There are more benefits of saving money with a bank account than saving in your piggy bank. Old days might destroy your paper cash or a burglar might break into your room. Having a savings account is a protection for you, and you are also helping the country’s economy through money circulation.
In this article, you will find the things for consideration to have your ideal savings account.
- Consider Banks with Automatic Money Transfer
Having your money transferred from your checking to your savings account after getting your monthly salary will help you save better. Moreover, the deposit is fast and convenient. Budgeting would also be more hassle-free.
- Search for Banks with No Monthly Fee
Many banks charge account holders a monthly fee. One could avoid it if they maintain a minimum balance in their accounts. Typically, the bank fee starts from $5. Make sure to keep a minimum fund to avoid getting charged.
When looking for a bank, see if they charge you if you don’t keep a balance in your account. As we all know, we all experience downfalls at times where we need money for emergency purposes. So, having a bank that doesn’t incur large charges should be your prior target.
- Consider Banks with Higher Interest Rates
Of course, you can’t expect savings account as your investment. You can’t get rich waiting for your money to grow in the bank. Nevertheless, some banks are offering higher interest rates than 0.01 percent.
That would be a good opportunity for you—saving money and increasing them at the same time. So, if you find one with more interest rates, take it.
- Search Banks with Convenient Withdrawal
Search for a bank with large networks in the country, where you can access ATMs whenever you need them. Do not take your savings account as your checking account since they have different purposes.
Mostly, a checking account allows unlimited withdrawal, while in a saving account, you only have a minimum of 6 withdrawals. Talk with the bank’s personnel to know more about this matter.
- Go for Banks with Latest Mobile Features
We are in the modern world today, where everything seems easier. Moreover, people are getting busier than ever. One of the rare and latest features of other banks nowadays are the mobile check deposit.
You only need to take a photo of the front and back of the check. Eventually, the money will go directly to your account. Ask your prospective bank if they have this type of feature.
- Consider the Bank’s Minimum Opening Deposit
Most banks require applicants to have a minimum $25 deposit upon opening their account. Although this is not a real problem—since you open an account to save money in it—but you might want to have more freedom on how much money you are willing to put into your bank account.
If that is the case, you might want to opt for online banking which doesn’t require an initial deposit.
More on fixed deposit rate.