising from the categorisation of bank accounts. What is a bank account? A bank account is an investment in a bank's balance sheet - as any depositor with Barings or BCCI will tell you. While a bank deposit is popularly viewed as a risk-free investment, a depositor should be aware of the credit rating of their bank of choice and the depositor protection available, either from the jurisdiction in which a bank is based or the bank's parent...