Home / Banking / 5 Important Factors To Consider Before Opening A Savings Account
Banking

5 Important Factors To Consider Before Opening A Savings Account

Having your own savings account is practically taken as a first step of confidence in the matter of personal financial goals. One must have an account as it will help him/her during emergencies or whenever they need to invest or buy something huge. One should search for the most valued service or interest rate to get proper benefits of savings account.

Savings accounts generally need not have same attributes across all banks.

5 Important Factors To Consider Before Opening A Savings Account
Every bank offers different facility under savings account. There are important considerations you must see before you open the account.

Features you should look for in a savings account

Interest rates
The most vital element of savings account is its interest rate. The issue is, interest rates connected to most savings accounts are low, with numerous banks offering minute interest rates of 0.01 percent. With such an interest rate, you are unable to grow your money within the required time. But as they say, saving accounts are for saving your money and not a place for its growth. Since you want to reap benefits at the end of the day, you must check whether you are getting higher interest rate or not.

Monthly maintenance fee
The motivation behind a savings account is to keep your money securely away until the point that you require it. Shockingly, a few banks attempt to treat these simple records like piggy banks, balance maintenance fees, withdrawal charges, activity expenses, latency expenses, month to month charges, analysis service charge expenses, and some other kind of service charges or penalties to siphon a segment of your money from your account. Always go for one that requires little or no maintenance charge.

You might also like : Popular Mobile Banking Apps That You Should Know

No minimum opening balance
A few banks require a minimum deposit or balance in your savings account when you open it. Most of the banks have a minimum sum of $25. Yet, if you need more freedom to begin your bank account with a lower sum, you will need to find banks that do not require any basic opening deposit.

Automatic transfers
Sparing cash is not simple. However, if you can automate regular deposits into your bank account, you are significantly more inclined to save some cash, at any rate, every month. You will need a bank that offers automatic transfers from your savings account, and ensure that the bank does not charge any fee for this service.

No limit on withdrawal
A few banks put withdrawal limitations on a savings account, for example, constraining withdrawals to four times a quarter or some practically identical number. In a fair way, there is a purpose behind this – in the event that you are accessing your money that as often as possible, you should mostly get a checking account. If you do not want to pay an extra charge for exceeding your withdrawal limit then, there are better bank accounts out there. Look for the one that fits your reason.

Keep yourself updated with the latest on  Banking . Like us on  Facebook  and follow us on  Twitter  for more on Investments.

Disclaimer:
The content provided on our blog site traverses numerous categories, offering readers valuable and practical information. Readers can use the editorial team’s research and data to gain more insights into their topics of interest. However, they are requested not to treat the articles as conclusive. The website team cannot be held responsible for differences in data or inaccuracies found across other platforms. Please also note that the site might also miss out on various schemes and offers available that the readers may find more beneficial than the ones we cover.

Most Recommended Blogs

Identification And Treatment Of Kidney Stones
Health & Wellness

Identification And Treatment Of Kidney Stones

Identification and treatment of kidney stones A kidney stone is formed when there is a gradual buildup of material in the kidney through substances in the urine. It has a plethora of causes and can affect any part of the urinary tract from the kidneys to the bladder. The stones can be as small as grains of sand or as big as pearls.
How Can You Control The Symptoms Of Liver Damage
Health & Wellness

How Can You Control The Symptoms Of Liver Damage

How can you control the symptoms of liver damage? The liver is an integral part of a human body. It is located just under the rib cage on the right side of the abdomen. The liver helps in digestion and removes toxins from the body. It filters out all the blood coming out of the digestive tract before it goes to the rest of the body.
Helicobacter Pylori (H. Pylori) Infection – An Overview
Health & Wellness

Helicobacter Pylori (H. Pylori) Infection – An Overview

Helicobacter pylori (H. pylori) infection – An overview H. pylori can be described as a common bacteria found in the human digestive tract. These have the tendency of attacking the lining of the stomach. These bacteria are the main reason for stomach infections. Typically speaking, H. pylori infections do not tend to be harmful, but they are responsible for ulcers in the small intestine and the stomach.
Everything You Need To Know About The Flu
Health & Wellness

Everything You Need To Know About The Flu

Everything you need to know about the flu Flu is a common viral infection that can affect anyone. In some cases, the flu can be deadly. It is often mistaken as other health conditions because of the symptoms it exhibits. Flu is contagious. Every person is affected by the flu at least once in their life.
Head And Neck Cancer Treatment Options In The Country
Health & Wellness

Head And Neck Cancer Treatment Options In The Country

Head and neck cancer treatment options in the country Most cancers of the head and neck are curable if they are caught at an early stage. Apart from eliminating cancer, which is the primary goal, preserving the functionalities of the nearby organs, nerves, tissues, and glands are also very important.
An Overview Of Frequent Urination- Causes, Symptoms, And Treatment
Health & Wellness

