In the modern banking era, having a Bank Account is necessary. All your banking activities are linked to your account. All your transactions like direct fund transfers, payments, and investment contributions are done through the account. Even your digital wallet transactions are linked to your account. There are various types of accounts. You can choose to open any type based on your banking requirement.Â
If your primary requirement is saving and meeting daily banking needs, then Savings Account is the most suitable. It is an interest-bearing account that allows you to handle your daily banking needs hassle-free. Savings Account is a common financial product that almost all banks offer. You can open an account with any bank of your choice. If you cannot decide on a bank for account opening, consider the following pointers:
Interest rateÂ
Savings Account is an interest-bearing account. Hence, you need to check Savings Account interest rates before the account opening. Since the interest rate offerings vary for each bank, you should explore the market and compare all options at hand. Open an account with the bank offering the highest interest rate. Furthermore, note the interest rate as it depends on your account balance. Maintain a good balance to attract a higher interest rate.Â
Minimum balance requirementÂ
You need to keep up with the minimum balance requirement in your account always. You may draw a penalty for non-maintenance of the balance requirement. The minimum balance requirement and its penalty amount are different for every bank. Open an account with a bank that has a low minimum balance requirement and penalty amount. A low minimum balance requirement is easier to maintain.Â
FeesÂ
There are various charges associated with online Savings Account opening. Account opening fees, Debit Card issuance charges, and Annual Maintenance fees are common costs you need to bear. Open an account with the bank having the most affordable fees. A few banks let go of the account opening fees and offer a Debit Card for free. This works in your favour.
Extensive presenceÂ
Consider the bank’s presence before opening an account with them. They should have an extensive presence both offline and online. In the offline mode, check the network of branches and ATMs. You do not want to travel to simply withdraw cash. A solid online presence is a must today You should be able to access the bank’s products and services on its website and the Banking app. This lets you meet your banking requirements easily and instantly.Â
Look for utmost security when considering the bank’s online presence. The bank should have a robust Online Banking platform. This way, you need not worry about the security of your transactions and other banking activities.
