5 Easy Ways To Choose A Savings Account That’s Right For You
Saving is a good habit but even more difficult to practice than it seems. If you’re thinking of putting some funds aside, first – we’re proud of you. Second – you need to be sure that you get only the best value for all of this hard work.
Ever wondered what happened to all the talking and conversing with people for financial advice? Well, the Internet happened. Before the internet, (social media, to be particular) took over all of our activities and automated most of our dealings, people would generally choose a bank that was nearby. The branch closest to your home was the best option as you had to get out of your place for each deposit or withdrawal.
With thousands of options available at your fingertips, it has become difficult to choose a bank that’s most beneficial to you, especially with a savings account. Do not sign up just anywhere and go over the following tips to pick the right one for you.
- Online Banking and Access through Apps
Yes, we’d like to keep this one as our first advice before signing up for a savings account in just about any financial institution. During the most happening phases of your life when you have a job, family and loads of bills to look after, it’s almost impossible to take time out of your busy schedules and keep track of your financial standing.
Remember, all institutions do not design their apps and websites in the same manner. You got to be sure that the one you choose, should fall perfectly according to your needs. If your bank does not have a local branch, see if they offer online check deposits.
- Interest Rates
If you’re new to savings, let us make it clear that it goes the same way as when you ask a bank to lend you money, you’re required to make interest payments. Banks should do the same when you cut out a chunk of your money to chill in their vault. The good news is, banks that are virtually based institutions, generally pay more interests than those that deal inside their bricks and mortar. If that amazes you, maybe you should go with an online banking institution.
These interest payments can make you rich and we wish it was true. Well, the nominal interest percentage won’t improve your ability to buy luxuries but this is really important to consider while choosing the right bank for you.
- Minimum Balance
First things first, check out the bank charges and jump to the minimum balances’ section. See if your bank charges any fees for not keeping a minimum balance.
According to the usual practice, the higher interest rate an institution has to offer, the greater is the amount of minimum balance required. If you’re just kicking off with little or no money to start with, go with an institution offering lower interest rates.
The table turns the other way round if you have a good amount of cash to save in your new bank account. It will let you enjoy a fairly well interest rate.
- Automated Teller Machines – ATMs
Do you think you’d be needing these money making machines often? Would you be depositing and/or withdrawing through ATMs more? Then you need to be sure that your chosen bank has an ATM nearest to your place. Also, don’t forget to check the service charges for using the ATM. Are you also anticipating to travel with your debit card in your pocket? Then you need to be sure about the ATMs distribution out of your locality, city, and country.
- Transactions and Rebates
Be sure that you do not drain more money in transactions than you think you do. Get your answers intact for these two questions before signing up with any financial institution:
– How many free transactions apply to your account?
– Are fee rebates provided by this savings account?
Final Bonus Points
You will have a number of options for savings account out there and you have to ensure comparing them according to your needs and financial goals. Remember, there’s no one-size-fits-all savings account but we’re sure that with these 5 simple ways, you can make better decisions for you and your hard earned money.
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