An Overview Of Frequent Urination- Causes, Symptoms, And Treatment

An overview of frequent urination- Causes, symptoms, and treatment Frequent urination, as the name suggests, is the recurrent urge to pass urine more often than usual. An individual’s everyday normal routine and sleep cycle can be disrupted by this condition. Frequent urination may be a sign of an underlying medical condition.
Things To Consider Before Going For Head And Neck Cancer Treatment
Health & Wellness

Things To Consider Before Going For Head And Neck Cancer Treatment

Things to consider before going for head and neck cancer treatment The head and neck are the most vital and fragile parts of the body. If diagnosed with head and neck cancer, there are a lot of things that should be kept in mind before starting the treatment. One should know how long the treatment would take and what are the chances of them defeating it.
Everything You Need To Know About Frequent Urination
Health & Wellness

Everything You Need To Know About Frequent Urination

Everything you need to know about frequent urination Frequent urination is called polyuria in medical terminology. Also called frequency, it is a condition many people live with and do not seek medical assistance as they consider it to be a normal thing. Frequent urination means a desire to pass urine more often than what is normal for them.
Best Detox Drinks That Can Help You Lose Weight
Health & Wellness

Best Detox Drinks That Can Help You Lose Weight

Best Detox drinks that can help you lose weight If you have tried a lot of methods to lose weight and still are unable to shed those extra pounds then detox water and other healthy drinks might be the answer for you. Drinking detox water helps the body in many ways.
Low Calorie Health Drink Ideas For Winners
Health & Wellness

Low Calorie Health Drink Ideas For Winners

Low-calorie health drink ideas for winners Low-calorie health drinks are becoming more and more popular with every passing day, as people start to realize the number of health benefits these drinks bring to the table. Healthy drinks not only have low-calorie content but also contain varying amounts of nutrients and antioxidants.
Signs And Symptoms Of Internal Hemorrhoids
Health & Wellness

Signs And Symptoms Of Internal Hemorrhoids

Signs and symptoms of internal hemorrhoids Hemorrhoids, also known as piles are of two types: internal & external. They are essentially swollen veins found in your anus or lower rectum and consist of blood vessels, elastic fibers, and multiple tissues. It is a common medical condition and found among most US citizens before they touch the age of 50.
Treatment Options For The Prolapsed Bladder Condition
Health & Wellness

Treatment Options For The Prolapsed Bladder Condition

Treatment options for the prolapsed bladder condition The bladder is a muscular sac located just behind the pubic bone, which stores urine. The front wall of the vagina supports the bladder in women, and it weakens or loosens with age. If it continues to deteriorate, it can lead to a prolapsed bladder or fallen bladder condition.
Everything You Should Know About Treating Gas Problems
Health & Wellness

Everything You Should Know About Treating Gas Problems

Everything you should know about treating gas problems Gas can be quite embarrassing to deal with, to say the least. However, the problem of a gassy stomach extends far beyond just embarrassment and can actually be a very painful experience indeed. Also known as flatulence, a gassy stomach is characterized by the excessive buildup of gas inside the digestive tract.
An Overview Of Fibromyalgia Pain
Health & Wellness

An Overview Of Fibromyalgia Pain

An overview of fibromyalgia pain Fibromyalgia is a condition that causes pain, stiffness, and tenderness in muscles, tendons, and joints throughout the body. People experience fibromyalgia pain differently, and its triggers vary from one person to another. The condition can affect anyone, but it is seen more often in women.
Remedies And Treatment For The Helicobacter Pylori (H. Pylori) Infection
Health & Wellness

Remedies And Treatment For The Helicobacter Pylori (H. Pylori) Infection

How to manage and treat the symptoms of Helicobacter pylori (H. pylori) infection? Helicobacter pylori (H. pylori) are bacteria that enter our body and live in the digestive tract. They are usually harmless and infect the stomachs of roughly 60 percent of the world’s population. The spiral-shaped bacteria usually don’t cause any symptoms but have a tendency to attack the stomach lining, leading to diseases, including peptic ulcers and an inflammatory stomach condition known as gastritis.
Factors Triggering Fibromyalgia Pain And Ways To Alleviate It
Health & Wellness

Factors Triggering Fibromyalgia Pain And Ways To Alleviate It

Factors triggering fibromyalgia pain and ways to alleviate it Generally, when a person is injured or hurt, the signal travels all the way from the injury point to the brain and the brain comprehends this as pain. The brain signals the body to respond accordingly. Slowly, the pain lessens with time and treatment and finally goes away.