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Savings Account
6 factors for Choosing the Right Savings Account
Key Takeaways
Prioritise choosing a savings account with a competitive interest rate so your money grows instead of sitting idle.
- Consider the minimum average monthly balance and associated fees to ensure the account suits your regular banking behaviour.
- Ensure the account offers easy access through digital channels, branches and has a supportive customer service network.
- Review the additional services like debit cards, unlimited ATM withdrawals and other perks that enhance the value of the account.
A savings account is what you access for your routine wants and needs. It stores a significant portion of your earnings. It is offered by most banking institutions and comes with different features. Given a savings accounts’ benefits, relevance, and importance in our daily lives, not choosing a good account may deprive you of the expected benefits.
Here are a few factors you may want to consider when deciding whether a particular savings account is ideal for you:
Rate of Interest
Within savings accounts, it is ideal that you choose a good savings account interest rate. This ensures that your money keeps earning while it is stored in your account.
Convenience
You may have to access your bank account often. This can be an enriching experience that enables better financial decisions at your end or something that you do not look forward to. The ease of transaction and convenience a savings account offers has to be one of the primary factors for making a choice. Look out for banks that let you open a savings account online.
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Accessibility
The bank should be accessible both physically, online, and over the phone. It is advisable to open an account at a branch that is closer to where you reside. If you already have one or more accounts that aren’t physically close, consider having a new one. Also, ensure that in times of need, you can carry out basic communication over different channels such as emails, phones, and apps.
Minimum Balance and Charges
Even savings accounts have some charges attached to them. You are also required to maintain a minimum balance each month in these accounts. When inquiring about the rate of interest, do not forget to get information about the minimum balance to be maintained. If you fail to maintain this, you may end up paying a fee for it. A savings account may also incur transaction fees and ATM withdrawal fees. Ensure you know all about such miscellaneous expenses.
Card Services
While most banks now offer a debit card as soon as you open an instant savings account,ensure that the service is fulfilling your expectations. You could be issued a Visa, MasterCard, Maestro, or a RuPay debit card. Some banks, depending on the type of account you have opted for, may also offer a contactless debit card.
Peripheral Services
You may want certain facilities to be accessible through either the internet or via phone banking. You may also be looking for a bank whose customer service is commendable or whose online security standards are high. Before you open an account, check whether these expectations are being fulfilled.
While you evaluate the above factors to choose your savings account, try enquiring about some of your shortlisted savings account options. You might get an idea of the experience others have had with them.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirst.bank.in for latest updates.
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