Money is a saviour, especially during fund and medical emergencies. It helps you overcome challenges and fulfil your dreams. With enough savings, you can achieve your financial goals and plan for a brighter future. Every penny saved is precious and enables you to invest in other assets for wealth creation.

All banks offer a wide range of accounts to suit your financial needs. Whether you manage your wealth for future financial goals or daily expenses, the Saving Account opening helps you do so seamlessly. It is a basic Bank Account to deposit your surplus income while earning interest. The interest credits to your account monthly, quarterly, or yearly.

Things to consider

The features and benefits of Bank Accounts vary. As a result, not every account in the market is suitable for you. You can differentiate them based on some essential factors.

Minimum opening amount

Some banks require you to make a minimum deposit before new Bank Account open. They usually charge it to cover the account opening and maintenance costs. However, if you want to avoid paying the minimum opening amount, there are other options where you open an account for free.

Additional services

An ideal Savings Account helps you save money and manage it conveniently. When selecting it, ensure to avail services like Debit Cards, online banking, chequebook facility, Credit Cards, phone banking, etc. These value-added services are essential in the digital age.

Withdrawal frequency

Most Savings Accounts have a cap on the number of withdrawals. Therefore, if you feel you require frequent withdrawals, ensure to choose an account that allows you to do so without charging extra fees or penalties.

ATM facility

When it comes to Bank Account opening, an ATM facility is one of the essential criteria. You should have the liberty to withdraw money from the nearest affiliated ATM. Opt for a bank with a vast network of ATMs across the country and internationally. That way, you get free and convenient access to cash wherever you go.

Customer service

Customers face issues with their Bank Accounts at some point in time. It is important to note how the bank resolved them. Check whether the bank has a customer service helpline. Read reviews about their services online to get a fair idea before applying for a Saving Account opening.

Fees

While some Savings Accounts do not charge fees, others include branch deposit fees, cash deposit fees at a non-home branch, ATM withdrawal fees, etc. The bank’s terms and conditions mention the account-related fees. You should read them carefully before opening the account.

Author bio

Neha Sharma, a finance student, loves to write in her free time. She has spent considerable time researching new Bank Account open. Through her work, she lists things to consider before doing so