Find A Saving Account That Works Best For You

Find A Saving Account That Works Best For You

Saving is not enough you should begin investing. There are plenty of choices in the automation of trading as well as in online trading that can be managed by yourself. But before all of this can be planned you would need a savings account that you can depend on. The good old savings account is still one of the most popular options as it gives the security and liquidity unlike no other investments however small the interests might be. When you pick a savings account given the huge variety how do you identify the one that would work best for you? One way people do it is to compare the interest rates. But that alone is not enough. There are different banks offering different types of savings accounts so here are a few things to look for in your savings account to be sure that you have settled for nothing but the best for your requirements –

Transaction charges

Besides the maintenance fee that might be charged annually by most of the banks for the savings account, there would be fees attached with each transaction. The fund transfers done through instant money transfer system or those done through NEFT and other methods might all come with different transaction charges. If you would be performing several fund transfers from your savings accounts look for the one that comes with the lowest transaction charges.

Minimum balance requirement

This is the minimum balance that should be retained in an account and if the funds fall below the set limit then there would be a penalty imposed. Choose one that comes with a low minimum balance limit.

Withdrawal limits and conditions

The maximum withdrawal limit is another factor to study. This withdrawal might be in the form of cash withdrawals and fund transfers. There might also be an extra fee imposed when the withdrawals exceed a given limit while some banks might altogether forbid withdrawals beyond a limit. Understand all these terms before you finalize a savings account.

Internet banking facilities

Look for a savings account that comes with easy internet banking facilities. This would make it easy to complete your transactions and also to track them without having to go to the bank each time.

Facility to automate payments

Automation of payments is allowed by some savings accounts. This helps prevent delayed payments. It is a very convenient feature that saves you a lot of time spent on handling the recurring monthly payments.