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Key Pointers To Know About Savings Account
All banking activities should be done on time and in order. Being organised with your banking activities ensures that your funds are in place and dues are cleared. Several Bank Accounts allow you to meet the banking requirements you may have with maximum ease. Savings Account is one such account to open.
It allows you to park your savings and earn a competitive interest rate on your deposits. You can opt for a Savings Account opening online or offline. Even though Savings Account is a common financial product, the features and benefits vary between banks. The following are some considerations when opening a Savings Account:
Interest rates offered
The interest rates offered on your Savings Account should be checked. They again differ for each bank. Explore the market and open an account with the highest interest rate. The interest rates applicable to your account also depend on your bank balance. Keep up with a high balance to attract a better interest rate.
Initial deposit ...
You should deposit a sum for Savings Account opening online and activation. This is called the initial deposit value. The value depends on the Savings Account type and the bank you opt for. A lower initial deposit eliminates the opening account barrier. Hence, the lower the initial deposit value, the better it is.
Minimum balance requirement
Once your Savings Account is operational, you should maintain a minimum balance requirement. The minimum balance requirement was introduced to encourage savings and ensure you do not go overboard with your spending. The minimum balance requirement differs between banks.
Open a Savings Account with a bank with a low minimum balance requirement, as it is easier to maintain. You need to pay a penalty for failing to maintain the balance requirement. So, check that aspect.
Flexibility is another essential consideration to make. Open a Bank Account online with a bank that offers instant and unrestricted access to your account. Internet Banking facility is a must. You should be able to open and operate your account remotely. Check the network of bank branches and the number of ATMs. You can withdraw funds from your account without travelling much.
If the bank is present globally, there is nothing like it, as you can access your account anywhere, you wish to travel. Generally, banks charge an ATM fee when you withdraw funds from other bank ATMs and internationally. It is always better to withdraw funds from your bank’s ATM for economic and security reasons.
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