The best way to find out which account suits yours needs is to research the features of a savings account online and also in person, so create a list of questions that you can compare the numerous features against.
There are many essential features that you may hear being used by banks and online banking articles, so if you’re unaware of these banking terms, making an informed decision as to where you should keep your savings may prove to be rather difficult.
The normal essentials that you should look out for are interest rates, minimum monthly balances, the number of unlimited transactions, ATM access, cheque book options, online banking services and opening deposits and balances, as set out below:
• Interest Rates – Savings accounts are desirable because the money that is placed into these accounts receives an interest rate, earning you from your savings. Sometimes the interest rates are increased, depending on how much money is in the account. The more money in the savings account, the higher the interest rate may be.
• Minimum Monthly Balances – Some banks charge a fee for clients who do not have enough money in their bank accounts. If you do not have the monthly minimum balance, then you will be charged. Some banks do not charge this fee, so it may be rather advantageous to find one that does not charge this fee in case you are not able to keep the minimum amount in your account.
• Unlimited Transactions – Banking transactions normally refer to deposits and withdrawals from the account. Some banks put a limit on these transactions while others do not. If you make many deposits and withdrawals per month you may opt to look for an unlimited amount for your account, but if you do not, then the number of transactions may not be an important feature for you.
• ATM Access – Being able to withdraw your money at any time of the day can be very beneficial. ATM cards are normally provided upon creating a savings account.
• Cheque Book Options – Cheques are a great way to pay when you don’t carry cash and you cannot pay with your credit card.
• Online Banking Services – With these services, you can log into your account and check your transactions, pay bills or transfer money to other accounts. No longer do you need to wait for your bank statement to arrive in the mail, as you can have 24-hour access to your online savings account.
• Opening Deposits and Balances – When you open your account, some banks may require you to make a minimum opening deposit or balance. If you do not have a lot, do not be discouraged, as some banks do not require an opening balance or deposit.
These essential features can be found in both personal online savings accounts and traditional savings accounts.